PENCOM DG becomes member of LSE Africa Advisory Group

The Director-General of the National Pension Commission (PENCOM), Mrs. Chinelo Anohu-Amazu, has been appointed pioneermember of the London Stock Exchange Africa Advisory Group.

Amazu is one of the high-level financial experts from the African continent appointed by the respected London Stock Exchange (LSE) to provide advisory services on how best to deepen the African Financial markets.

According to a statement by PENCOM, the group was unveiled at the just-concluded inaugural meeting of the advisory body hosted by the London Stock Exchange in London.

Also appointed were members drawn from the three largest stock exchanges in Sub-Saharan Africa, namely the Johannesburg Stock Exchange, Nigerian Stock Exchange, and Nairobi Securities Exchange. Among them are the Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema and the Chairman of Seplat Petroleum Development Company, Dr. Ambrose Bryant Chukwueloka (ABC) Ojiako.

PENCOM explained that the Johannesburg Stock Exchange, Nigerian Stock Exchange, and Nairobi Securities Exchange account for approximately 80 percent of the market capitalisation of public securities in Africa.

However, the development of other stock exchanges, including the top three exchanges, in Sub-Sahara Africa have remained stunted by several factors impacting capital markets, such as low financial depth, high cost of raising capital, patchy liquidity, high market risk, and mutual status.

It added that the PENCOM DG and other members of the Advisory Group are, therefore, expected to continually examine these issues and proffer advice that would hopefully change the narrative for the African capital markets for he better.