A rumor gained traction in October 2024 alleging that the Federal Government had issued a directive for the Nigerian Exchange Group (NGX), formerly the Nigerian Stock Exchange, to move its headquarters and primary trading floor from Lagos to Abuja. The claim alleged this was part of a larger plan to centralize all financial institutions in the nation’s capital.
The NGX management released a statement clarifying that it is a private entity and that its headquarters remain at the Exchange House in Lagos. The management stated that the Exchange operates a digital-first trading platform that allows brokers to trade from anywhere in the world, making a physical relocation unnecessary and counterproductive. Furthermore, no such directive was issued by the Securities and Exchange Commission (SEC) or the Presidency.
Economic experts noted that Lagos is the financial hub of Nigeria and West Africa, and moving the Exchange would disrupt the ecosystem of banks, law firms, and investment houses built around it. The rumor appears to be a modification of an older fake news story regarding the relocation of certain federal agencies. The NGX has encouraged investors to ignore the rumor and continue their activities through verified stockbroking firms.
