NGX tasks newly inducted stockbrokers on transparency, innovation and creativity

The Nigerian Exchange on Wednesday, 6th December 2023 inducted the new Authorized Dealing Clerks who had completed the NGX Automated Trading System Brokers Certification training.

The induction ceremony was the first fully physical one to be held since 2019 after the outbreak of Covid-19 pandemic.

The newly-inducted Authorized Dealing Clerks were charge challenged to be transparent, innovative and creative in their activities in the capital market.

The CEO of the Nigerian Exchange Limited, Temi Popoola, while addressing the inductees pointed out that the new dealing clerks were joining the market at the time the economy requires innovation.

Temi Popoola stated thus:

We are at a point where we have been waiting for a very long time, where capital market is needed to stimulate the growth of our country and the people

“In the past, the country had options. You could borrow money endlessly and use that to finance growth, today it is very difficult, we have very limited options and the capital market is very key.”

“I do genuinely believe that when you look at everything from the top to the macro, we have today a Central Bank Governor who is pretty much like one of us. We have a Finance Minister who is like one of us. We have a President who also understands what capital markets do. You have several people in the Infrastructure Ecosystem, MOFI is an example. They understand what we are doing, they are one of us.

“There is need to get more instruments in the market. How about we learn about other products, about digital assets, securities that are like high yield instruments, how do we learn about alternative assets, about derivatives?”

“How do we pull more companies list on the exchange? What can we create? And technology then becomes very key.”

Representing the CEO of the Nigerian Exchange Regulations, Tinuade Awe, the Head, Market Surveillance and Investigation, Abimbola Babalola, warned the newly-inducted stockbrokers against market infractions.

“The system will not tolerate an attempt to manipulate the market. We leverage the best technology in the world to track any market infractions. Don’t forget that the President said that we are aiming for a $1 trillion economy and we are ready to support him to get that. You will also play your role as stockbrokers. When you are in doubt, please call the exchange, call the RegCo, and we will explain but if you do otherwise, we will come after such individuals.”

Leave a Reply

Your email address will not be published. Required fields are marked *