Business and Economy

NGX Inducts 91 Newly Authorized Dealing Clerks, Charges Them on Ethics

Nigerian Exchange Limited (“NGX” or “The Exchange”) has urged its recently hired brokers to preserve the capital market’s high ethical standards and adopt a culture of continuous learning in order to keep up with the industry’s rapid pace of innovation and development.

In his opening remarks at the event, Mr. Temi Popoola, Chief Executive Officer of NGX, advised the newly inducted brokers to be advocates of integrity and impeccable character, with the penchant to place the market first in their decision-making. The induction ceremony for the 91 newly authorized dealing clerks was held at the Exchange on Thursday, 15 December 2022. In order to implement its zero-tolerance policy for infractions, the Exchange signed a Memorandum of Understanding with the Economic and Financial Crimes Commission (EFCC), the CEO of NGX said, adding that the Exchange has enforceable standards.

Popoola emphasized NGX’s technical focus when he remarked, “Technology is going to progressively drive our business operations and activities moving forward. As seen by our smooth transition to virtual trading after the COVID-19 epidemic, The Exchange has proven throughout time that it is prepared for the digital transformation. Our real-time data service and trading platform continue to revolutionize the capital market. Through these systems, we have enhanced market order flow, sustained trade volume growth, high availability, and enabled distant trading and direct market access.

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He urged the new employees to adopt a culture of ongoing learning and to use NGX’s specialized learning platform, X-Academy, to increase their knowledge and take advantage of opportunities to keep current with industry trends.

Alhaji Rasheed Yusuf, the Doyen of the Market, thanked the ADCs and noted that their admission came at a period of great volatility and uncertainty in international markets and the global economy. “I’ll beg you all to be innovative, artistic, and moral since the market needs your talents to boost its economic output. The capital market and the Exchange provide a platform for turning around the Nigerian economy, so I urge you to use all of your resources to make a difference. Mr. Oluwole Adeosun, President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers (CIS), and Mr. Sam Onukwue, Chairman of the Governing Council of Association of Securities Dealing Houses of Nigeria (ASHON) both emphasized the significance of adhering to the rules and regulations of the market to new brokers and working to contribute to the growth of the market

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