…Rating agencies equip investors to make informed decisions — Okhaimo, NCGCL CEO
By Tunde Oso
THE Director General, Securities and Exchange Commission, Dr. Emomotimi Agama has called for a deepening of partnerships and exchange of knowledge, to build a stronger credit rating culture that not only reflects the nation’s local realities but also aligns with international standards.
Delivering his goodwill message at the 5th in the series of the annual International Credit Rating Webinar and digital celebration of DataPro Limited’s 30th Anniversary, Agama said, “This will not only position Nigeria but indeed Africa as a credible destination for sustainable investment and capital formation.
According to the SEC boss, “The path forward requires greater collaboration among all stakeholders. Regulators, rating agencies, investors, and market operators must continue to work hand in hand to foster credibility, consistency, and confidence within the financial ecosystem.”
He maintained “Beyond their evaluative function, credit rating agencies contribute significantly to financial governance and discipline.
In his message, Managing Director/CEO of the National Credit Guarantee Company Limited, NCGCL, Mr. Bonaventure Okhaimo, said “The roles of credit rating agencies in facilitating cross-border investment, resource allocations, equip investors to make informed decisions among competing opportunities, improve organizations’ governance and support financial market stability cannot be over emphasized.”
Okhaimo acknowledged credit rating agencies, CRA’s support to achieve NCGCL’s mandate of unlocking access to funding for MSMEs, local manufacturers, large enterprises and credit consumers through credible market data, analysis and rating reports is vital.
“Your support will help us and the lenders we are to guarantee to make realistic risk profile of the borrowers and the lenders, risk-based pricing of our guarantees, lower lending interest rates, eliminate/ reduce demand for collaterals from high rated credible borrowers. Equally important, the rating would promote responsible borrowing, accountability and sound corporate governance in the borrowing entities.
Founder of DataPro, Abimbola Adeseyoju, pledged that as a CRA, “We will continue to evolve both in innovative services and technological delivery in the coming space.”
He disclosed “In 30 years we have contributed significantly to the growth and development of Compliance, Credit Rating, Data Protection and Business Information Advisory not only in Nigeria but all over the African continent.”