NGX: We are committed to promoting corporate governance in capital market

The Nigerian Exchange Limited (NGX) says it remains committed to promoting corporate governance among listed companies. 

Temi Poopola, chief executive officer (CEO), NGX, said this on Monday, at the launch of the corporate governance charter by the Nigerian Bar Association section on business law (NBA-SBL).

In his opening remarks, he lauded the progress made through the tripartite partnership of NGX, NBA-SBL, and the Institute of Directors (IoD) Nigeria, following the launch of the corporate governance triangle in March 2022.

“For us as an exchange, sustainability is a key component of our strategy as we aim to enhance corporate governance in the Nigerian capital market,” Popoola said.

“In line with this, the exchange incorporated corporate governance principles in its listing and post-listing requirements and established a corporate governance rating system (CGRS) that provides a comprehensive diagnosis of Nigerian companies’ corporate governance and business integrity practices.

“Our corporate governance index, NGX CG Index, also tracks the performance of all CGRS-rated companies listed on the exchange which enables adherence to best practices.”

Popoola said the initiatives build on the belief shared with NBA-SBL and IoD, that good corporate governance and compliance structures are foundational requirements for facilitating competitive advantage and profitability.

“At NGX, we recognize our truly unique role as a securities exchange that can foster the growth of long-term sustainable capital, while positively influencing our key stakeholders to adopt sustainable business practices, including best corporate governance practices and policies,” he said.

“Promoting effective and sustainable leadership is critical for us to achieve this objective, and for this reason, the partnership with IoD and NBA-SBL remains of paramount importance to us.”

The corporate governance charter, which is jointly promoted by NBA-SBL, NGX, and IoD, is a landmark document, seeking to promote good corporate governance practices in the country.