The Chief Executive Officer (CEO) of the Nigerian Exchange Limited (NGX), Temi Popoola, has described sound corporate governance as the foundation that creates transparency and establishes the trust required to keep the global financial system operational.
He stated this during the launch of the Corporate Governance Triangle, an initiative of the Nigerian Bar Association Section on Business Law (NBA-SBL), Nigerian Exchange Limited and the Institute of Directors, Nigeria (IoD) in Lagos on Tuesday.
Addressing participants at the event, Popoola, who was represented by Divisional Head, Capital Markets, Nigerian Exchange Limited, Jude Chiemeka, said the exchange recognised its role in fostering the growth of long-term sustainable capital by positively influencing the key stakeholders to adopt sustainable business practices, including best practice corporate governance.
He pointed out that sound corporate governance ultimately brings about greater transparency and trust in the Nigerian capital market and positions it to become the leading capital market in the region.
Speaking on the launch of the Corporate Governance Triangle, Popoola expressed delight in the initiative, saying, NGX was delighted to collaborate with the Institute of Directors Nigeria (IoD Nigeria) and Nigerian Bar Association-Section on Business Law (NBA-SBL) on the initiative.
“We look forward to working closely with our colleagues in these highly-reputed organisations to formulate and implement initiatives that will further raise the bar on corporate governance standards and practice in Nigeria”
According to him, the Corporate Governance Triangle was created to foster good corporate governance in Nigeria for members of the business law community, directors and managers of businesses, shareholders and other corporate stakeholders.
He added that key stakeholders in the corporate world, the CCGC, NGX, and IOD are in a position to influence their members, share best practices and develop frameworks that will enhance corporate governance in Nigeria.
Meanwhile, FMDQ Exchange has approved the quotation of the First City Monument Bank Limited ₦N30.00 billion Series 1 Commercial Paper (CP) under its ₦100.00 billion CP Issuance Programme on its platform.
According to the Exchange, the proceeds from this CP, which is sponsored by FCMB Capital Markets Limited – a registration Member (Quotations) of FMDQ Exchange, will be used by FCMB to support its short-term financing requirements.
FMDQ stated that it would continue to drive initiatives targeted at improving the liquidity of securities listed and quoted on its platform as part of its commitment to facilitate credibility and transparency in the Nigerian debt capital market (DCM) space and support the aspirations of businesses.
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