{"id":54616,"date":"2021-12-12T22:37:33","date_gmt":"2021-12-12T21:37:33","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=54616"},"modified":"2021-12-12T22:37:42","modified_gmt":"2021-12-12T21:37:42","slug":"ng-cleaning-launches-first-central-counterparty","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/ng-cleaning-launches-first-central-counterparty\/","title":{"rendered":"NG Cleaning Launches First Central Counterparty"},"content":{"rendered":"
On Thursday, December 9, 2021, The Nigerian Capital Market witnessed a monumental milestone as NG Clearing limited, the first Central Counterparty in West Africa, formally launched her operations.<\/p>\n
The launch of NG Clearing as a CCP means that exchange-traded derivatives are now a possibility in the Nigerian Capital market. As a Financial Market Infrastructure (FMI), NG Clearing facilitates the clearing and settlement of exchange-traded derivatives, management of counterparty risk, reduction of systemic risk, and promotion of the safety and integrity of Nigeria\u2019s capital market. This opens new and clear opportunities for investors, stakeholders, and other players in Nigeria\u2019s capital market.<\/p>\n
The event was hybrid, and it had a mix of high-profile physical and virtual participants. The Secretary-General to the Government of the Federation, Mr. Boss Mustapha was represented by Mr. Paul Kanu. The Governor of Lagos State was also represented by Mrs. Alake Sanusi. The legislative arm of the Nigerian Government was represented by Honorable Babangida Ibrahim, The Chairman, House Committee on Capital M<\/span>arkets.<\/p>\n
The Governor of Edo State, Mr. Godwin Obaseki, The Honourable Minister of Finance, Mrs. Zainab Ahmed, The H<\/span>onorable Minister of Trade, Industry and Investment Otunba Adebayo Adeniyi, The Director-General of the SEC, Dr. Lamido Yuguda, The Deputy Governor, Financial Systems Stability Directorate, Mrs. Aisha Ahmad and Mr. Tony Elumelu, the Chairman of Heirs Holdings all participated virtually with speeches and special remarks.<\/p>\n
In his opening speech, the Managing Director and Chief Executive Officer of NG Clearing Limited, Mr. Tapas Das expressed delight as he stressed the monumental significance of NG C<\/span>learing\u2019s<\/span> launch for the Nigerian Capital Market. He linked the emergence of NG Clearing to the maturity of the Nigerian financial ecosystem stating that \u201cWith Nigeria’s capital market maturing into offering advanced capital market products such as futures derivatives, it is only ideal to establish a CCP, in line with global best practices. The emergence of NG Clearing is not only an indication of our collective growth as a market but also a marker of the forward-looking intent of the Nigerian capital market\u201d.<\/p>\n
He went on to describe the company\u2019s vision as well as the depth of capacity in place to ensure NG Clearing delivers on its vision. He explained that “Our vision is to become Africa’s most trusted CCP. With this vision in mind, we have left no stone unturned in ensuring that we offer world-class infrastructure, transparent and resilient processes, with an experienced team of worthy professionals.\u201d<\/p>\n
Mr. Oscar Onyema, the chairman of NG Clearing chronicled the origin of the NG Clearing dream in his address. He stated that \u201cThe NG Clearing dream was borne out of a firm commitment to position the Nigerian capital market as a stable and resilient market that offers local and foreign investors sound opportunities without compromising global standards. On this premise, we took steps to identify the gaps that inhibit our market from attaining this positioning. One of the gaps we identified was the absence of the financial market infrastructure known as a CCP.\u201d He also noted that having a CCP is key to the realization of the Nigerian C<\/span>apital M<\/span>arket master plan.<\/span><\/p>\n
The Minister of Finance, Dr. (Mrs.) Zainab Shamsuna Ahmed noted that NG Clearing\u2019s emergence will contribute to the post-covid-19 recovery of the Nigerian Economy. She also mentioned that “a door of new possibilities has been opened for growth and development of the Nigerian economy”. In a similar vein, the minister of Trade, Industry, and Investment, Otunba Adebayo Adeniyi opined that \u201cNG Clearing emergence redefines Nigeria’s financial landscape, creating endless possibilities for products that can be developed and deployed\u201d.<\/p>
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