Plans are underway at the Nigerian Exchange Group to introduce an online platform for public offers and to expand its reach across the African continent.
This initiative was announced at the 63rd Annual General Meeting held recently in Lagos, where the group also revealed its acquisition of stakes in Ethiopia’s inaugural securities exchange back in early April.
This strategic move into East Africa exemplifies the NGX Group’s dedication to fostering growth and innovation in the African capital markets, as well as positioning itself as a major foreign institutional investor in the ESX.
During the AGM discussions, it was unveiled that the group’s digital transformation journey will involve launching an online platform for public offers and making substantial investments in its technology infrastructure.
According to a statement from the group, “The platform aims to streamline the capital-raising process for issuers, improving subscription procedures and operational workflows for public offers in the capital market, such as initial public offerings (IPOs) and rights issues.”
Dr. Umaru Kwairanga, the Group Chairman of the NGX Group, expressed gratitude to shareholders for their support and emphasized the board’s commitment to steering the organization towards creating value and delivering excellence in the upcoming year.
Mr. Temi Popoola, the Group Managing Director/CEO of the NGX Group, commented on the completion of the 63rd AGM, thanking shareholders, customers, employees, regulators, and directors for their unwavering backing.
Popoola highlighted the pivotal role of technology in the future of NGX’s business and capital markets, citing the ongoing digital transformation efforts aimed at enhancing access to public offerings and supporting capital-raising endeavors for companies and individuals across Africa.
Following shareholders’ approval of a N10bn rights issue, a resolution was passed to increase the share capital to accommodate the rights issue.