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Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group (NGX Group), has emphasized the pivotal role of effective corporate governance in driving sustainable economic recovery. Speaking at the 2024 National Corporate Governance Summit, Popoola’s presentation, titled “National Economic Recovery: Good Governance to the Rescue,” outlined how strong governance frameworks are essential for economic stability and growth.
Popoola described effective corporate governance as a fundamental pillar of economic recovery, noting that it enhances investor confidence, encourages capital inflows, and upholds market integrity. He underscored NGX Group’s commitment to promoting best practices in governance through its subsidiaries, Nigerian Exchange Limited (NGX) and NGX Regulation Ltd (NGX RegCo), which play a crucial role in attracting both domestic and international investments.
The NGX Group has been instrumental in Nigeria’s economic recovery efforts by focusing on improving market infrastructure, ensuring transparency, leveraging technology, fostering stakeholder engagement, and advancing political and economic governance. These initiatives are key to supporting sustainable economic growth and development in the country.
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), reaffirmed the SEC’s dedication to maintaining rigorous regulatory oversight across financial institutions. He called for continued collaboration between regulatory bodies and market participants to uphold high governance standards.
Dr. Rabiu Olowo, Executive Secretary/CEO of the Financial Reporting Council of Nigeria (FRC), highlighted the importance of summits like these for fostering dialogue and knowledge exchange, which are crucial for advancing governance practices in Nigeria. He stressed that effective corporate governance is essential for managing public assets and investments effectively, underscoring its critical role in economic recovery and growth.
In a related development, stakeholders, intermediaries, issuers, investors, and regulators have been encouraged to work towards a green, climate-resilient economy to enhance prosperity for investors. At a capacity-building workshop for capital market operators on Green Finance in Lagos, SEC’s Executive Commissioner Operations, Bola Ajomale, emphasized the commission’s commitment to sustainable finance initiatives. The SEC’s green bond regulations have facilitated several sovereign and corporate issuances aimed at funding renewable energy, afforestation, and sustainable transportation projects.
Dr. Agama noted that the federal government, through the Debt Management Office (DMO), has been a leader in Africa by issuing the first sovereign green bond in December 2017 and a subsequent N15 billion issuance in June 2019 for renewable energy and other sustainable projects. Additionally, green bonds issued by North South Power Services Ltd and Access Bank Plc have raised significant funds for infrastructure projects in power, water, and agriculture sectors.
The SEC is focused on expanding green finance initiatives by identifying needs and developing suitable sustainable financing products. Dr. Agama emphasized that the commission will continue to support coordinated policy advice, capacity building, and regulatory support to advance a green economy and facilitate inclusive and environmentally sound economic transformation. The workshop highlighted the importance of involving key stakeholders in discussions and actions related to green finance and sustainability.
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