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NGX partners MOFI to facilitate capital access for listed companies

NGX suspends trading in shares of Unity Bank, Mutual Benefits, Lasaco NGX suspends trading in shares of Unity Bank, Mutual Benefits, Lasaco

The Nigerian Exchange Limited (NGX) says it will collaborate with the federal government through the ministry of finance incorporated (MOFI) in facilitating market development and listings.

The exchange made this known during the closing gong ceremony held in honour of MOFI’s engagement with capital market stakeholders at the NGX trading floor in Lagos.

Speaking at the event, Temi Popoola, the chief executive officer of NGX, commended MOFI for its role as the custodian of government investments and assets.

He said NGX is eager to work with MOFI to facilitate capital access for listed entities and contribute to the advancement of Nigeria’s capital market.

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“This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu’s agenda,” Popoola said.

“This is an exciting time and you may have seen that our local investors really stepped up their participation in the market recently.

“We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, that the market is ready to support many initiatives from the government. We really look forward to working together towards the support in developing our markets.”

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On his part, Armstrong Takang, the CEO of MOFI, emphasised the importance of optimizing the value of government investments and assets, aiming to mobilise, structure, and deploy investment capital in priority sectors of the economy.

He expressed the aspiration to grow MOFI’s asset under management (AuM) to at least N100 trillion.

“MOFI intends to collaborate with NGX to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange,” he said.

“This move also contributes to MOFI’s objective of professionalizing Government-Owned and Government Linked entities (GOE and GLEs).”

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Expressing the institute’s enthusiasm for the partnership, Oluwole Adeosun, president of the Chartered Institute of Stockbrokers (CIS), pledged cooperation with MOFI, particularly in areas like capacity development and other market-related initiatives.

Sam Onukwue, chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), said the partnership’s impact on the Nigerian economy would extend beyond financial gains to encompass broader socio-economic advantages that contribute to sustainable development.

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