Foreign currency supply shortage weakens naira by 0.18% at I&E

By Aduragbemi Omiyale

The country’s capital market stakeholders, especially companies that trade their shares on the Nigerian Exchange (NGX) Limited, have been assured of a fair and transparent market.

The assurance was given by the Managing Director of NGX Regulation (NGX RegCo) Limited, Ms Tinuade Awe, at the 2021 Issuer Engagement Forum on Tuesday.

During the themed event Corporate Disclosures – Beyond the NumbersMs. Awe said that, “The impact of the COVID-19 pandemic is still very visible in the global economy. “

“While many businesses are closed or wait for the economy to open, others have weathered the storm created by the pandemic, leveraging their business continuity plans built on sustainable business models.

“The theme of this year’s forum is well formulated to reflect the realities of the world today. With increasing levels of shareholder activism and increased levels of control over financial performance, the qualitative aspect of information disclosure becomes more imperative for companies as much as the quantitative form of information, ”he said. she adds.

The program also included an address by Professor Kenneth Amaeshi, Visiting Professor of Leadership and Financial Markets in Africa and London, School of Economics & Political Science.

There was also a panel discussion with Dr Innocent Okwusa, Visiting Associate Professor, Caleb University & 1st DVP, ICAN; Professor Carol Adams, Professor of Accounting, Durham University Business School; Ms. Eunice Sampson, Director, Climate Change and Sustainability West Africa, Ernst & Young; Mr. Elan Theebom, ESG Specialist, Arise; with Mr. Olumide Lala, co-founder and director of Climate Transition Limited as moderator of the panel.

Such engagement is particularly important because the capital market is information driven. Therefore, NGX RegCo continues to encourage issuers to be transparent in their business activities by disclosing price sensitive information to the market in a timely manner in order to avoid information asymmetry.

In addition, the regulator has expressed its commitment to work with issuers to guide them in meeting NGX post-listing obligations as well as other regulatory requirements for publicly traded companies, particularly with regard to the maintenance of good governance practices that develop on accountability and improved disclosure of information. .

It should be remembered that NGX released its sustainability disclosure guidelines in December 2018. The guidelines provide the value proposition for sustainability as well as a step-by-step approach to embedding sustainability in organizations, and detail the indicators that should be taken into account during the annual disclosure. at NGX.

The Securities and Exchange Commission (SEC) also recently presented its guidelines for sustainable financial principles for the Nigerian capital market in April 2021. These and other efforts by government, market regulators and policymakers in the area of sustainability underline the growing importance of sustainability. reports in the context of improving business information.

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