NGX facilitates N305m share restitutions, recoveries in 2020
NGX facilitates N305m share restitutions, recoveries in 2020
The Nigerian Exchange Group (NGX) has said that it facilitated restitutions and recoveries of shares worth N305.11 million for investors in 2020.
Documents obtained from the NGX, said the action is in pursuant to its strategic focus on investor protection, adding that 49 claimants who suffered pecuniary losses during the year received N17.02 million in compensation.
The Group CEO, Oscar Onyema, noted that NGX Group would continue to encourage a collaborative approach to regulation and remains committed to providing a dynamic and robust regulatory framework for the benefit of all its stakeholders, through oversight by NGXREGCO.
He explained that as a market regulator, NGX had the task of ensuring that stakeholders uphold their obligations to the market and the investing public, whilst at the same time maintaining a regulatory framework that encourages and develops good practice to make it easy for these obligations to be met and for the market to thrive.
“In 2 0 2 0, we upgraded XWhistle, our web-basedd whistleblowing portal that empowers members of the public to report possible violations of the rules and regulations of the exchange and suspected fraudulent activity within the capital market.
“The upgraded portal affirms our commitment to upholding market integrity, protecting investors and building a world-class capital market that is fully digitised.
Onyema noted that to promote agility and digitisation in governance, risk management, and compliance areas of businesses, the NGX launched the SentryGRC platform.
“This platform enables organisations to pursue a systematic and organised approach to managing GRCrelated strategy and implementation, thereby creating an enabling environment for increasing efficiency and effectiveness alongside reducing costs.
