IoD Admires Accelerated Dynamism of NGX
By Aduragbemi Omiyale
The Institute of Directors (IoD) has shown admiration for the smooth transition of the Nigerian Exchange (NGX) Limited from the Nigerian Stock Exchange (NSE).
Last year, the NSE completed its demutualisation and transformed into NGX Group Plc, allowing the public access to its stocks.
The company gave birth to three subsidiaries, including NGX Limited and listed its shares on the bourse. This was after it first tested the waters at the unlisted securities market, the NASD over-the-counter (OTC) Securities Exchange.
On Tuesday, the leadership of IoD were at the bourse for a closing gong ceremony. During the event, the President/Chairman of the group, Mrs Ije Jidenma, commended the NGX for appointing some of its members to positions on its board, adding that the institute had followed with keen interest the “accelerated dynamism of NGX to a shareholder-owned for-profit entity, especially the role that the exchange has played in the past, present and the future.”
She further said, “The institute and the exchange have an intersection in terms of in corporate governance for the country to be better.”
While calling for more collaboration between the exchange and the IoD, she noted that, “We are convinced that whatever objective the exchange sets out, it will achieve.”
On his part, the chief executive of the NGX, Mr Temi Popoola, said both organisations have for long worked in tandem to advance best practices in corporate governance in the Nigerian capital market.
According to him, in March 2022, NGX, IoD and the Nigerian Bar Association’s Section on Businesss Law (NBA-SBL) partnered to form the Corporate Governance Triangle, which led to the creation of the Corporate Governance Charter that was officially released in August 2022.
He emphasised the efforts of NGX in fostering compliance to global best practices in corporate governance by its listed companies, with its Premium Board being a notable example that has attracted substantial liquidity from investors.
Mr Popoola, represented by the Divisional Head of Capital Markets at NGX, Mr Jude Chiemeka, acknowledged the efforts of IoD in the effective functioning and development of the capital market and the broader private and public sectors as it advocated for standardised corporate governance and best practices.
“As NGX prides itself for being at the forefront of excellence in governance, integrity and transparency in the Nigerian private sector, we recognise the efforts of IoD in its stance towards promoting competence, developing corporate governance standards, protecting the integrity of directorship, advocacy and nurturing astute professionals who contribute to the success of corporate and public organisations as well as the development of our country.
“We have long enjoyed a synergistic relationship since pre-demutualisation, and we hope this will continue in goodwill. We look forward to more collaborative opportunities with IoD to actualise our collective goals and objectives,” he added.