AGENDA FOR STOCKBROKERS AT RWANDA SUMMIT

 SOLA ONI urges Nigerian stockbrokers to seize the opportunity to champion an agenda that drives shared value across the region 

The press, widely recognised as the Fourth Estate, draws its legitimacy from constitutional provisions. It significantly shapes public opinion and guides the public’s focus towards specific issues. These roles, among others, form the core of Agenda-Setting Theory in Mass Communication.

Barring any unforeseen circumstances, a large contingent of Nigerian stockbrokers is expected to attend the 28th African Securities Exchanges Association (ASEA) Conference scheduled for November 26–28 in Kigali, Rwanda. The event, themed “Adapting to Global Market Shifts: Strategies for Resilience and Growth,” will bring together prominent capital market regulators and operators from across the continent. Among the notable Nigerian Stockbrokers are the 13th President and Chairman of Council of Chartered Institute of Stockbrokers (CIS), Oluropo Dada and Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sehinde Adenagbe. 

As Nigerian stockbrokers, broadly known as Securities Dealers, join their peers at the ASEA meeting in Rwanda, the moment demands bold and actionable ideas capable of accelerating Africa’s market integration and global competitiveness. With global capital flows shifting and digital innovation redefining industry dynamics, African economies urgently need stronger and deeper markets to finance sustainable growth. Coming from one of the continent’s most vibrant exchanges, Nigerian stockbrokers should seize this opportunity to champion an agenda that drives shared value across the region.

The Association of Securities Dealing Houses of Nigeria (ASHON) has played a pivotal role in advancing the African Exchanges Linkage Project (AELP). While the project shows strong early promise, it now needs scale and momentum. Nigerian securities dealers should press for more participating exchanges, broader product offerings, and seamless cross-border order routing. A unified African trading corridor would boost liquidity, cut fragmentation, and position the continent as a compelling, one-stop gateway for global investors.

Africa’s regulatory landscape remains uneven. To unlock meaningful cross-border flows, brokers must champion harmonized minimum standards from disclosures and corporate governance to settlement cycles and market surveillance. Nigeria’s recent transition to a T+2 settlement system at the Central Securities Clearing System (CSCS) PLC is timely and further strengthens the benchmark for the continent. Regulatory alignment lowers risk, builds investor confidence, and positions African markets as a unified, investable asset class.

Thin markets constrain growth. Nigerian brokers should champion dual listings, coordinated market-making, and a wider array of instruments from Exchange Traded Funds (ETFs) and derivatives to green bonds and SME-focused boards. Shared commodity-exchange platforms and diaspora-oriented investment products can further deepen liquidity and diversify revenue streams across African exchanges.

Price discovery depends on the quality of the data behind it. Brokers should champion an ASEA-wide data repository that captures prices, volumes, financials, and macroeconomic trends. Shared analytics and joint research reports would empower investors and enhance decision-making across Africa.

Digital transformation must be a continental priority. Nigeria’s advances in Application Programming Interface (API-based) trading, e-dividends, and fintech integration offer a clear roadmap. In July 2024, NGX launched NGX Invest APIs to streamline public offerings and rights issues in the primary market. Beyond APIs, NGX provides multiple connectivity channels for real-time electronic access, including the Financial Information eXchange (FIX) protocol, X-VPN, and X-NET for low-latency trading. These initiatives position Nigerian brokers at the forefront of innovation and will be a key focus at the ASEA Conference. Brokers must push for digital KYC standards, blockchain-based settlement pilots, and cloud-powered shared infrastructure for faster, cheaper and smarter markets that can compete on the global stage.

African markets rely heavily on foreign capital. Nigerian brokers should advocate for coordinated investor-education programs, pan-African investment apps, and policies that channel pension funds, cooperatives, and diaspora savings into local securities. Building a stronger domestic investor base will stabilize liquidity and reduce vulnerability to global shocks. In Nigeria, this is already evident: domestic investors accounted for 78.4% of total market activity in the first nine months of 2025.

Capital markets thrive when economic policy backs them. The Rwanda Conference offers a prime platform for Nigerian brokers to urge ASEA to collaborate closely with the African Union (AU) and AfCFTA on harmonizing investment rules, improving currency convertibility, and promoting macroeconomic stability. A stronger policy framework will strengthen Africa’s market integration efforts.

The ASEA meeting in Rwanda, offers a rare chance to reset Africa’s capital-market priorities. Nigerian stockbrokers should champion integration, innovation, and investor trust. By driving unified systems, deeper liquidity, smarter regulation, and modern technology, Africa’s exchanges can unlock their full potential and position the continent as a connected, powerful investment destination. The time is now.

 Oni, an Integrated Communications Strategist, Chartered Stockbroker, Commodities Broker and Capital Market Registrar, is the Chief Executive Officer, Sofunix Investment and Communications