Oluwatoyin Adenugba

Partner

Oluwatoyin Adenugba

oluwatoyinadenugba@perchstoneandgraeys.com

+234-7026002975

Toyin heads the firm’s Capital Market Practice Group, with a mandate to advance the firm’s Corporate/Commercial Practice by overseeing and expanding its presence and capabilities. As the firm’s primary expert on Capital Market matters, he brings a remarkable depth of experience in regulatory compliance and capital market transactions, providing guidance and supporting transaction structuring. His expertise spans diverse subject areas, including Capital Markets Regulation, Corporate Governance, Sustainability, Corporate Secretaryship, Compliance, Stakeholder Engagement and Communication, Investor Relations, Regulatory Reporting, Corporate Commercial Legal Advisory, and Legislative Review. His knowledge of market regulations and relationships with industry stakeholders underscore the firm’s commitment to staying at the forefront of industry developments and supporting client objectives.

Prior to joining Perchstone & Graeys, Toyin served as Assistant General Manager and Head, Rules and Adjudication at NGX Regulation Limited, the independent regulatory subsidiary of NGX Group (formerly The Nigerian Stock Exchange). During his tenure from 2021 to 2024, he continued playing a pivotal role in shaping policy and regulatory frameworks and overseeing the adjudication aspect of NGX’s enforcement mechanisms. Having joined The Nigerian Stock Exchange (NSE) in 2013, he contributed significantly to key initiatives, including leading the production of The NSE’s first Consolidated Rulebook in 2015, and the Due Diligence Book for Listing of Securities in 2017. Following the demutualization of the NSE, he was appointed as a Member and later Co-Chair of the Nigerian Exchange (NGX) and NGX Regulation Limited’s Regulation Services Agreement (RSA) Operations Committee.

Toyin’s expertise extends beyond Nigeria’s borders. In 2023, he co-managed the groundbreaking project for the development of a Rulebook for the new Ethiopian Securities Exchange (ESX). He also co-led the preparation and publication of the first set of Interpretative Guidance issued in the Nigerian capital market by The NSE. Additionally, he played a key role in regulatory aspects of projects such as the respective launches of the NGX Derivatives Market, the Premium Board of The Nigerian Stock Exchange, and the re-launching of the Alternative Securities Market (ASeM).

His professional contributions include serving as a Representative of NSE/NGX in the African Securities Exchanges Association (ASEA)’s Policy & Regulation Working Group, as well as membership of the Nigerian Senate’s Technical Committee on the Review of the Companies and Allied Matters Act (CAMA), and the Nigerian Economic Summit Group (NESG) Technical Committee on the Investments and Securities Bill (ISB) 2022. Toyin also represented NSE in the Rules & Compliance Sub-Committee of the Securities and Exchange Commission (SEC)’s Capital Markets Committee (CMC), and the Financial Services Regulation Coordinating Committee (FSRCC). He was appointed by the Association of Stock Exchanges of Nigeria (ASEN) as an Observer at SEC’s Administrative Proceedings Committee (APC) sittings, and served as a Resource Person and Trainer for NGX’s X-Academy.

A thought leader in capital markets, Toyin has delivered training sessions and presentations to high-profile stakeholders, including Ethiopian lawyers and regulators, judges of the Federal High Court (FHC) of Nigeria, members of the Investments and Securities Tribunal (IST), and legal officers of the Economic and Financial Crimes Commission (EFCC). He has also been a guest speaker on ICSAN’s Corporate Governance Platform on MiTV and Eko 89.7 FM, and a panelist at ICSAN and NBA programs.

Toyin holds a Bachelor of Laws (LL.B.) degree from the University of Lagos (2002), and was called to the Nigerian Bar in 2003. He obtained a Master of Laws (LL.M.) degree in International Economic Law from the University of Warwick (2008), and completed the Senior Management Programme (SMP 80) at Lagos Business School (Pan-Atlantic University) in 2022. He is a member of the Nigerian Bar Association (NBA), the International Bar Association (IBA), and the Society for Corporate Governance Nigeria (SCGN). He is an Associate of the Institute of Chartered Secretaries & Administrators of Nigeria (ICSAN), the Toronto Centre, and the Institute of Capital Market Registrars (ICMR). Additionally, he is a Fellow of the Institute of Chartered Mediators and Conciliators (ICMC), and the Association of Enterprise Risk Management Professionals (AERMP).

Toyin has participated in international regulatory programs, including the United States Securities and Exchange Commission (US SEC)’s International Institute for Securities Market Growth & Development, the International Organization for Securities Commission’s (IOSCO) Seminars, and the Cambridge University Institute for Sustainability Leadership’s Africa Climate Finance Leadership Program. He is also a recipient of the Global Certificate for Regulators of Securities Markets from Harvard Law School’s Programme on International Financial Systems (PIFS) and IOSCO, further solidifying his expertise in capital market regulation and governance.