Nigeria SEC Praises NGX and NGX Regco for Making Capital Market More Stable and Sustainable for Investors

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by KnowESG

The Securities and Exchange Commission (SEC) has praised NGX and NGX RegCo for their work to make the Nigerian capital market more stable and protect investors.

Speaking at the Closing Gong ceremony held in commemoration of the International Organisation of Securities Commissions’ (IOSCO) World Investor Week organised by NGX in conjunction with the Securities and Exchange Commission (SEC) and NGX Regulation Limited, the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, represented by the Executive Commissioner, Operations, SEC, Mr Dayo Obisan, said the World Investor Week was a crucial part of the SEC’s 10-year Capital Market Masterplan.

"Financial literacy and protecting investors are at the heart of the commission's main goals for driving the growth of the market," he said. 

Mr. Jude Chiemeka, Divisional Head, Capital Markets, NGX, said that the key message for the year, “investor resilience and sustainable finance” was apt as investors weathered various challenges globally.

Mr Chiemeka stated that financial literacy and inclusion were top priorities for stakeholders, and NGX prioritised these topics as part of its quota to achieve key targets of the National Financial Inclusion Strategy. 

He said, “Through collaborations with other organisations and agencies, we have hosted several engagement sessions to educate both institutional and retail participants within and outside Nigeria about specific products and services. Some of our recent sessions have been around securities lending, Technology Board, Green and Sukuk Bonds, derivatives, ESG investing, and generally investing in the digital age”.

"Ring the Bell for Financial Literacy was the highlight of the week-long celebrations, and we're looking forward to running more campaigns now and in the future to gain investors' trust and keep working toward our goal of being Africa's sustainable exchange that promotes the continent's growth."

Mr. Femi Shobanjo, Head of Broker-Dealer Regulation at NGX Regulation Limited (NGX RegCo), said that the regulator uses its sustainability disclosure guidelines to make sure the market follows global best practices in environmental, social, and governance initiatives.

“We are regularly collaborating with stakeholders to update the guidelines and communicate effective approaches to incorporate sustainability that aligns with international standards and frameworks in their activities and operations. We encourage market-wide efforts to further entrench sustainability values that enhance the Nigerian capital market’s image and standing.”

Source: Monodo Visione

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