01, 2021 / 09:18 AM / by Akin Adeniyi, CIPM / Header Image
I was literally glued
online for the complete more than six hours and I can say it was worth my
while. I confess having confided in a close and top market functionary friend
that this just might end up being another talking shop. I was however
But there are a few lessons I
believe we still need to learn and improve upon going forward:
1. When next we advertise a major
event of this type with a global audience, we must learn to keep to time.
9:00am should be 9:00am, not 10:15am;
2. But for it being the inaugural
edition, it was too elaborate with a number of ceremonial parts that could have
been left out;
3. The Vice President's speech was a
humdinger of a bullseye! It needs execution;
4. The panel sessions had to be
hurried thus taking the real wind out of the conference's sail;
5. The task of taking the market
into the future we want is clearly more of doing than talking;
6. All speakers lived up to
expectations, a few, beyond, and that is highly commendable. But I don't think
I saw PenCom all through?
7. The two most outstanding
takeaways for me are:
Awe's clincher on the lethargy
around our lawmaking. This market isn't moving much until the ISA 2007 is fully
revised. That law is a reflection of our being behind the global financial
markets, no matter the amount of rules and regulations updates we have been
able to achieve.
- The second one has to be Olufemi Awoyemi's declaration
of our market regulations being run on an outdated model. Nothing can be truer
8. The two pointers above complement
each other and whatever changes being planned for introduction now must address
both so elaborately;
9. The current capital market
masterplan undergoing a midterm review has quite a number of objectives
requiring a lot of heavy lifting to be achieved, including financing as well. I
like to repeat here again, the national assembly should let the SEC off this
tentacle of revenue generation, at least for the next five years. It's a
distraction asking SEC to feed the CRF when so much capacity is required for it
to bring our market up to par with the global standards. Shall we tell the
10. So much was said about
transparency and accountability in raising the current status of our market. No
one else will do these things for us other than ourselves. We can't put those
new products highlighted during Temi Popoola's remarks on the market in a regime of obscurity.
Information asymmetry is a major challenge in the global financial markets but
a tad worse here at home.
Overall I really commend NGX for
this masterstroke of a move in hosting this conference. Very much timely
indeed. Next year by God's grace let it be strictly business and hopefully also
it'd be a review of the successes recorded so far from this one.
The signals are getting stronger for
a bigger and better Nigerian capital market. Let all hands come on deck. Now!
About the Author
Mr. Akin' Adeniyi, CIPM is the President & Chairman of
Council of the Association of Corporate and Individual Investment Advisers
(CIIA). He is also the Chief Relationship Officer (CRO) of KingsThrones Limited.
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