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NGX to delist firms with weak corporate governance

To ensure a healthy stock market, the Nigerian Exchange (NGX) Limited has said it will focus on companies with weak corporate governance (CG) standards and delist companies who fail to meet its requirements. The Chief Executive Officer, NGX Limited, Temi Popoola, stated this during the Exchange’s 2021 annual Market Recap and Outlook for 2022, yesterday. Speaking on the performance of the market in 2021, Popoola said that general global economic recovery and recovery in corporate earnings spurred major indices around the world to end the year in a positive note in which the Nigerian equities market closed in the positive territory (6.07 per cent) in 2021.

He noted that while the NGX market capitalisation grew by N1.94 trillion, the exchange recorded a decline in market turnover, which fell by 10.82 per cent from N1.03 trillion in 2020 to N916 billion in 2021 which was in line with global trends which was liquidity dry off in global markets due to the COVID-19.

Popoola, while stating the NGX strategy for 2022, said the exchange intended to keep building on the momentum on its digital journey across value chains, adding that there may be digitalised listings and digitisation of its product or offerings. He noted that this was important because the belly of the Nigerian demography is huge and the exchange, currently represented by older people, needs the young generation.

 

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