NGX, CIS, ASHON to partner MOFI on market development, listings

Nigerian Exchange Limited (NGX), the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have demonstrated their willingness to collaborate with the Federal Government through the Ministry of Finance Incorporated (MOFI) in facilitating market development and listings.

This was disclosed during the closing gong ceremony held Monday in honour of MOFI’s engagement with capital market stakeholders at the NGX trading floor in Lagos.

Temi Popoola, CEO of NGX, commended MOFI for its role as the custodian of government investments and assets, emphasising that NGX is eager to collaborate with MOFI to facilitate capital access for listed entities and contribute to the advancement of Nigeria’s capital market.

He said, “This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu’s agenda. This is an exciting time and you may have seen that our local investors really stepped up their participation in the market recently. We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, that the market is ready to support many initiatives from the government. We really look forward to working together towards the support in developing our markets”.

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Armstrong Takang, CEO of MOFI, emphasized the importance of optimising the value of government investments and assets, aiming to mobilise, structure, and deploy investment capital in priority sectors of the economy. He expressed the aspiration to grow MOFI’s asset under management (AuM) to at least N100 trillion.

“MOFI intends to collaborate with NGX to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange. This move also contributes to MOFI’s objective of professionalizing Government Owned and Government Linked entities (GOE and GLEs),” he added.

Expressing the institute’s enthusiasm for the partnership, Oluwole Adeosun, the President of the Chartered Institute of Stockbrokers (CIS), pledged cooperation with MOFI, particularly in areas like capacity development and other market-related initiatives.

Sam Onukwue, chairman of ASHON, noted that the partnership’s impact on the Nigerian economy would extend beyond financial gains to encompass broader socio-economic advantages that contribute to sustainable development.

On her part, Tinuade Awe, CEO of NGX Regulation Limited (NGX RegCo), highlighted the regulatory company’s commitment to collaborating with MOFI on matters of transparency, investor protection, and mitigating systemic risks.