NGX Group shareholders approve N10bn rights issue

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… Confirm Temi Popoola as CEO

The shareholders of Nigerian Exchange Group (NGX) have unanimously approved the proposal by its Board of Directors to raise N10 billion additional capital by way of rights issue.

The approval was given at the company’s  63rd Annual General Meeting, AGM, held at its head office in Lagos.

The shareholders equally confirmed Temi Popoola as its Chief Executive Officer, CEO, from his acting position as well as approved all resolutions including the 75 kobo per share dividend recommended for the financial year ended December 31, 2023.

The NGX Group had earlier paid 25 kobo per share dividend, binging the total dividend to N1.00 per share.

Various shareholder groups’ heads who spoke at the meeting such as  Sir Sunny Nwosu, Chief Timothy Adesiyan,  Boniface Okezie,  Adio Alex, Patrick Ajudua, Nonah Awoh and others commended its Board of Directors for the stellar performance in the financial year 2023.

They expressed their support for the N10 billion rights issue, while advising that the interest expenses should be properly reviewed. They also advised on the structure of the Group’s Board and its subsidiaries in terms of curtailing costs in the overall interest of the stakeholders.

Responding, Alhaji (Dr) Umaru Kwairanga, Chairman, NGX Group, commended the shareholders for their support and all advice given.

He said: “The NGX Group will continue to improve and do better in the years ahead. We will continue to uphold good corporate governance as well as protect investors’ interest in the market.”

Speaking as well, the NGX Group  CEO, Popoola, said : “The Holdco structures are aligned. We are not working in a silo. There is a digital technology that we are driving at. Every offering can be digital. We would be launching a digital offering. We are looking at creating a subsidiary dedicated  to digital. We are operating an inorganic development strategy. How do you export technology? Capital allocation is key. So, we are raising that capital for expansion.”

Continuing, he said: “We are uniquely positioned; as the government of the day that is looking for solutions, we are there to help transform the economy and market in general. We have an Exchange that is rich in solutions. We are expecting the NGX to take advantage of opportunities available to position the market. We have learned the lesson of the past.”

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