NGX, JSE to collaborate on governance

In a move to enhance the country’s capital market, the Nigerian Exchange Group, led by its Group Chairman, Umaru Kwairanga, recently visited the Johannesburg Stock Exchange.

The visit, led by the Director General of the Securities and Exchange Commission, Dr Emomotimi Agama, aimed to explore strategic collaborations and governance best practices.

The NGX stated that the engagement reflected its commitment to fostering growth within the Nigerian and African capital markets by aligning with international standards and building global partnerships.

It added that the delegation was received by Group Chief Executive Officer of the JSE, Leila Fourie, who underscored the increasing importance of African capital markets in the global investment arena.

Kwairanga expressed optimism about the mutual benefits of the visit, stating, “Understanding JSE’s governance structure, as a demutualized exchange like NGX Group, will significantly influence our decision-making moving forward.”

He emphasised the importance of leveraging lessons learned from the JSE to enhance Nigeria’s capital market.

Agama reiterated SEC’s support for such initiatives, saying, “The learnings from this engagement with JSE will be instrumental to our market’s development.”

He stated that the strategic dialogue was seen as a crucial step in steering Nigeria’s capital market towards greater heights.

The CEO of NGX Group, Temi Popoola, expressed a desire for a synergistic partnership with the JSE, adding, “We are particularly optimistic about the potential of private markets, innovation, and technology in product development to drive transformation in our business and markets.”

He said that a major highlight of the discussions was the potential for African exchanges to collaborate in attracting investors shifting away from the Chinese market.

Fourie emphasised the need for synergy among African exchanges to boost the continent’s market appeal, stating, “There is a clear opportunity for African exchanges to unite in drawing global investment interest towards the continent.”

The JSE expressed interest in partnering with NGX Group on various initiatives, including carbon markets, data sharing, and private markets, crucial areas for revenue diversification.

The delegation also included the Non-Executive Director of NGX Group, Nonso Okpala, and Executive Commissioner, Operations, the SEC, Bola Ajomale.

The PUNCH reports that the SEC has approved the Nigerian Exchange Group’s Invest, a digital platform designed to streamline public offerings and rights issues in the capital market.