Lagos, Dec. 7, 2023: The Chief Executive Officer of the Nigerian Exchange Ltd.(NGX), Mr Temi Popoola, on Wednesday, said that the transition to virtual trading, following the incursion of the COVID-19 pandemic, remained a game changer in the capital market.
Popoola stated this while delivering an address at the induction for newly qualified 58 Authorised Dealing Clerks at the Exchange in Lagos.
He noted that brokers could now trade, remotely, from the comfort of their offices and from different locations around the globe.
“Rather than adversely affecting the business of the Exchange, we have witnessed a significant leap in transactions.
“We also witnessed admission of new retail investors into the market either by new listings or IPOs, which attests to the impact of our technology investments and improved capabilities,” he said.
The NGX boss congratulated the inductees, adding that the accomplishment is a testament to their unwavering dedication, resilience, and commitment to excellence.
He said that the induction is the first fully physical induction ceremony since the demutualisation of The Nigerian Stock Exchange, now Nigerian Exchange Group.
“We celebrate the successful Dealing Clerks who have passed through The Exchange’s Automated Trading System (ATS) Brokers’ Certification training faculty.
“The 15-day rigorous training is organised to select seasoned professionals of integrity who have shown a clear understanding of the intricacies of the capital market operations and the Exchange.
“Today’s inductees have secured the required regulatory approval of fit and proper persons to practice as Authorised Clerks of the Exchange,” he said.
According to him, the successful completion of the rigorous qualification process affirms the inductees readiness to embark on a fulfilling career as Authorised Dealing Clerks, poised to navigate the dynamic world of NGX.
Popoola affirmed that the inducted clerks possess the qualifications and merit to operate as a practicing stockbroker eligible to engage in trading on the NGX platform.
According to him, their induction marks the commencement of an enriching professional journey, filled with opportunities to contribute meaningfully to the growth and development of the Nigerian capital market and beyond.
The NGX CEO said: ” the robes you will be adorned with today symbolise a commitment to uphold the ethical standards of the Chartered Institute of Stockbrokers and Rulebook of The Exchange.
“It represents a pledge to be an advocate of integrity and impeccable character, signifying a total commitment to place the interest of the market first.
“We, sincerely, hope that every one of you will abide by the rules and regulations of the Exchange, as well as the ethics of the capital market that build the trust upon which the entire global financial industry rests,” he said.
According to him, the NGX has clear and enforceable rules, with a zero-tolerance policy on all infractions.
Popoola said, to bolster this, the Exchange had a signed Memorandum of Understanding(MoU) with the Economic and Financial Crimes Commission (EFCC).
He noted that the MoU is to increase cooperation and communication in the fight against financial crimes across the capital market.
The NGX CEO said: ” We will provide the support you need to develop your capacity and businesses through our numerous platforms.
“However, the Exchange will not hesitate to throw the book at any Dealing Clerk, who fails to live up to its rules.
“With today’s induction, you are part of the NGX family, and we encourage you to play your part in developing our market to achieve our aspiration to become Africa’s preferred exchange hub.
In his remark, the Doyen of Capital Market, Alhaji Rasheed Yusuf, advised the newly inducted brokers to re-package instruments to sell and raise raise capital for the market for long term financing.
Yusuf stated that the country was transiting into new challenging ways of doing things, as President Bola Tinubu’s led Government opened up all sectors in the country.
He said that the capital market must respond to the trend by adopting creative instruments to turn around the economy to what the world expect it to be.
“You can achieve this having being equipped with the help and support from the Stock broking community, NGX, CIS and ASHON,” he said.
Commenting, an inducted Clerk, Mr Nwachukwu Chase of ATLAS Portfolio Ltd., commended the NGX for conducting a professional training to certify them as authorised brokers.
Chase expressed optimism that the new clerks would put the training they had received to use and become some of the best hands in the market.