NGX Delegation Engages FTSE Russell on T+1 Settlement

On a recent visit to London, a delegation from the Nigerian Exchange Group (NGX), led by Chairman Umaru Kwairanga, engaged with FTSE Russell and other investors to address concerns regarding the T+1 settlement cycle. This meeting occurred shortly before FTSE Russell announced a pause in the reclassification of Nigeria as a frontier market, despite ongoing reforms aimed at improving market access and efficiency.

The delegation sought clarity on FTSE Russell's hesitance and outlined ongoing reforms designed to strengthen investor confidence. They expressed gratitude to FTSE Russell for the meeting, which was arranged on short notice, and requested detailed explanations regarding the factors influencing the index's latest decision.

The discussions focused on Nigeria's transition to a T+1 settlement cycle, which has been the subject of extensive consultations among regulators and market operators. The NGX delegation emphasized that the T+1 framework was jointly developed to ensure smooth implementation and highlighted that the Securities and Exchange Commission (SEC) had approved the transition.

They presented proposals aimed at aligning Nigeria's market operations with international best practices and awaited feedback from FTSE Russell, which is expected to provide an update on Nigeria's potential return to the frontier market index by the end of August 2026.