NGX CEO Affirms Capital Market’s Potential in Achieving Government Objectives Through Tax Reforms

By Ekemini Last updated Sep 26, 2023

Temi Popoola, the CEO of Nigerian Exchange Limited (NGX), expressed confidence in President Tinubu’s ongoing tax reforms, stating that they will leverage the capital market’s potential to create value and deliver returns to investors. Popoola emphasized NGX’s commitment to supporting the government’s objectives by mobilizing capital to address challenges and promote wealth creation in Nigeria.

Key Points:

Temi Popoola, CEO of Nigerian Exchange Limited, asserts that President Tinubu’s tax reforms aim to unlock the capital market’s potential for value creation and achieving government objectives while benefiting investors.
Popoola cites the privatization initiatives in the telecommunications sector as a compelling example of how the capital market can be leveraged to create value and deliver returns to investors.
The NGX International Non-Deal Roadshow, supported by Stanbic IBTC, CardinalStone Partners, and Chapel Hill Denham, received a significant boost with President Tinubu’s ceremonial ringing of the Closing Bell at the NASDAQ Exchange in New York.
In response to the COVID-19 pandemic’s impact on foreign investment, Popoola acknowledges a decline in foreign investment in Nigeria, echoing a trend observed in other emerging economies.
Popoola emphasizes NGX’s role as a platform for addressing economic challenges, including capital inflows and foreign exchange illiquidity, and highlights the importance of encouraging listings to enhance governance, accountability, and tax revenues.

Analysis: Temi Popoola’s endorsement of President Tinubu’s tax reforms reflects the potential of the capital market as a driver of economic growth and value creation. By emphasizing the role of NGX in addressing economic challenges, Popoola underscores the importance of a vibrant and well-regulated capital market in achieving government objectives.