NGX Group: Championing Gender Equality Acceleration in Nigeria

The Nigerian Exchange Group Plc in collaboration with the Central Securities Clearing System Plc last Friday hosted a high-impact symposium to mark International Women’s Day in its continued efforts to champion the acceleration of  gender equality, writes Goddy Egene

Over the years the Nigerian Exchange Group Plc (NGX Group) has been providing a platform for capital formation being the engine room driving activities in the nation’s capital market.
Through its trading facilities, NGX Group has helped in the creation of wealth for individual investors, funding for corporates to sustain their operations and governments to finance infrastructure.
Several trillions of naira have been raised from the capital market through NGX Group. The internal reforms and transformation it embarked upon recently led to a record performance in its audited results for the year ended December 2024.

In its   audited NGX posted a   profit before tax (PBT) of N13.6 billion, marking an impressive 157.3 per cent growth compared to the previous year.
The group’s gross earnings surged by 103.2 per cent to N24.0 billion in 2024, up from N11.8 billion in 2023, propelled by significant growth across key revenue streams with transaction fees rising  64 per cent, driven by improved market activity.

Listing fees increased by 397.1per cent, reflecting stronger capital market participation, while technology related income grew by 105 per cent, reflecting the success of the group’s digital transformation efforts.
Other fees recorded a 174.8 per cent growth, reinforcing the group’s diversified revenue base, just as treasury investment income climbed 45.6 per cent, highlighting NGX group’s effective asset management.
Market data revenue grew by 100.5 per cent, contributing to a 102.6 per cent rise in other income, which now accounts for 29.6 per cent of gross earnings.

Commenting on the results, the Group Managing Director/Chief Executive Officer, NGX Group, Mr. Temi Popoola said: “NGX Group’s remarkable performance in 2024 reflects our strategic focus on execution, operational excellence, and innovation.

“The 157.3per cent increase in profit before tax underscores the strength of our execution strategy and the dedication of our team. By leveraging technology, expanding market data solutions, and strengthening our partnerships, we have built a more resilient and diversified business model that positions us for sustained growth.”
“Looking ahead, we remain committed to deepening market participation, broadening investment opportunities, and driving efficiency across the capital market ecosystem. We will continue investing in innovation, enhancing market infrastructure, and developing new platforms that improve accessibility and attract a wider range of investors.

“Through these efforts, we are shaping NGX Group into a leading force in Africa’s financial landscape, delivering sustainable value for all stakeholders.”
Still reveling in that impressive performance and in line with its efforts to rally other stakeholders to champion gender equality, the NGX Group last  Friday hosted a high-impact symposium to mark International Women’s Day 2025. Themed “Accelerate Action for all Women: Rights, Equality, and Empowerment.” the event rallied stakeholders to drive gender inclusivity in Nigeria’s economy.

Economic Imperative of Gender Equality
The event attracted  the Honourable Minister of Arts, Culture, Tourism, and Creative Economy (FMACTCE), Hannatu Musa Musawa,  who  delivered the keynote where she stressed  the economic and social imperative of women’s empowerment.
“Investing in women is investing in the future of our nation. When we ensure that women have access to quality education, financial resources, and equal opportunities, we are not only uplifting individuals but strengthening the entire economy,” Musawa said.

 Her words resonated deeply, reminding us of that sustainable economic growth cannot be achieved without the full participation of women in all sectors. Indeed, the evidence is clear: economies that prioritise gender equality tend to be more resilient, innovative, and prosperous.

 According to the World Economic Forum, closing the gender gap in economic participation could add $12 trillion to global GDP by 2025. In Nigeria, where women constitute nearly half of the population, the potential economic benefits of gender equality are immense. However, despite progress in recent years, significant barriers remain. Women in Nigeria continue to face challenges in accessing education, healthcare, and economic opportunities. They are underrepresented in leadership roles and often face discrimination in the workplace. Addressing these issues is not just a matter of fairness; it is essential for Nigeria’s economic
 They are underrepresented in leadership roles and often face discrimination in the workplace. Addressing these issues is not just a matter of fairness; it is essential for Nigeria’s economic development.

The Role of the Private Sector
The commitment of NGX Group and its partners to gender diversity is commendable. Group Chairman of NGX Group,  Alhaji (Dr.) Umaru Kwairanga, reaffirmed the group’s commitment to gender diversity, stating:“We are taking deliberate steps to ensure fairness and empowerment for women, enabling them to contribute significantly to Nigeria’s economic growth.”
Similarly, Director-General of the Securities and Exchange Commission (SEC),  Dr. Emomotimi Agama, called for reforms to boost women’s participation in capital markets.

“We must push for policies that encourage female representation in leadership and governance. This is a collective responsibility,” Agama said.
These statements reflect a growing recognition that gender equality is not just a women’s issue but a societal one that requires the involvement of all stakeholders.
On his part,  Popoola, who is  Group Managing Director and CEO of NGX Group and Chairman of CSCS, emphasised the urgency of the symposium’s theme, “Accelerate Action.”

