NGX Regulation Limited (NGX RegCo) has announced that the newly-released Code of Conduct for Approved Persons of Trading License Holders of Nigerian Exchange Limited (NGX) would help establish and uphold acceptable standards of behaviour, thereby fostering professionalism, integrity and fairness in the interactions.

This is in line with the company’s commitment to promoting high professional standards and ethical conduct within the capital market, it said.

According to NGX Regco, the code, which was approved by the Securities and Exchange Commission (SEC) in August will take effect on October 3.

Poised to bolster investor confidence and pave the way for a sustainable and thriving market, the NGX Regco said the code also emphasises high professional standards, reasonable skill and prudence as well as strict adherence to ethical and practical standards.

Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times.

Commenting on the development, Chief Executive Officer, NGX Regulation Limited, Tinuade Awe, said: “At NGX RegCo, we understand the profound impact that a strong ethical foundation can have on the integrity and sustainability of the capital market.

“The Approved Persons Code of Conduct is an important step towards further strengthening a market where confidence is essential. We encourage our Trading Licence Holders’ Approved Persons to fully embrace this Code, demonstrating their commitment to best and fair practises and the highest professional standards.

“These are critical factors for establishing a market based on honesty and accountability, which will promote market depth, growth, and economic development,” she added.

On his part, Head of Broker Dealer Regulation, NGX RegCo, Olufemi Shobanjo, said the code reflects its ongoing efforts to improve the regulatory framework of the Nigerian capital market.

He urged all Approved Persons of Trading Licence Holders to familiarise themselves with the code and ensure its implementation and compliance within their organisations.

“At NGX RegCo, we stand ready to guide and support all stakeholders to ensure the smooth and hitch-free adoption of The Code, thereby cementing the foundation for a more robust and ethical capital market in Nigeria.”

Meanwhile, the Chief Executive Officer of NGX, Temi Popoola, has affirmed that the exchange is poised to lend its support to the Federal Government’s objectives.

According to him, NGX would achieve this by mobilising capital which would address government challenges and foster wealth creation for Nigerians.

Popoola, while speaking on the sidelines of the Roadshow to BBC in London, stated that the privatisation initiatives in the telecommunications sector are a clear illustration of such resolve.

He pointed out that President Bola Tinubu’s administration, which is committed to engaging in tax reforms to boost revenue, can harness the potential of the capital market to create value and simultaneously achieve its objectives while delivering returns to investors.

Popoola noted that encouraging listings can also address government’s problems including tax revenues, as well as create value for shareholders, adding that listed companies have better governance and are more accountable with tax payment.