Nigeria’s securities exchanges collaborate for global competitiveness

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Five securities exchanges operating in Nigeria have teamed up under the umbrella of Association of Securities Exchanges of Nigeria (ASEN) to enhance the global competitiveness of the Nigerian capital market.

ASEN, which was inaugurated in Lagos, South-West Nigeria, comprises AFEX Commodities Exchange (AFEX), FMDQ OTC Securities Exchange, NASD OTC Securities Exchange, Nigeria Commodity Exchange (NCX) and the Nigerian Stock Exchange (NSE).

Mr Oscar Onyema, Chairman, Board of Trustees, ASEN, said the launch of the association could not have come at a better time:

“Today we celebrate a significant milestone for the Nigerian capital market: the establishment of an industry association that unites securities and commodities exchanges in Nigeria in a single voice.”

Ms Mary Uduk, acting Director-General, the Securities and Exchange Commission (SEC), commended the stakeholders for making the association a reality.

Uduk said for many years NSE was the only securities exchange in the country but the market had witnessed the emergency of other exchanges recently such as NCX, NASD, FMDQ and AFEX.

She said the exchanges had contributed to the deepening of the market and expanding the scope of tradable instruments.

Uduk added that the exchanges had contributed to capital formation and allocation of resources to government and corporate institutions in Nigeria.

She said the commission would continue to support the development of these exchanges to achieve the desired growth.

“The launching does not remove the fact that the exchanges are distinct institutions and interests may sometimes not align,”  Uduk said.

She urged them to keep competition healthy for protection of investors and development of the capital market.

Hon. Yusuf Tajudeen, Chairman, House Committee on Capital Markets and Institutions, commended the efforts of the exchanges in forming the association.

Tajudeen said the committee would continue to support the development and growth of the capital market through friendly collaboration.

Amaka E. Nliam