By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Group Plc have visited South Africa to understudy the governance structure of the Johannesburg Stock Exchange (JSE).
The high-level delegation from Nigeria also held talks with the JSE on ways to strengthen a strategic partnership that will lead to dual listings and growth of the local capital market.
The chairman of NGX Group, Mr Umaru Kwairanga, said, “Understanding JSE’s governance structure, as a demutualized exchange like NGX Group, will significantly influence our decision-making moving forward.”
Also, the chief executive of NGX Group, Mr Temi Popoola, said, “This has been a productive engagement, and we look forward to a synergistic partnership with JSE across several areas that would contribute to market development and inform our strategic orientation as an exchange group.
“We are particularly optimistic about the potential of private markets, innovation, and technology in product development to drive the transformation of our business and markets.”
On his part, the Director General of SEC, Mr Emomotimi Agama, said, “SEC fully supports initiatives like this, which have the potential to steer the Nigerian capital market towards greater heights. The learnings from this engagement with JSE, another demutualized exchange, will be instrumental to our market’s development.”
In her remarks, the chief executive of JSE, Ms Leila Fourie, emphasised the growing importance of African capital markets in the global investment landscape, highlighting recent positive trends in South Africa’s capital market, including reduced outflows and improved investor sentiment, positioning it as a key player in the continent’s financial ecosystem.
She expressed her organisation’s readiness to collaborate with the NGX Group on carbon markets, data sharing, and private markets, which are crucial areas for revenue diversification.
In addition, the two exchange groups shared insights on governance, risk management, and self-regulation, with a focus on private markets and mergers and acquisitions, reinforcing the collaborative spirit of the meeting.
“There is a clear opportunity for African exchanges to unite in drawing global investment interest towards the continent,” Ms Fourie stated.
