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NGX Group, stakeholders harp on gender equity



By Philemon Adedeji

Nigerian Exchange Group of Companies and its partners, the World Federation of Exchanges (WFE), Sustainable Stock Exchanges (SSE) Initiative, United Nations (UN) Women, United Nations Global Compact and International Finance Corporation (IFC) have called on private and public sector stakeholders to close the gender gap by creating more opportunities for women to thrive.

This deliberation was made at the 2023 International Women’s Day symposium themed “Embrace Equity: Setting the Standard for a Sustainable Future” which held on Wednesday, 8 March 2023. The event brought together stakeholders across sectors to chart the cause for driving sustainable outcomes for women and men to thrive.

In his welcome remarks, Group Chief Executive Officer, Nigerian Exchange Group (NGX Group), Mr Oscar N. Onyema, OON noted that the Group is committed to prioritising equity, diversity and inclusion in its workplace. “Gender equity is an ongoing journey that requires sustained efforts and commitment from all of us. We must commit to continuing to push the boundaries of what is possible, embrace new ideas to challenge ourselves and each other for a more equitable and sustainable future.”

The Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola spoke about the Exchange’s strides in promoting diversity and inclusion in the Capital Market. Citing the progress made on NGX’s collaboration with IFC on the Nigeria2Equal Initiative, he added, “With Nigeria2Equal, we have been able to galvanise private sector action to close the gender gap, the most recent program of which is the launch of the Gender-Based Violence and Harassment in Workplaces research.”

The fireside talk on gender diversity and inclusion in the boardroom between Chief Executive Officer, NGX Regulation Limited, Ms. Tinuade Awe and Co-chair, Women Executives on Boards, Mrs. Rosie Bichard was another highlight of the day as the discussions underlined that culture transformation remained crucial to address inclusion on the board, despite the need to introduce younger women to the board as well as complete transparency with proven metrics in relation to the corporate governance structure.

Other highlights of the event was a goodwill message from  Chairperson, NGX Regulation Limited (NGX RegCo),Mrs. Catherine Echeozo ; Executive Director, United Nations Global Compact Network Nigeria,Ms. Naomi Nwokolo; UN Women Country Representative to Nigeria and ECOWAS,Ms Beatrice Eyong; Board Member, NGX Group Plc,Mrs. Ojinika Olaghere,   and a keynote address by Regional Director, International Finance Corporation (IFC), Ms Dahlia Khalifa,  themed Promoting Equity for Women and Men for a Sustainable World.

The symposium also featured a panel session to discuss ways to create safe spaces for women to thrive which was moderated by  Founder, Women at Risk Foundation (WARIF), Dr. Kemi Dasilva-Ibru,  and featured discussions from  CEO Aruwa Capital Management,Adesuwa Rhodes; Actress and Entrepreneur,Kate Henshaw ; Founder, BTDT HUB,Dr Dipo Awojide;  Lady Wheelers Association,Nkechi Anyagwa,  and Head, Product Development, NGX,Chidinma Chukwueke-Okolo.

capital market

IATF2023 records $43.8bn closed deals



The African Export-Import Bank has disclosed that the third Intra-African Trade Fair (IATF2023) held in Cairo from 9 to 15 November witnessed the conclusion of business deals and transactions valued at US$43.8 billion.

In the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Executive Vice President (Intra-African Trade Bank) at Afreximbank, Mrs Kanayo Awani, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.

One of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing, and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.

Mrs Awani also said that the IATF had successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.

“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent,” she added.

IATF2023 kicked off on 9 November and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), an African Auto Forum, AU Youth Entrepreneurship Programme, a Sub-Sovereigns Conference, a Diaspora Summit, an African Industrialization Week and an African Tourism Sustainability and Investment Forum. A series of side events were also held as part of the trade fair.

The next edition of the IATF will be hosted in 2025 by Algeria.

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capital market

Investors record positive gains, as NGXASI advance by 0.43%



Investors yesterday recorded positive gains on the Nigerian equities market following Monday’s losses.

According to data obtained from the Nigerian Exchange Limited (NGX) website, the NGX Market CAP recorded a gain of N165.99 billion in Naira terms.

The NGX All-Share Index (NGXASI) also advanced by 0.43 percent, closing at 71,250.17 basis points, compared to the previous day’s loss of 0.66 percent, which closed at 70,946.83 basis points. With the growth, the NGXASI now stands at 39.02 percent.

The total volume traded also advanced by 20.93 percent to close at N433.57 million, valued at N11.11 billion and traded in 7,016 deals.

The Gate Index closed flat at 183.36, while the Toni index advanced by 0.27 percent to close at 375.28 basis points.

At the close of trading, the market recorded 40 gainers, 15 losers, and 64 unchanged. NSLTECH topped the gainers list, while ABBEYBDS topped the list of losers.

UACN was the most traded stock by volume with N61.71 million, while NIDF was the most traded stock by value with N2.22 billion units traded.

UACN also had the highest volume contribution with 14.23 percent, while UBA and GTCO followed closely.

According to the value chart, NIDF is at the top with a 20.0 percent contribution. AIRTELAFRI and MTNN followed closely behind.

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capital market

SEC DG calls for multifaceted approach to enhance capital market growth



The Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has called for a multi-faceted approach to enhance the growth of Nigeria’s capital market.

The SEC DG made this known while addressing journalists at the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos at the weekend.

According to Yuguda who was represented by the Executive Commissioner Operations, SEC, Mr Dayo Obisan, “Effectively harnessing the capital market for national development entails a multi-faceted approach, these include deploying more infrastructure, fostering more public-private partnerships, establishing specialised entities like special purpose vehicles (SPVs), listing state-owned enterprises, issuing green bonds to support sustainable projects, and bolstering small and medium enterprises among others.”

According to him, the revised capital market master plan underscored SEC’s commitment to deepening and. repositioning the financial market as a key driver of sustainable economic growth.

“The master plan which represents collective aspirations of the capital market community is focused on driving initiatives geared towards growing and deepening the market with the ultimate goal of accelerating the emergence of our dear country in the top 20 economies by the year 2025,” Yuguda said.

The SEC DG added that synergy holds the potential of unleashing capital market prowess and paving the way for a prosperous future.

According to him, achieving the objective necessitates an increased utilisation of market mechanisms and instruments to raise funds and stimulate economic advancement.

He pointed out that the commission would continue to introduce new ideas and policies that would support the development and regulation of a capital market that is dynamic, fair, transparent, and efficient to contribute to the nation’s economic development, noting that investors protection plays a crucial role in the development and integrity of the capital market.

Also speaking at the event, the Deputy Director, SEC Lagos Zonal office, Mr John Briggs, urged the government to create infrastructure financing instruments that would facilitate easy servicing of obligations.

“We have encouraged a lot of infrastructure funds like sukuk, and green bonds and we are even talking about blue bonds to develop the market.”

“The capital market has created the conducive environment to ensure a transparent and dynamic market which would continue to attract investment,” he said.

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