The Nigerian Exchange Limited (NGX) has reaffirmed its dedication to encouraging corporate governance among listed companies and other market participants in Nigeria.
Temi Popoola, the chief executive officer of the NGX, said the launch demonstrates the exchange’s track record of leadership in promoting corporate governance among listed companies and other stakeholders within the capital market ecosystem. The launch of the Corporate Governance Charter was organized by the Nigerian Bar Association Section on Business Law.
“As an exchange working to improve corporate governance on the Nigerian capital market, sustainability is a major part of our approach. Accordingly, the exchange established a corporate governance rating system (CGRS) that offers a thorough analysis of the corporate governance and business integrity practices of Nigerian companies. It also incorporated corporate governance principles into its listing and post-listing requirements.
According to him, “Our corporate governance index, the NGX CG Index, also monitors the performance of all CGRS-rated companies listed on the Exchange, enabling adherence to best practices.”
He added that these initiatives are based on the conviction that good corporate governance and compliance frameworks are fundamental prerequisites for enabling competitive advantage and profitability, which in turn promotes capital market efficiency, economic growth, and investment. This conviction is shared with NBA-SBL and the Institute of Directors, Nigeria (IoD).
“At NGX, we recognize our genuinely unique position as a securities exchange that can promote the growth of long-term sustainable capital while positively influencing our major stakeholders to embrace sustainable business practices, including best practices and rules for corporate governance.
The collaboration with IoD and NBA-SBL “remains of utmost importance to us since promoting effective and sustainable leadership is crucial for us to achieve this purpose,” he added.
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A landmark document of the tripartite organizations, the Corporate Governance Charter is jointly promoted by NBA-SBL, NGX, and IoD. It aims to promote good corporate governance practices in Nigeria by reinforcing the values of accountability and transparency, robust governance, and corporate responsibility.
Meanwhile, the equities sector of the NGX saw a resurgence of the bears as price declines in 16 stocks reduced market capitalization by N10 billion.
In particular, the market value of listed stocks fell by 0.04 percent to N26.801 trillion from N26.811 trillion reported the day before.
Similarly, from 49709.46 points traded the day before, the All Share Index declined by 18.29 basis points to 49691.17 points today. In comparison to 204.162 million shares worth N1.640 billion in 3643 deals, investors traded 128.786 million shares worth N4.124 billion in 3492 trades.
Courteville Business Solutions, which fell by 9.80% to settle at 46 kobo, was at the top of the losers’ chart on the price movement chart. To settle at N1.75 kobo, Scoa Plc lagged with a loss of 9.79 percent. SkyAviation dropped 9.73% to finish at N5.10 kobo.
To close at 23 kobo, Regal Insurance was down 8.00%. In addition, HoneyWell Flourmills fell by 5.36 percent to end the day at N2.65 kobo. Prestige Assurance, on the other hand, leads the gainers’ table after rising 9.09% to close at 48 kobos. Following closely behind, Sovereign Trust Insurance increased by 8% to close at 27 kobos.
To close at N1.15 kobo, Lasaco assurance saw a 6.48 percent increase. Unity Bank increased 4.65% to finish at 45 kobos. To close at N2.13 kobo, Academy Press also increased by 2.40 percent.
According to the activity graph, FBNHoldings had an account with 28.366 million shares worth N303.228 million, and Zenith Bank had 16.658 million shares worth N361.685 million.
Cornerstone Insurance traded 11.139 million shares valued at N7.434 million, United Bank for Africa exchanged 11.173 million shares for N78.165 million, and Union Bank of Nigeria sold a total of 5.705 million shares worth N36.538 million.