NGX Group discloses its plans for digital platform for public offers

The Nigerian Exchange Group has disclosed its plans to provide an online platform for public offers as well as expand its footprint across the African continent.

This was revealed 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 said the move marked NGX Group’s entry into East Africa and expressed its commitment to driving growth and innovation in the African capital markets.

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

A statement from the group said, “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."

While cmmenting on the development, the Group Chairman, NGX Group, Dr Umaru Kwairanga, noted that, “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.”

Also, the Group Managing Director/Chief Executive Officer of the NGX Group, Mr Temi Popoola, said, “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 him, the future of the NGX’s business and capital markets hinges on technology.

Popoola added, “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."