NGX, SEC to strengthen alliance for market development

The Nigerian Exchange (NGX) Ltd. and the Securities and Exchange Commission (SEC) have strengthened alliance on innovative initiatives that will drive development of the Nigerian capital market.

The NGX said this in a statement issued on Thursday in Lagos.

The statement said that the NGX, SEC and other capital market stakeholders had agreed on a shared mandate at a strategic meeting held in Abuja to discuss viable initiatives to further develop the market.

It said the alliance was to deepen market liquidity and increase foreign and domestic participation to position the market for global relevance.

It said that the Chief Executive Officer of NGX, Mr Temi Popoola, expressed gratitude to the commission under its Director-General, Mr Lamido Yuguda, for an unwavering support of the market.

“A look at the trajectory of the market over the past years shows a significant increase in market interactions with issuers, intermediaries and operators like NGX.”

“It is not lost on us how much this investment takes and its results.”

“It is our hope that this session will bring to bear opportunities for further development particularly in the areas of technology, digitisation of our markets, listings, collaboration across the ecosystem and product origination,” it said.

The statement quoted Yuguda as saying that the past two years had been challenging for the Nigerian capital market, a reflection of pandemic-related challenges in the global markets.

“NGX has continued to deploy capable resources to tackle elements militating against the market’s growth including Smart Surveillance System and X-Mobile App for retail trading, upgrading of the X-Issuer Platform to further enhance market integrity and electronic offer platforms.”

“It can, however, be agreed that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the capital market, including the commission and NGX.”

“Consequently, as the apex regulator, SEC will continue to support all efforts aimed at making our markets fairer, more efficient and transparent, particularly in the areas of regulation and technology,” Yuguda said.

The statement said the NGX would continue to implement on its strategic objectives to democratise finance in Nigeria and create a market attractive for issuers, intermediaries and investors alike.