Dangote Cement Plc and 17 others won the Nigerian Exchange Limited (NGX) Made of Africa (MOA) award in recognition of innovativeness and compliance with best practices in the Nigerian capital market for 2022.
The awards ceremony, which took place in Lagos, spotlighted excellence, creativity and integrity as NGX sought to amplify the activities of its stakeholders to further reinforce the values that attract investors to the market and grow the African economy.
Players in the capital market ranging from Issuers, Securities Dealers, Issuing Houses, Fund Managers, Trustees, Legal firms and stakeholders including the media and content creators were rewarded for their contributions to the development of the market.
Some of the awardees were Dangote Cement as Best Issuer in Terms of Number of Fixed Income Listings; Lafarge Africa as Leader in Sustainability Reporting; Pilot Securities Limited as Most Compliant Trading License Holder; Aluko and Oyebode as Best Solicitor in terms of Value of Deals; and Coronation Securities Limited as Best Sponsoring Trading License Holder of the Year.
Lagos State won the State with the Largest Sub-national Debt Instrument; MTN Nigeria Communications won the Most Compliant Listed Company; CardinalStone Securities won the Best Trading License Holder Across Asset Classes; and BUA Foods was awarded the Listing of the Year.
The governor of Edo State, Godwin Obaseki, highlighted the importance of the capital market to the economy, advising all stakeholders to move Nigeria towards a more productive economy and less import-dependent.
He also noted that NGX has continued to stand out as a market infrastructure of choice for public and private sector capital formation.
The director-general, Securities and Exchange Commission (SEC), Mr Lamido Yuguda, represented by the executive commissioner, Corporate Services, Mr Ibrahim Boyi said, the commission had championed innovative measures that have improved the market including dematerialisation, direct cash settlement and e-dividend.
“The long-term sustainability in the market requires innovation of which the fundamental outcome was maximum return on investment, reduction in cost of doing business and increased production,” he said.
On his part, the chairman, NGX, Mr Abubakar Balarabe Mahmoud said the goal of the Exchange with the Awards is to further catalyse innovation, corporate performance, shareholder return, compliance to rules and regulation in driving investor confidence and aiding regulatory oversight on the market.
“It is essential that we continue to collaborate, encourage and incentivise our partners through initiatives like the NGX Made of Africa Awards. At NGX, relationships, partnerships, collaboration and inclusivity continue to drive our actions in the quest to spotlight ‘The Stock Africa is Made Of’,” he explained.
According to the chief executive officer, NGX, Mr Temi Popoola, the awards, which was previously named the NSE CEO Awards, had been reviewed to reflect the dynamism of the capital market and the transformation it had witnessed so far.
“We are delighted to be extending the reach of these Awards to further highlight our commitment to inclusivity, innovation and integrity whilst highlighting NGX as the platform of choice to raise capital,” he stressed.
The chairman, Nigerian Exchange Group Plc, Dr Umar Kwairanga commended NGX for driving market development with the Made of Africa Awards while agreeing that inclusivity and transparency were reflected in its design and execution.