Welcome Address by the Chairman of 2024 CAMCAN Workshop, Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX in Lagos on Saturday, December 7, 2024.
I welcome you all to the 2024 Workshop of the Capital Markets Correspondents Association of Nigeria (CAMCAN).
The media, through CAMCAN, plays a critical role in the capital market by facilitating the dissemination of timely and accurate information that investors can use to make informed decisions. The daily publication of the All Share Index and publicity given to all capital market activities by CAMCAN keeps the Capital Market in the public eye and ensures the markets sustainability. With programmes like today’s, CAMCAN is also encouraging robust discussion on contemporary financial issues and helping to improve the work of regulators and operators in the Capital Market.
Today’s Workshop has the theme, Recapitalisation: Bridging the Gap between investors and issuers and this is very topical given that we are only halfway through the banking recapitalisation mandated by the Central Bank of Nigeria. I believe the lecture to be delivered by our guest speaker, Mr Johnson Chukwu, the Managing Director and Chief Executive Officer of Cowry Asset Management Limited and the discussions by our esteemed panel will help to throw more insights into what we have done so far in the recapitalisation exercise, shortcomings if any, and what we can do better in the coming year and beyond.
Let me say that at the NGX Group, our primary role is to serve as a bridge between investors and issuers and we have been doing that in the banking recapitalisation exercise in various ways. The Nigerian Exchange has organised Facts Behind the offer ceremonies for most of the banks that have floated rights and public issues. At those ceremonies, the issuers are required to outline their plans for the capital they intend to raise and answer very relevant questions from CAMCAN and investors.
We at NGX also set up X Rails which is a technology platform to enable investors subscribe to ongoing offers directly from the comfort of their homes and offices without needing to fill paper forms or battle through traffic in order to go to the offices of financial intermediaries. After the offers are concluded, the Nigerian Exchange will ensure that the banks meet their disclosure requirements promptly and fully so that investors are kept abreast of how their monies are being used.
So- the NGX Group is one of those at the forefront of actualising the theme of today and we will continue to carry out that role for the benefit of the investors, the market and the Nigerian economy.
Having touched briefly on NGX Group’s role in the recapitalisation, let me invite the speakers and discussants for the day to give a broader view of the topic. I believe it will be a lively and enlightening conversation.
I thank the organizers for the work they have put in to make the workshop a reality and thank you all for making out time to attend.
Do enjoy the event.
Alh (Dr) Umaru Kwairanga
Chairman
NGX Group Plc
