NGX, Chartered Institute of Stockbrokers, and ASHON Express Willingness to Collaborate with MOFI in Facilitating Market Development and Listings

Nigerian Exchange Limited (NGX), along with the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria (ASHON), have expressed their eagerness to collaborate with the Ministry of Finance Incorporated (MOFI) to facilitate market development and listings, contributing to the growth of Nigeria's capital market.

The CEO of NGX, Temi Popoola, commended MOFI for its role in managing government investments and assets. He highlighted NGX's aspiration to collaborate with MOFI in facilitating capital access for listed entities, supporting President Bola Tinubu's economic agenda. Popoola stated, "This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu's agenda. We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, that the market is ready to support many initiatives from the government. We really look forward to working together towards the support in developing our markets".

Dr. Armstrong Takang, the CEO of MOFI, emphasized the importance of optimizing the value of government investments and assets. MOFI aims to mobilize, structure, and deploy investment capital in priority sectors of the economy. The collaboration with NGX intends to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange. Takang stated, "This move also contributes to MOFI's objective of professionalizing Government-Owned and Government-Linked Entities (GOEs and GLEs)".

The Chartered Institute of Stockbrokers (CIS), represented by President Oluwole Adeosun, expressed enthusiasm for the partnership and pledged cooperation with MOFI. CIS aims to support MOFI in capacity development and other market-related initiatives.

ASHON Chairman, Sam Onukwue, acknowledged the potential impact of the partnership on the Nigerian economy, extending beyond financial gains to encompass broader socio-economic advantages that contribute to sustainable development.

Tinuade Awe, CEO of NGX Regulation Limited (NGX RegCo), emphasized NGX RegCo's commitment to collaborating with MOFI on matters of transparency, investor protection, and mitigating systemic risks.

This collaborative effort between NGX, Chartered Institute of Stockbrokers, ASHON, and MOFI is a promising development for Nigeria's capital market. By facilitating market development and listings, the partnership aims to support the government's agenda for economic growth and attract foreign capital. The engagement of local investors in the market demonstrates the potential for increased participation and the overall readiness of the market to support various government initiatives.

Moreover, the collaboration aligns with MOFI's goal of optimizing the value of government investments and assets and professionalizing GOEs and GLEs. The involvement of the Chartered Institute of Stockbrokers further strengthens the partnership by offering expertise in capacity development and market-related initiatives.

Overall, the collaboration between NGX, Chartered Institute of Stockbrokers, ASHON, and MOFI holds great potential for advancing Nigeria's capital market and contributing to sustainable economic development. It offers an exciting opportunity for stakeholders to work together in facilitating capital access, promoting transparency, investor protection, and mitigating risks. With the combined efforts of these organizations, Nigeria's capital market can serve as a catalyst for the growth and development of the nation's economy.

Source of content: OOO News 2023-08-24 News

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