Ten (10) Takeaways from the First NGX Capital Market Conference


Wednesday, December 01, 2021 / 09:18 AM / by  Akin Adeniyi, CIPM / Header Image Credit: WebTV

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 thoroughly disappointed.

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:

  • Tinuade 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  • The second one has to be Olufemi Awoyemi's declaration of our market regulations being run on an outdated model.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 than this;

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 lawmakers?;

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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