NGX Plans Non-depository Receipts For Capital Market News
This disclosure was made by the Divisional head, Capital Markets, NGX, Mr. Jude Chiemeka during a fireside chat themed ‘Investor sentiment on Nigeria: success and challenges’, at the 2023 Nigeria Risk Summit held in Lagos.
Chiemeka stated that, “the NDR would grant the investing public access to financial instruments listed on an offshore exchange and provide investors with access to alternate investment schemes. With this initiative, asset managers will sponsor this instrument offshore, convert the receipts and sell off in our local market.”
He explained that, “in the end, we are not only enabling exposure to foreign exchange, but we are also preparing a marketplace with a broader spectrum of participants.” While listing other initiatives embarked on by the Exchange, Chiemeka noted that, “NGX had in 2022 gotten approval from the Securities and Exchange Commission on its Technology Board Listing Rules. Our aim with this is to encourage investments in indigenous technologically inclined companies within Nigeria and across Africa by providing greater visibility to these companies.
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