Lagos, Nigeria. Monday, September 25, 2023 - NGX Regulation Limited ("NGX RegCo") is pleased to announce the release of the "Code of Conduct for Approved Persons of Trading License Holders" ("The Code") of Nigerian Exchange Limited (NGX), in keeping with its commitment to promoting high professional standards and ethical conduct within the capital market.

Approved by the Securities and Exchange Commission (SEC) on 16 August 2023, the Code will take effect on 3 October 2023. Its primary objective is to establish and uphold acceptable standards of behaviour, thereby fostering professionalism, integrity, and fairness in the interactions of Approved Persons with clients, employers, employees, regulators, and other relevant stakeholders. This commitment is poised to bolster investor confidence and pave the way for a sustainable and thriving market.

The Code emphasises high professional standards, reasonable skill, care, and prudence, as well as adherence to ethical and practical standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times.

Commenting on the development, Ms Tinuade Awe, Chief Executive Officer, NGX Regulation Limited noted that "At NGX RegCo, we understand the profound impact that a strong ethical foundation can have on the integrity and sustainability of the capital market." The Approved Persons Code of Conduct is an important step towards further strengthening a market where confidence is essential. We encourage our Trading Licence Holders' Approved Persons to fully embrace this Code, demonstrating their commitment to best and fair practises and the highest professional standards. These are critical factors for establishing a market based on honesty and accountability, which will promote market depth, growth, and economic development".

On his part, Mr. Olufemi Shobanjo, Head, Broker Dealer Regulation, NGX RegCo, stated, "The Code of Conduct for Approved Persons of Trading Licence Holders reflects our ongoing efforts to improve the regulatory framework of the Nigerian capital market. We strongly encourage all Approved Persons of Trading Licence Holders to familiarise themselves with the Code and ensure its implementation and compliance within their organisations. At NGX RegCo, we stand ready to guide and support all stakeholders to ensure the smooth and hitch-free adoption of The Code, thereby cementing the foundation for a more robust and ethical capital market in Nigeria”.