NGX delegation meets FTSE Russell, global investors in London over T+1 settlement concerns
A high-powered delegation from the Nigerian Exchange Group (NGX), led by its Chairman, Alhaji Umaru Kwairanga, has held crucial talks in London with global index provider FTSE Russell, international institutional investors, and custodians.
The strategic engagement was aimed at addressing concerns surrounding Nigeria’s recent transition to a T+1 settlement cycle.
The meeting comes on the heels of an announcement by FTSE Russell that it would pause the planned reclassification of Nigeria to “Frontier Market” status. This pause surprised many, given Nigeria’s aggressive recent reforms designed to boost market accessibility, liquidity, and efficiency.
According to inside sources, the London meeting provided a vital platform for Nigerian capital market regulators and operators to seek clarity on FTSE Russell’s hesitation while showcasing ongoing efforts to fortify investor confidence.
READ ALSO: NGX: How Nigeria’s capital market is adjusting to the new T+1 settlement cycle
The discussions were described as “fruitful and frank,” with both parties openly exchanging perspectives on the bottlenecks affecting Nigeria’s global market standing.
A major talking point during the deliberation was Nigeria’s new T+1 settlement cycle, which officially took effect last month.
“The T+1 framework was not an overnight decision; it was jointly developed through extensive industry-wide consultations among regulators, market operators, and infrastructure providers,” a source privy to the meeting disclosed.
The NGX delegation reassured international stakeholders that the system has been operating smoothly since its rollout. They further emphasized that the transition received full backing and approval from the Securities and Exchange Commission (SEC), underscoring Nigeria’s commitment to resolving any operational friction within the new framework.
To bridge the gap between local operations and global expectations, the Nigerian team presented new proposals aimed at aligning the country’s market dynamics with international best practices under the T+1 regime. The delegation is currently awaiting technical feedback from FTSE Russell and global custodians.
Nigeria had previously been upgraded from “Unclassified” to “Frontier Market” status during FTSE Russell’s March 2026 interim review, with full implementation originally billed for September 2026.
Following this London emergency engagement, FTSE Russell has committed to providing a definitive update on whether Nigeria will return to the Frontier Market index by the end of August 2026.
