NGX Group shows commitment to market development through collaboration

Sunday 06 February 2022 / 07:55 / by NGX / Header image credit: NGX

Nigerian Exchange Group Plc (NGX Group) has shown its strong commitment to market development through partnerships and collaborations across the ecosystem, both locally and internationally. Earlier this week, the Managing Director/Chief Executive Officer of NGX Group, Mr. Oscar N. Onyema, OON, moderated a session at the Legislators’ Retreat on the Investment and Securities Bill, where he elaborated on trade provisions and other related matters. .

Interestingly, Mr. Onyema has become a key voice in advocacy for exchanges internationally, as evidenced by his election to the Board of the World Federation of Exchanges (WFE) in September 2021. It is worth recalling that NGX Group – The Nigerian Stock Exchange at the time – joined the WFE in 2014 and has continued to support the WFE’s sustainability principles, thus playing a leading role in promoting the growth of sustainable finance in the sub-region.

Speaking on some of the key findings, Mr. Onyema said, “Since becoming members of WFE, the NGX Group of Companies has played a leading role in driving the growth of long-term sustainable finance. leading the development of the green bond.Following the submission of a proposal to the Ministry of Environment, Debt Management Office (DMO) and other stakeholder institutions in 2017, a working group multi-agency consisting of the Honorable Minister for the Environment, Group Chief Executive, NGX Group and other key stakeholders were formed, whose leadership led to the issuance and listing of the first Federal Government of Nigeria (FGN) Sovereign Green Bond in 2018.”

Subsequently, two corporate green bonds and one series II FGN sovereign green bond were listed on the Nigerian Exchange Limited. As part of its green bond market development initiatives, NGX has signed a memorandum of understanding with the Luxembourg Stock Exchange (LuxSE), to cooperate in promoting cross-listing and trading of green bonds on the Nigeria and Luxembourg. The MoU was signed at the 2019 WFE Annual Meeting in Singapore.

NGX Group of Companies has also supported WFE’s Sustainability Principle 2 and compliance with the SSE requirement for stock exchanges to provide written environmental, social and governance (ESG) guidelines by unveiling the disclosure guidelines in in March 2019. This was supported by the launch of the Facts Behind the Sustainability Report (FBSR) platform allowing listed companies to showcase their progress in integrating sustainability into their business processes, enabling investors to access ESG information useful for decision-making.

Beyond the WFE, NGX Group of Companies benefits from an ongoing collaboration with the Global Reporting Initiative (GRI), where it has implemented various capacity development initiatives to raise awareness and build capacity on key sustainability issues in its ecosystem. The group has also put its money where its mouth is investing in key market infrastructure companies to further deepen Nigerian capital market offerings with major stakes in NASD, FMDQ, Central Securities Clearing System (CSCS), several Fintech, among others.

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