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NGX, Ecobank mull partnership on sustainability, market development

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Nigerian Exchange Limited (NGX) and Ecobank Transnational Incorporated (ETI) have expressed mutual interest in partnering on sustainability initiatives and overall market development.

This was stated at the Closing Gong Ceremony introducing the new Group Chief Executive Officer (GCEO) of ETI to the capital market held at the Exchange on Tuesday, 25 April 2023. The CEO, NGX, Mr Temi Popoola while delivering his remarks commended ETI for its market leadership and focus on Small and Medium Enterprise banking.

“This aligns with our goal at NGX to do more for SMEs as we believe they are the engine of economic growth,” Popoola said. “This has led to a few of our partnerships including the Memorandum of Understanding with the Bank of Industry (BoI). I also want to commend ETI for its work on sustainability and for playing an important leadership role in setting an example for the market.”

The CEO stated that the Exchange had notable plans in sustainability, especially around carbon emissions reduction and was exploring partnerships with organisations like ETI to move the capital market further on the path to Net-Zero.

Mr Jeremy Awori, the GCEO, ETI explained that Nigeria, being the largest economy in the African region was a core market for SMEs. “As a pan-African bank, we are working on tapping value from the African Continental Free Trade Area Agreement (AfCFTA). We will continue to create more value in the country amidst the developments in technology, payments and SMEs.” Awori added.

Commending NGX for its leadership role and innovations including the NGX Technology Board, Exchange Traded Funds market development, and sustainability drive, the GCEO stated that ETI would actively work with the Exchange on developmental initiatives. “We will be building up our corporate and SME banking businesses as we are focused on growth transformation and maximising value for shareholders and investors.”

The Chairman, Ecobank Nigeria, Mrs Bola Adesola, and the Managing Director, Ecobank Nigeria, Mr Bolaji Lawal both stated that the domestic business would partner with NGX and was open to more collaborations.

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