Nigerian Exchange Limited (NGX or The Exchange), on Tuesday, December 6, 2022, in Lagos, hosted the 2022 edition of its NGX Made of Africa Awards (NGX MOA Awards ceremony where it recognized innovativeness and compliance with best practices in the nation’s capital market for the calendar year.
Players in the capital market ranging from Issuers, Securities Dealers, Issuing Houses, Fund Managers, Trustees, Legal firms and stakeholders including the media and content creators were rewarded for their contributions to the development of the market in a ceremony that spotlighted excellence, creativity and integrity as the NGX sought to amplify the activities of its stakeholders to further reinforce the values that attract investors to the market and grow the African economy.
Some of the awardees were Dangote Cement as Best Issuer in terms of number of Fixed Income Listings; Lagos State for being the largest sub-national debt Instrument; MTN Nigeria Communications, the Most Compliant Listed Company; Lafarge Africa as leader in Sustainability Reporting; and Pilot Securities Limited as Most Compliant Trading License Holder.
Aluko and Oyebode, Best Solicitor in terms of Value of Deals; Coronation Securities Limited as Best Sponsoring Trading License Holder of the Year; CardinalStone Securities, Best Trading License Holder Across Asset Classes; and BUA Foods was awarded the Listing of the Year.
Other winners include Meristem Securities Limited won the Award for Issuing House with the Highest Number of Primary Market Transactions – Equity; Stanbic IBTC Capital Limited was recognised as Issuing House with the Highest Number of Debt Transactions; Chapel Hill Denham Advisory Limited won Issuing House with the Largest Value in a Single Deal; while Capital Trust Investment and Assets Management Limited was the Fund Manager with the Largest Listed Fund Size for the year.
ARM Trustees Limited was recognised as the Best Trustees in Terms of Deal Value and APT Securities and Funds Limited won the Most Active and Innovative Trader in Derivatives.
Also, Money Africa, Capital Markets Correspondent Association (CAMCAN) and TAJ Bank were recognised for Capital Market Content Creation, Capital Market Reportage, and Excellence in Islamic Finance respectively.
The Governor Godwin Obaseki of Edo State, in his goodwill message highlighted the importance of the capital market to the economy, calling together all stakeholders to move Nigeria towards a more productive economy and less import-dependent. He also noted that NGX has continued to stand out as a market infrastructure of choice for public and private sector capital formation.
The Director-General, Securities and Exchange Commission (SEC), Lamido Yuguda, represented by the Executive Commissioner, Corporate Services, Ibrahim Boyi said that the Commission had championed innovative measures that have improved the market including dematerialisation, direct cash settlement and e-dividend. “The long-term sustainability in the market requires innovation of which the fundamental outcome was maximum return on investment, reduction in cost of doing business and increased production.”
On his part, the Chairman, NGX, Abubakar Balarabe Mahmoud, in his opening remarks said the award is aimed at further catalysing innovation, corporate performance, shareholder return, compliance to rules and regulation in driving investor confidence and aiding 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.”
According to the Chief Executive Officer, NGX, Temi Popoola, NGX Made of Africa Awards, previously named the NSE CEO Awards, has 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”.
Speaking on the African capital market potentials, Aigboje Aig-Imokuede, Chairman, Coronation Capital and a former President of the Council of the Nigerian Stock Exchange pre-demutualisation, said that after a long haul of liquidity in global markets, central banks across the globe are implementing hawkish monetary policies to revive price stability and tame inflationary pressures. He noted that the capital market in this period of restrained global growth had an important role to play in stimulating economic growth and development through the efficient allocation of resources.
The Chairman, NGX Group, Dr. Umar Kwairanga and the Chief Executive Officer, NGX Group, Oscar N. Onyema, during their respective goodwill messages commended NGX for driving market development with the Made of Africa Awards while agreeing that inclusivity and transparency were reflected in its design and execution.
BUA Group and CardinalStone Partners Limited were the headline sponsors for the 2022 awards. Other sponsors were United Bank for Africa Plc, Coronation Asset Management Limited, Bank of Industry, Notore Chemicals Plc, Access Holdings Plc, Zenith Bank Plc, Seplat Energy Plc, and Central Securities and Clearing System Plc.