NGX Regulation Limited signed a Memorandum of Understanding with the Institute of Chartered Accountants of Nigeria yesterday in Lagos as part of its efforts to further improve the efficacy of regulation and investor protection in the Nigerian capital market.
The Chief Executive Officer, of NGX RegCo, Ms. Tinuade Awe, stressed during the signing ceremony held at the Nigerian Exchange Group House that collaboration between organizations like ICAN is essential to enhancing professionalism, ethics, integrity, and transparency.
She also highlighted that regulation must be adequate to create fairness in the market. She also emphasized the role of technology in streamlining, reporting, and regulation, noting that NGX RegCo was working with the Institute to help it accomplish its mission more effectively.
“The Nigerian Stock Exchange has a rich history dating back more than 60 years, but for NGX RegCo post-demutualization, this is certainly a historic moment.
“We firmly believe that the cause we are consciously pursuing will help both sides effectively accomplish our common goals. We look forward to working with ICAN, and we are confident that the Institute will view our partnership as advantageous to both parties,” Awe stated.
“Accountants are at the forefront of financial reporting, so the information investors will work with is primarily driven by them,” the president of ICAN, Dr. Innocent Okwuosa noted. This demonstrates the importance of collaboration between NGX RegCo and ICAN, and we are pleased that today ushers in a new era.
The relationship between the two parties will develop a strong and transparent capital market ecosystem, which will attract investment, promote growth, encourage sustainability reporting, and protect the interests of all stakeholders, according to Okwuosa.
According to ICAN, “The strategic alliance between NGX RegCo and ICAN is expected to have a profound and positive impact on the Nigerian capital market, promote investor confidence, strengthen regulatory oversight, and elevate professional standards within the industry.”
The ICAN President reaffirmed that the Institute will continue to advise the government on how to encourage higher capital flows to the market, and he added that the Institute is prepared to work with NGX RegCo on raising accountant awareness and other issues that would help market growth.
