Stock exchange mulls full online public offers

The Nigerian Exchange Group (NGX Group) Plc yesterday unfolded a digital transformation plan that will enable companies and governments raising funds through the capital market to issue such offers completely on a digital platform.

Investors will be able to buy such offers at “the click of buttons” at their convenience in any part of the world.

The proposed online platform was part of the highlights of the annual general meeting of the NGX Group yesterday in Lagos, where shareholders also agreed to inject additional N10 billion in the operations of the company, through a rights issue.

Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Temi Popoola, said the group plans to propel the markets with additional digital transformation programme that includes an online platform for public offers and deep investments in its technology stack amongst others.

According to him, the platform will provide a smarter and efficient way for companies and governments to raise capital as it will enhance the subscription process and operational workflow of public offers in the capital market including initial public offerings (IPOs), rights issues and other public offers.

“The future of our business and the 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,” Popoola said.

He noted that the 2023 business year underscored NGX Group’s strategic agility and operational excellence, thus the group witnessed growth stemming from its dynamic revenue streams.

“We are optimistic and well-positioned to forge a future marked by success, resilience, and prosperity,” Popoola said.

He commended the shareholders, customers, employees, regulators, and directors of the group for their steadfast support.

Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Umaru Kwairanga said the group has been positioned to capitalise on emerging opportunities.

According to him, as the board oversees the strategic direction and gives management the necessary support and guidance, the coming year will be a better one in terms of value created for the shareholders.

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

He commended the shareholders for their supports, especially by approving the N10 billion capital raising and other key resolutions that formed the critical business of the meeting.

Shareholders at the meeting approved the appointment of Popoola as the Group Managing Director.