NGX Seeks Collaboration with Hong Kong Stock Exchange in Governance Regulation, Others

Ndubuisi Francis in Abuja

The Nigerian Exchange Group (NGX) has solicited the collaboration of the Stock Exchange of Hong Kong (SEHK), one of the world’s greatest in  governance and regulation issues, technology, market expansion, product development, cost optimisation and profitability.

The SEKH is over 100 years and is one of the world’s biggest bourses with over two thousand listed securities and a variety of products.

The NGX Chairman, Dr. UmaruKwairanga made callbin in Hong Kong during a board interaction between both exchanges.

He said, “Hong Kong has always been a marvel and an inspiration to the world. This small city-state, with millions of hardworking citizens, has pursued aspirations loftier than its hundreds of skyscrapers and has been able to achieve them over the years in spite of constantly shifting global dynamics. Through the ingenuity and hardwork of your citizens, your economy has always ranked as one of the top economies globally.

“The Stock Exchange of Hong Kong has a similar storied history, having been in existence for over a hundred years. Your exchange ranks among the biggest in the world with over two thousand listed securities a variety of products. Your Exchange also serves as a bridge between the People’s Republic of China and the world.

“So we are here to congratulate you on your resilience and success as an exchange but, more importantly, to learn from your experiences as a vibrant, innovative exchange in a bustling economy.”

He stated that the Nigerian Stock Exchange (NSE) which was established over 60 Sixty years ago had only just over three years ago transformed from a mutual organisation limited by guarantee to a for Profit Public Company owned by and run for the benefit of thousands of shareholders.

According to him,  that transformation has come with various challenges in such areas as governance and regulation, technology, market expansion, and product development and cost optimisation and profitability.

Kwairanga noted that the Stock Exchange of Hong Kong had most probably tackled and surmounted similar challenges, adding, “and so we look forward to learning from your experience and partnering with you to move forward very quickly.”

The NGX Chairman noted that in a highly competitive, fast evolving borderless world, “we think that engagements and collaborations will determine the survival and growth of exchanges such as ours and that there are many areas for cooperation between the Hong Kong Stock Exchange and the NGX.”

“So, we are here to share, learn, and partner with you and look forward to tremendous benefits from both sides at the end of this visit,” Kwairanga said.