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NGX aids N305m share restitutions, recoveries

INVESTOR PROTECTION

Forty-nine claimants, who suffered pecuniary losses during the year, received N17.02 million compensation

 

 

The Nigerian Exchange Group (NGX) has said that it facilitated restitutions and recoveries of shares worth N305.11 million for investors in 2020.

 

According to documents obtained from the NGX, the action is in pursuant to its strategic focus on investor protection. Additionally, 49 claimants who suffered pecuniary losses during the year received N17.02 million in compensation.

 

 

The Group CEO, Mr. Oscar Onyema, noted that NGX Group would continue to encourage a collaborative approach to regulation and remains committed to providing a dynamic and robust regulatory framework for the benefit of all its stakeholders, through oversight by NGXREGCO.

 

He explained that as a market regulator, NGX had the task of ensuring that stakeholders uphold their obligations to the market and the investing public, whilst at the same time maintaining a regulatory framework that encourages and develops good practice to make it easy for these obligations to be met and for the market to thrive.

 

“In 2 0 2 0, we upgraded XWhistle, our web-basedd whistleblowing portal that empowers members of the public to report possible violations of the rules and regulations of the exchange and suspected fraudulent activity within the capital market.

 

“The upgraded portal affirms our commitment to upholding market integrity, protecting investors and building a world-class capital market that is fully digitised.

 

Onyema noted that to promote agility and digitisation in governance, risk management, and compliance areas of businesses, the NGX launched the SentryGRC platform.

 

“This platform enables organisations to pursue a systematic and organised approach to managing GRCrelated strategy and implementation, thereby creating an enabling environment for increasing efficiency and effectiveness alongside reducing costs.

 

“In addition, we launched X-PO, the first end-to-end online public offerings platform in Africa. X-PO is designed to enhance the efficiency of public offering subscription process and operational workflow to support Issuers in raising capital and enhance the reach of public offerings.

 

“NGX Group will continue to build better digital experiences for stakeholders across online platforms and will keep on positioning itself not only as a credible platform for raising capital but a hub for innovative financial solutions,” he said.

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