In a signing ceremony held at the Nigerian Exchange Group House, NGX Regulation Limited (NGX RegCo) and the Institute of Chartered Accountants of Nigeria (ICAN) have solidified their collaboration through a Memorandum of Understanding (MoU).
This partnership aims to bolster the effectiveness of regulation and investor protection in the Nigerian capital market, promoting professionalism, ethics, integrity, and transparency.
The agreement signifies a significant milestone in the relationship between NGX RegCo and ICAN, highlighting their joint commitment to the development of the capital market and the financial services industry in Nigeria.
By harnessing capacity building and information sharing, the collaboration seeks to foster a culture of competence and professionalism, driving market development and improving the quality of corporate reporting in the capital market.
Speaking at the ceremony, Tinuade Awe, CEO of NGX RegCo, emphasized the importance of effective regulation in creating market fairness. Awe expressed confidence in the collaboration with ICAN, stating, “We have a long history of over 60 years in the context of the Nigerian Stock Exchange, but for NGX RegCo post-demutualisation, this is truly a historic moment.
We believe that this cause we are deliberately undertaking will enable both parties to deliver efficiently on our shared objectives.”
Innocent Okwuosa, ICAN President, echoed the sentiments of collaboration, highlighting the role of accountants in financial reporting and their influence on investor decisions.
Okwuosa stressed that the partnership between NGX RegCo and ICAN would foster a robust and transparent capital market ecosystem, attracting investment, encouraging growth, sustainability reporting, and safeguarding the interests of all stakeholders.
The strategic alliance between NGX RegCo and ICAN is expected to have a profound and positive impact on the Nigerian capital market. It aims to promote investor confidence, strengthen regulatory oversight, and elevate professional standards within the industry.
Additionally, ICAN pledged to advise the government on supporting increased capital flows to the market, demonstrating its commitment to market development.
Recognizing the importance of technology in easing reporting and regulation, both NGX RegCo and ICAN emphasized the need for collaboration in order to fulfill their mandates of investor protection, fair and transparent markets, and compliance with global best practices.
The partnership aims to leverage technology to enhance efficiency and effectiveness in these areas.
As Nigeria’s capital market looks towards a brighter future, the collaboration between NGX RegCo and ICAN sets the stage for enhanced regulation, investor protection, and sustainable market growth.
The joint efforts of these institutions will undoubtedly contribute to a more robust and transparent capital market ecosystem in Nigeria.
