Economy
PenCom DG Stresses Need for Greater Liquidity, Price Discovery on NGX
By Aduragbemi Omiyale
The Director General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, has stressed the need for the Nigerian Exchange (NGX) Limited to be more robust to achieve its full potential.
She made this submission at the 30th Annual Stockbrokers’ Conference of the Chartered Institute of Stockbrokers (CIS).
In her keynote address, the PenCom chief highlighted the importance of building a capital market that translates capital mobilisation into tangible prosperity for Nigerians.
According to her, capital mobilised is a number, but prosperity realised is a market the whole nation can walk into.
The DG observed that Nigeria has 147 listed companies and recorded zero Initial Public Offerings (IPOs) in 2025, compared with 373 listed companies in India, stressing that less than one per cent of the market changes hands each month, while 10 companies account for 73 per cent of the market, underscoring the need for greater liquidity, transparency and price discovery.
However, she noted that the local stock exchange now settles faster than London, with T+1 settlement since June 1, 2026, and zero defaults.
Drawing lessons from Brazil’s Novo Mercado, India’s T+1 and SME platform, Chile’s pension-built market and Saudi Aramco at home, Ms Oloworaran expressed hope that the Dangote Refinery listing would bring the same conviction to Lagos.
She also highlighted the impact of President Bola Tinubu’s reforms, including the N4.65 trillion bank recapitalisation, the growth in market capitalisation from N99 trillion to N165 trillion, and pension assets exceeding N32 trillion.
She stressed that pension capital is not available to prop up valuations, rescue weak businesses or sustain artificial market prices. However, the pension industry stands ready to support productive enterprise, but every investment must earn its place.
Addressing the new fellows and associates of the institute, she charged them to create wealth honestly, make the market bigger and remember whose money it is.
