Strong Governance Structures Boost Market Integrity—Popoola

By Aduragbemi Omiyale

The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has once again emphasised the need to build effective corporate governance structures to attract foreign exchange (FX), boost market integrity, and achieve economic stability.

Mr Popoola said this at the 2024 National Corporate Governance Summit organized by the Institute of Directors Centre for Corporate Governance (IODCCG) in collaboration with the Ministry of Finance Incorporated (MOFI) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), where he delivered a presentation titled National Economic Recovery: Good Governance to the Rescue.

He used the occasion to underscore the critical role of robust corporate governance in Nigeria’s economic recovery efforts, saying strong governance structures are fundamental to economic stability and growth, detailing NGX Group’s initiatives aimed at enhancing transparency and accountability within the country’s private sector.

“Effective governance is the cornerstone of sustainable economic recovery.

“It builds investor confidence, promotes capital importation, and ensures market integrity,” the NGX Group chief stated.

He informed the audience about ongoing efforts to promote best practices in corporate governance through its subsidiaries, Nigerian Exchange Limited (NGX) and NGX Regulation Ltd (NGX RegCo), which he said were vital for attracting both domestic and foreign investments.

Under Mr Popoola’s stewardship, NGX Group continues to play a pivotal role in Nigeria’s economic recovery, focusing on improving market infrastructure, ensuring transparency, leveraging technology, fostering stakeholder engagement, and enhancing overall political and economic governance.

These efforts have been instrumental in supporting sustainable economic growth and development in Nigeria.

The summit convened key figures in Nigeria’s financial and governance sectors, including the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama; the Executive Secretary/CEO of Financial Reporting Council of Nigeria (FRCN), Mr Rabiu Olowo; the President and Chairman of Council of the Chartered Institute of Directors, Mr Shamsuddeen Usman; and the chief executive of the Ministry of Finance Incorporated (MoFI), Mr Armstrong Takang.

Mr Agama reaffirmed the SEC’s commitment to maintaining rigorous regulatory oversight across financial institutions, calling for continued collaboration between regulatory bodies and market participants to uphold these standards.

As for Mr Olowo, a former Commissioner for Finance in Lagos State, he emphasized the importance of such summits in fostering dialogue and knowledge exchange, which are critical for advancing governance practices in Nigeria.

Meanwhile, Mr Takang highlighted the strategic role of governance in managing public assets and investments effectively, emphasizing its crucial role in economic recovery and growth.