“We firmly believe that gender equality is a catalyst for economic transformation, and we remain steadfast in our commitment to creating opportunities that empower women in business, finance, and leadership. Our goal is to build an ecosystem where women not only thrive but also inspire the next generation of leaders,” he said.
Popoola’s  call to action is a powerful reminder of the transformative potential of gender equality and sets the tone for the private sector’s role in driving this change.
 Also speaking, CEO of CSCS, Haruna Jalo-Waziri,  stressed the importance of financial inclusion in achieving gender equality.

“Accelerating action means removing the financial barriers that hold women back. At CSCS, we are committed to ensuring that women have access to the financial services, networks, and opportunities needed to thrive in the economy,” Jalo-Waziri said.
 His remarks underscored the role of financial institutions in fostering a more inclusive economy where women can participate fully and equitably.

Regional Director for Central Africa and Anglophone West Africa at the International Finance Corporation (IFC),   Dahlia Khalifa, reinforced the global imperative for gender equality, stating: “Ensuring equal access to finance, leadership opportunities, and economic participation for women is not just a fairness issue, it is an economic necessity. Women entrepreneurs and business leaders are key drivers of innovation and resilience. By breaking down barriers and fostering inclusive policies, we can build economies that work for everyone.”
 Her remarks highlighted the link between gender equity and economic sustainability, reinforcing the need for international collaboration in advancing women’s empowerment.

 The private sector has a crucial role to play in driving gender equality. Companies can implement policies that promote gender diversity, such as equal pay for equal work, flexible working arrangements, and mentorship programs for women. They can also support women entrepreneurs by providing access to capital, markets, and networks. The NGX Group’s Ring the Bell for Gender Equality ceremony, a global initiative supported by IFC, UN Women, UN Sustainable Stock Exchange Initiatives and the World Federation of Exchanges, is an excellent example of how the private sector can champion gender equality. By honoring women’s contributions to Nigeria’s capital markets, the ceremony reinforced the importance of inclusivity and set a precedent for other organizations to follow.

Insights from Women Leaders
The event, attended by veteran actress Joke Silva and female directors from NGX Group, Ojinika Olaghere, Lilian Olubi, Ummahani Ahmad Amin, Amina Mohammed as well as SEC Commissioner, Frana Chukwuogor, called for accelerated action to empower women across all sectors. Professor Folasade Ogunsola, Vice-Chancellor of the University of Lagos, emphasised the role of education and mentorship in bridging gender gaps.

A significant highlight of the symposium was the panel discussion featuring female leaders who shared their experiences and strategies for overcoming obstacles in male-dominated industries. The panel included: Hilda Baci, Founder, My Food by Hilda; Pai Gamde, Chief Talent Officer, Coronation Group Ltd; Adesuwa Okunbo Rhodes, Aruwa Capital Management; Chalya Shagaya, Senior Special Assistant to the President on Entrepreneurship Development; Kari Tukur, Regional Vice President & Head, Customer Solutions, East and West Africa, Mastercard; Odiri Oginni, CEO, United Capital Asset Management Limited; Solape Akinpelu, CEO and Co-founder of HerVest; and Adaorie Udechukwu; Senior Gender & Economic Inclusion Advisor, Africa, International Finance Corporation, World Bank Group.

These women provided key insights on navigating professional challenges, advocating for gender equity, and leveraging mentorship to uplift the next generation. Discussions centred on the importance of fostering a pipeline of female talent through mentorship and sponsorship, ensuring women have access to financial resources to grow their businesses, and the need for policy reforms to create an enabling environment for women in leadership.
The panelists underscored that breaking barrier requires intentional action from all sectors, including government, private corporations, and financial institutions. By promoting inclusive leadership, challenging societal biases, and ensuring equitable opportunities for women, Nigeria can harness the full potential of its female workforce to drive national economic growth.

The Way Forward
As we reflect on the outcomes of this symposium, it is clear that the time for rhetoric is over.
Musawa’s statement:  “The time for rhetoric is over. It is time for action,” should serve as a rallying cry for all stakeholders. The private sector, government, and civil society must work together to implement the policies and initiatives needed to accelerate gender equality. This includes increasing access to education and vocational training, providing capital and mentorship for women entrepreneurs, and ensuring that women are represented in leadership and governance roles.

NGX Group and its partners have set a strong example by hosting this symposium and committing to actionable steps towards gender equality. However, the work does not end here. It is now up to everyone  to take up the mantle and drive the change we wish to see. By empowering women, we are not only advancing their rights but also unlocking the full potential of Nigeria’s economy. The future is inclusive, and the time to act is now.

The 2025 International Women’s Day symposium was a significant step forward in the fight for gender equality in Nigeria. The commitments made by NGX Group, CSCS, SEC, and other stakeholders are a testament to the growing recognition of the importance of women’s empowerment. However, the real work begins now. It is time for all of us to move beyond words and take concrete actions to ensure that women have the opportunities and support they need to thrive. Only then can we truly achieve the inclusive and prosperous future we all aspire to.

Gender equality is not just a women’s issue; it is a societal issue that requires the involvement of all stakeholders. By working together, we can create a Nigeria where women have equal opportunities to succeed and contribute to the nation’s economic growth. The time for action is now, and the responsibility lies with all of us to make gender equality a reality.  Let us seize this moment and accelerate action for all women, for the benefit of Nigeria and the world.