ASHON Critiques FTSE Russell's Halt on Nigeria's Market Upgrade

The Association of Securities Dealers of Nigeria (ASHON) has expressed discontent with FTSE Russell's recent decision to pause Nigeria's upgrade to a frontier market, which was initially set for September. This halt is attributed to the shift to a T+1 settlement framework, which has raised concerns regarding market operations and infrastructure.

ASHON Chairman Sehind Adenagb emphasized the necessity of a robust capital market ecosystem to support investor participation and facilitate large-scale transactions. Vice President of Highcap Securities, David Adonri, noted that assessing market quality requires a broader perspective beyond isolated operational criteria.

He highlighted Nigeria's progress in regulatory coordination and market resilience. Chief Executive Officer of Wyom Capital Partners, Tajudeen Olayinka, pointed out that the recent bank recapitalization exercise demonstrates the capacity of domestic investors to provide substantial long-term capital.

Ambros Omordion, Chief Operating Officer of Investdata Consult, remarked on the importance of infrastructure reforms in enhancing market efficiency and investor confidence.