NGX Group plans digital platform for public offers

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The Nigerian Exchange Group has said that it is working on plans to provide an online platform for public offers as well as expand its footprint across the African continent.

This was disclosed at the 63rd Annual General Meeting of the group, which was held recently in Lagos.

In early April, the NGX Group announced the acquisition of stakes in Ethiopia’s first-ever securities exchange.

It noted that the move marked NGX Group’s entry into East Africa and underscored its commitment to driving growth and innovation in the African capital markets.

It added that it was an opportunity to strategically positioning itself as the largest foreign institutional investor in the ESX.

On the floor of the AGM, it was revealed that the group’s digital transformation journey would include an online platform for public offers and deep investments in its technology stack, among others.

“The platform will provide a smarter and efficient way for Issuers to raise capital and enhances the subscription process and operational workflow of POs in the capital market, including initial public offerings (IPOs), rights issues and other public offers,” a statement from the group said.

Commenting on the development, the Group Chairman, NGX Group, Dr Umaru Kwairanga, said, “I’m particularly grateful to our shareholders for their assent to the critical business we conducted today. As the board oversees the strategic direction and gives management the necessary support and guidance, we believe that the coming year will be a better one in terms of value created for our shareholders.

“NGX Group is positioned to capitalise on opportunities amid the positive and forward-looking reforms by the government and our stakeholders should rest assured, we will deliver excellently.”

The Group Managing Director/Chief Executive Officer of the NGX Group, Mr Temi Popoola, stated, “As we complete our 63rd AGM, I extend my sincere gratitude to our shareholders, customers, employees, regulators, and directors for their steadfast support.

“In a year that underscored NGX Group’s strategic agility and operational excellence, we witnessed growth stemming from our dynamic revenue streams. We are optimistic and well-positioned to forge a future marked by success, resilience, and prosperity.”

According to Popoola, the future of the NGX’s business and capital markets hinges on technology.

“That is why we are driving this digital transformation journey across our subsidiaries through the Group. NGX Group’s digital transformation will democratise access to public issuances for every Nigerian with a mobile phone, supporting capital-raising efforts for companies. Additionally, we aim to commercialise our technology solutions and expand our footprint across Africa,” he added.

After the shareholders approved a N10bn rights issue, a resolution was passed to increase the share capital to accommodate the rights issue.

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