Eight years tenure of Buhari was challenging, NGX CEO, Popoola reveals

Group Managing Director and Chief Executive Officer, of the Nigerian Exchange Group Plc, Mr Temi Popoola has revealed that the exchange was challenging in the last eight years.

Popoola made this known whilst addressing leaders of exchanges from across the globe at the working group committee meeting of the World Federation of Exchanges hosted by Deutsche Boerse in Frankfurt Germany on Thursday, 25 January 2024.

In his address, he said “After navigating a challenging eight years with the previous administration, we now find ourselves under a more pro-market leadership. This shift positions NGX for renewed growth and resilience in the evolving economic landscape”.

The last administration was led by President Muhammadu Buhari, who handed over power to a new government on May 29, 2023.

Popoola also noted that the NGX had unveiled plans to review its listing rules with an aim of aligning them with global markets such as London Stock Exchange.

Popola noted that the Exchange strategy also involves deeper intentionality to collaborate with the government in enhancing listing incentives.

READ ALSO:NGX: Investors gain N318bn as All-Share Index rises by 578 points

“Recognizing the importance of government advocacy historically, our strategy involves deeper intentionality to collaborate with the government in enhancing listing incentives. A prime example is the prioritization of listed companies in government procurement processes. Also, working with the regulator, we intend to review our listing rules, aligning them with markets such as London to attract a more diverse array of businesses to the Exchange.”

According to him. a prime example is the prioritization of listed companies in government procurement processes.

The GMD/CEO also spoke on the investments in technology under which he stated that the Group is exploring deepening data revenue generation and engaging market infrastructure stakeholders from the CCPs to the CSDs in meaningful API conversations to further strengthen agility.

Speaking on attracting retail investors to the market, the GMD/CEO said: “We recognize the stark contrast between the investors currently engaged in the capital market and the vast potential represented by the 65 million banking accounts in Nigeria. Our vision is to bridge this divide, onboarding millions into the capital market and fostering financial inclusion on an unprecedented scale.”

By Babajide Okeowo

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