Austin Okere, the Founder, CWG Plc, has urged key players in the Nigerian Stock Market to prioritize investment in technology innovation as well as engage in cross-sector collaboration in the bid to boost their revenue as well as survive the emerging market trends.
This was the thrust of his lecture with the title “Reimagining Capital Market Future” which was delivered at a workshop jointly organized by the Society for Corporate Governance Nigeria (SCGN) and the Nigerian Stock Exchange (NSE), for directors and senior management of the Dealing Member firms of the Exchange. The workshop has the theme: “Building a Sustainable Capital Market: The Role of Directors”.
Enumerating the benefits of technology adoption, Austin Okere noted: “The outdated systems, largely in use, are not compatible with present business & regulatory environments. Keeping up with the standard will require substantial spend on technology. Such investment will impact our Exchange by enabling our platforms to do more as well as give us competitive edge among our contemporaries around the globe.”
Okere also emphasized the importance of collaboration among industry players. Referring to the success of the Diamond Yello Account in serving over 6 million hitherto un-banked customers, he stressed the need for stock market players to partner with financial technology providers and informal market players in order to adequately harness the potentials of the Nigerian market.
He explained: “Regulated firms need to earn the trust of regulators by working together to mitigate any crisis driven concerns such as third-party vendors, cyber-attacks and bureaucratic hindrances. We need to be clear on the fact that collaboration will be crucial to extend our reach and capabilities as we refocus around a core set of products, customers and geographies even as the economy demands innovative decisions”.
Speaking at the end of the session, Chika Mordi, General Manager, Resource Development, SCGN, thanked Austin for the insightful presentation. According to her, “this presentation has introduced an entirely new perspective to the discourse on the role directors and dealing firms will play in the growth of the exchange and indeed the Nigerian economy”. “We appreciate your effort and decision to share from your wealth of knowledge”, she added.
Similarly, the past deputy governor of the Central bank of Nigeria, Mr , Victor Odozi, who was a delegate at the conference remarked: “I am very impressed with the confidence and competence with which Mr. Okere delivered this presentation. We have benefited immensely from the insights he has shared, and I believe the capital market operators will find it very useful”.
Other speakers at the event include Dr. Christopher Kolade (CON), the former Pro-Chancellor of the Pan-Atlantic University, Dr. Chris Ogbechie, Senior Faculty, the Chairman, Diamond Bank Plc and Professor Fabian Ajogwu (SAN), the Director, Society for Corporate Governance Nigeria
The Society for Corporate Governance Nigeria is a not-for-profit organization committed to the development of corporate governance, business sustainability, and ethics. The Society has worked and is presently working with various regulatory bodies including NDIC, SEC, NCC, NSE, JSE etc.; Corporate Organizations and Institutions (Lagos Business School, World Bank Group – International Finance Corporation, African Corporate Governance Network) to enhance international best practice.