NGX CEO Urges Tech Revamp, Listing Rules Review, Portfolio Investment Targeting

Temi Popoola, the Group Managing Director and Chief Executive Officer, Nigerian Exchange Group Plc, on Thursday spoke of plans to revamp the exchange’s technology infrastructure, attract new listings, while enhancing retail investor participation, and foreign capital inflows.

Popoola, who was addressing leaders of exchanges from across the globe at the working group committee meeting of the World Federation of Exchanges hosted by Deutsche Boerse in Frankfurt Germany, 2024, spoke of the need to attract more retail investors to the market.

According to him, “we recognize the stark contrast between the investors currently engaged  in the capital market and the vast potential represented by the 65 million banking accounts in Nigeria. Our vision is to bridge this divide, onboarding millions into the capital market and fostering financial inclusion on an unprecedented scale.”

From contributions by other chief executives of exchanges, including Kenya and Egypt, listings and foreign capital inflows have become a challenge in similar emerging markets.

The high interest rate environment in the United States contributes to the localization of capital in the country, hence starving other riskier markets of the needed capital.

“After navigating a challenging eight years with the previous administration, we now find ourselves under a more pro-market leadership. This shift positions NGX for renewed growth and resilience in the evolving economic landscape,” said Popoola.

Recognizing the importance of government advocacy historically, he continued, “our strategy involves deeper intentionality to collaboration with government in enhancing listing incentives. A prime example is the prioritization of listed companies in government procurement processes.

“Also, working with the regulator, we intend to review our listing rules aligning them with markets such as London to attract a more diverse array of businesses to the Exchange,” he added.

The GMD/CEO also spoke on the investments in technology as the group explores the possibility of deepening data revenue generation and engages market infrastructure stakeholders in meaningful conversations to further strengthen agility.

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