NGX, IoD to Boost Corporate Governance, Best Practice in Capital Market

Kayode Tokede

In its bid to continue to champion best practices, the Nigerian Exchange Limited (NGX), has said it will keep collaborating with the Institute of Directors (IoD) to further enhance corporate governance in the domestic capital market.

NGX and IoD had for long worked in tandem to advance best practices in corporate governance in the Nigerian capital market.

In March 2022, NGX, IoD and the Nigerian Bar Association’s Section on Business Law (NBA-SBL), partnered to form the Corporate Governance Triangle, which led to the creation of the Corporate Governance Charter that was officially released in August 2022.

During his remarks at the closing gong ceremony held in honour of IoD at the exchange yesterday in Lagos, the Chief Executive Officer, NGX, Mr. Temi Popoola, who was represented by the Divisional Head, Capital Markets, NGX, Mr. Jude Chiemeka, emphasised the efforts of NGX in fostering compliance with global best practices in corporate governance by its listed companies, with its Premium Board being a notable example that has attracted substantial liquidity from investors.

He acknowledged the efforts of IoD in the effective functioning and development of the capital market and the broader private and public sectors as it advocated for standardised corporate governance and best practices.

According to him, “As NGX prides itself for being at the forefront of excellence in governance, integrity and transparency in the Nigerian private sector, we recognise the efforts of IoD in its stance towards promoting competence, developing corporate governance standards, protecting the integrity of directorship, advocacy and nurturing astute professionals who contribute to the success of corporate and public organisations as well as the development of our country.

“We have long enjoyed a synergistic relationship since pre-demutualisation and we hope this will continue in goodwill. We look forward to more collaborative opportunities with IoD to actualise our collective goals and objectives.”

The President/Chairman of Council, IoD, Dr. Ije Jidenma, commended NGX for appointing some of its members into positions on its board, adding that the institute has followed with keen interest, the accelerated dynamism of NGX to a shareholder-owned for-profit entity, on the role that the exchange has played in the past, present and the future.

“The institute and the exchange have great interests in ensuring that corporate governance for the country thrives for the better. We are convinced that whatever objective the exchange sets out, will be achieved,” Jidenma said, while calling for more collaboration between NGX and IoD.