The Chairman of the Nigerian Exchange (NGX) Group Plc, Dr. Umaru Kwairanga, has called on capital market journalists to imbibe the act of accurate reportage of the activities of the capital market.
Dr Kwairanga at the 2024 Capital Market Correspondents Association of Nigeria, CAMCAN Workshop stated that it was important for journalists to report with integrity and precision as it would help to achieve a robust and vibrant market.
“It requires trust, informed decision-making, and accurate reporting. I charge you to uphold the highest standards of journalism in your reporting. By doing so, you not only safeguard the credibility of the market but also contribute to its growth and development. The power of accurate and insightful reporting lies in its ability to inspire confidence among investors and stakeholders while fostering accountability and transparency,” he stated.
On recapitalisation of banks, the NGX Group Chairman said the Capital market has a critical role to play in its success as an enabler to act as a bridge between issuers seeking to raise capital and investors looking for opportunities to create value.
Kwairanga while assuring of the Group’s unwavering commitment said that the group’s mission is to ensure that as enablers, the bridge is efficient, accessible, and transparent.
“It is against this backdrop that we introduced NGX Invest, a digital platform transforming the way public offerings and rights issues are distributed in Nigeria. Since its inception, NGX Invest has facilitated over ₦1.26 trillion in capital-raising efforts by banks, including notable players such as FBN Holdings, Zenith Bank, GTCO, FCMB Group and Access Bank amongst others.
These achievements underscore the potential of the capital market to support various sectors’ growth while fostering investor confidence through transparency and efficiency”, he said.
For her part, the chairman, Capital Market Correspondents Association of Nigeria, Mrs Chinyere Joel-Nwokeoma said to achieve a viable and transparent business environment, there must be collaborative efforts through effective recapitalisation strategies between regulatory authorities and operators to bridge the gap between them.
She stated that banks’ recapitalisation was not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth, stating also that the annual CAMCAN workshop is part of the association’s contributions to the development and growth of the nation’s economy.
Olusola Akintonde
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