According to the Nigerian Exchange (NGX) Limited, the NGX Made of Africa Awards will spur the next phase of capital market innovation, attracting more investors into the space.
The exchange held an award ceremony in Lagos on Tuesday, December 6, 2022, to recognize innovativeness and compliance with best practices in the Nigerian capital market for the calendar year.
The event emphasized excellence, creativity, and integrity as NGX sought to amplify its stakeholders’ activities to reinforce further the values that attract investors to the market and help grow the African economy.
Issuers, securities dealers, issuing houses, fund managers, trustees, legal firms, and stakeholders, including the media and content creators, were recognized for their contributions to the market’s development.
Mr Abubakar Balarabe Mahmoud, Chairman of NGX, explained in his opening remarks that the exchange with the awards aims to catalyze further innovation, corporate performance, shareholder return, compliance to rules and regulation in driving investor confidence and assisting regulatory oversight on the market.
It is essential that we continue to collaborate, encourage and incentivise our partners through initiatives like the NGX Made of Africa Awards. At NGX, relationships, partnerships, collaboration and inclusivity continue to drive our actions in the quest to spotlight The Stock Africa is Made Of, he said.
On his part, the chief executive of the bourse, Mr Temi Popoola, said the event had been reviewed to reflect the dynamism of the capital market and the transformation it had witnessed so far.
We are delighted to be extending the reach of these Awards to further highlight our commitment to inclusivity, innovation and integrity whilst highlighting NGX as the platform of choice to raise capital, he stated.
Mr Godwin Obaseki, Governor of Edo State, emphasized the importance of the capital market to the economy in his goodwill message, calling on all stakeholders to work together to move Nigeria toward a more productive and less import-dependent economy.
He also stated that NGX remained a market infrastructure of choice for public and private sector capital formation.
In addition, Mr Lamido Yuguda, Director-General of the Securities and Exchange Commission (SEC), represented by Mr Ibrahim Boyi, Executive Commissioner, Corporate Services, stated that the commission had championed innovative market-improvement measures such as dematerialisation, direct cash settlement, and e-dividend.
“The long-term sustainability in the market requires innovation of which the fundamental outcome was a maximum return on investment, reduction in the cost of doing business and increased production,” he said.
Speaking on the potential of African capital markets, Mr Aigboje Aig-Imokuede, Chairman of Coronation Capital and former President of the Council of the Nigerian Stock Exchange before demutualization, stated that after a long period of liquidity in global markets, central banks around the world are implementing hawkish monetary policies to restore price stability and tame inflationary pressures.
He noted that, in this period of subdued global growth, the capital market could play an important role in stimulating economic growth and development through efficient resource allocation.
Dangote Cement was named Best Issuer in Terms of Number of Fixed Income Listings; Lafarge Africa was named Leader in Sustainability Reporting; Pilot Securities Limited was named Most Compliant Trading License Holder; Aluko and Oyebode were named Best Solicitor in Terms of Deal Value, and Coronation Securities Limited was named Best Sponsoring Trading License Holder of the Year. MTN Nigeria Communications was named the Most Compliant Listed Company; CardinalStone Securities was named the Best Trading License Holder Across Asset Classes; BUA Foods was named the Listing of the Year; and Capital Markets Correspondent Association (CAMCAN) was named Capital Market Reportage.
