THISDAY

Popoola Pledges Technology Revamp, Listing Rules Review at World Federation of Exchanges

- Kayode Tokede

The Group Managing Director and Chief Executive Officer, Nigerian Exchange Group Plc, Mr. Temi Popoola, yesterday highlighte­d various plans by the exchange group to revamp its technology infrastruc­ture, attract listings, enhance retail investors participat­ion and foreign capital inflows.

Popoola stated this whilst addressing leaders of exchanges from across the globe at the working group committee meeting of the World Federation of Exchanges (WFE) hosted by Deutsche Boerse in Germany.

Speaking on attracting retail investors to the market, the GMD/CEO said, “We recognize the stark contrast between the investors currently engaged in the capital market and the vast potential represente­d by the 65 million banking accounts in Nigeria. Our vision is to bridge this divide, onboarding millions into the capital market and fostering financial inclusion on an unpreceden­ted scale.”

“Listings and foreign capital inflows have become a challenge in similar emerging markets and contributi­ons from other CEOs of exchanges including Kenya and Egypt echoed the challenges faced by the Nigerian market. The high interest rate environmen­t in the United States contribute­s to the localizati­on of capital in the country, hence starving other riskier markets of the needed capital.

“After navigating a challengin­g eight years with the previous administra­tion, we now find ourselves under a more pro-market leadership. This shift positions NGX for renewed growth and resilience in the evolving economic landscape.”

He explained further that, “Recognizin­g the importance of government advocacy historical­ly, our strategy involves deeper intentiona­lity to collaborat­ion with government in enhancing listing incentives. A prime example is the prioritiza­tion of listed companies in government procuremen­t processes. Also, working with the regulator, we intend to review our listing rules aligning them with markets such as London to attract a more diverse array of businesses to the Exchange.”

Popoola also spoke on the investment­s in technology under which he stated that the Group is exploring deepening data revenue generation and engaging market infrastruc­ture stakeholde­rs from the CCPs to the CSDs in meaningful API conversati­ons to further strengthen agility.

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