LCCI, NGX to Develop Action Plans for Sustainable Nigerian Capital Market

September 1, 2023
NGX LCCI Sustainable Nigerian Capital Market

By Aduragbemi Omiyale

The president of the Lagos Chamber of Commerce and Industry (LCCI), Mr Michael Olawale-Cole, has assured that his organisation would work closely with the Nigerian Exchange (NGX) Limited to make the capital market vibrant.

Mr Olawale-Cole made this promise during the closing gong ceremony marking the 135th anniversary of the LCCI on Thursday, August 31, 2023, in Lagos.

He commended the local bourse for its achievements and reiterated LCCI’s commitment to working together to enhance the exchange’s operations.

“We will work on signing a memorandum of understanding (MoU), including developing action plans and timelines for a more vibrant partnership for the sustainable development of the Nigerian capital market,” the LCCI chief said.

On his part, the chief executive of NGX, Mr Temi Popoola, expressed the eagerness of the bourse to collaborate with the LCCI in advancing advocacy efforts, encouraging listings, and enhancing capacity development for both chamber members and the broader economy.

He emphasised the potential for NGX and LCCI to work together in promoting the advantages of listing for non-listed corporates while also calling on LCCI to work with NGX Regulation on regulatory compliance, governance, and knowledge sharing.

Regarding retail participation, Mr Popoola highlighted NGX’s plan to leverage technology to engage millions of Nigerians in the market.

He drew parallels with the banking industry’s success in acquiring millions of customers through digitisation and Fintech collaborations, indicating NGX’s readiness to partner with Fintechs to increase retail investor participation.

He further noted that NGX remains committed to building a thriving market and promoting innovative solutions that provide a globally competitive platform for issuers to raise capital and investors to meet their financial objectives.

“This commitment drives the exchange to seek strategic partnerships with key stakeholders continuously,” the domestic stock exchange boss noted.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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