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CBN tasks market participants on integrity, transparency

Reuters rewards market players

By Peter Egwuatu

THE Central Bank of Nigeria, CBN, has called on capital and money market participants to act with integrity, transparency and be non-discriminatory to be able to attract investors that would help boost the economy.

Speaking at the 2018 Thomson Reuters/ Refinitiv Excellence Award, West Africa, held in Lagos, Dr Okwu J. Nnanna, Deputy Governor, Economic Policy, Central Bank of Nigeria, CBN, said: “In Nigeria today we have been able to build an ecosystem where individual institutions in distress are easily resolved with little or no cost to stakeholders. It is our expectation that market participants act with integrity, honesty, transparency and non –discrimination. Our economy is better for it when market participants enter into transactions with confidence that they will be treated fairly.”

CBN Headquarters

Meanwhile, Thomson Reuters gave awards to some Nigeria financial market participants in various categories; as the Chief Executive Officer of FMDG OTC Securities Plc, Bola Onadele got the Best Partner Award and Most Innovation Award, First Bank of Nigeria staff, Ini Ebong received Longest Service Award and People Choice Award, while Ecobank Nigeria staff, Ibukun Oyedeji received Most Impactful Business Award . Jacob Brobbey, from Barclays Bank, Ghana won (Embracing Technology Award).

In his key note address, CBN Deputy Governor, Economic Policy, represented by Dr Avan Ikoku, CBN’s Financial Market Director, said: “To all nominees and eventual recipients in the respective award categories; you are all winners and I hope you put in more effort to sustain efficient use of the various systems by Thomson Reuters /REFINITIV for economic development of the West African sub region.”

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Continuing, Nnanna, said: “The financial system plays an important role in the economic stability of any nation. Therefore, in our respective countries we need to constantly demand for high levels of efficiency in system support for financial market products and information. The constant competition among market participants from both new entrants and existing customers demand for an increase in innovation from Thomson Reuters as market players look to survive and prosper in business’’.

Speaking at the award ceremony, Head of Market Development, Thomson Reuters Africa, Candice Dott, stated: “This is the first time we are hosting the Thomson Reuters Excellence Award in West Africa and is really a combination of having hosted the first Excellence Award in sub Saharan Africa last year in Johannesburg and the feedback from our customers have resulted in celebrating across Africa and so, last week(Penultimate week) , we were at the Nairobi, East Africa for the award and this week (last weekend) we are in Lagos.”

Continuing she said: “The key element of this award is our customers and celebrating them. Most times we spend time working with them. So we hope it will enhance the capital market across the region, deepen financial market, working on innovative solutions and technology development. But what we have found is that our clients are not necessarily sharing all those successes among each other, so with this award, it provides opportunity for them to share their stories with their peers.


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