•As equities pick first gain in Feb
By Chinwendu Obienyi and Chukwuma Umeorah
The Nigeria Exchange and MTN Nigeria have agreed to continue to collaborate to foster sustainable growth in the Nigerian Capital Market (NCM), eliminate barriers to retail participation and democratise access to financial securities.
The firms reiterated this during the closing gong ceremony in Lagos recently. In 2022, MTN Nigeria and NGX announced the signing of a Memorandum of Understanding (MoU) to promote financial literacy and enhance retail participation in the Nigerian capital market.
Speaking on the partnership, the Chief Executive Officer, NGX, Temi Popoola, hailed MTN Nigeria for its unwavering efforts in advancing Nigeria’s technology landscape through substantial investments in infrastructure and digital transformation.
According to Popoola, the NGX is proud to acknowledge the advancements made through the successful public offering in 2021 and the MoU signed last year.
“These initiatives have successfully attracted a notable portion of the younger generation to the capital market, aligning with our goal to increase retail participation. I would also like to specially acknowledge the efforts of the financial advisers on the landmark offering led by Chapel Hill Denham.
We are optimistic about the prospects of a mutually beneficial partnership with MTN that will reinforce the Nigerian economy and foster sustainable growth for the African continent”, the NGX boss said.
Also speaking at the ceremony, the Chief Executive Officer, MTN Group, Ralph Mupita, lauded Nigerian Exchange Limited (NGX) for democratising access to financial securities, thereby empowering more Nigerians.
He noted that within a year of signing the MOU, a lot has been achieved due to the hard work invested on both sides in forging and sustaining a productive partnership.
“At MTN, we believe we have a responsibility to ensure that our customers not only stay connected but can access increasing value and better services through our network, deepening their participation in the digital economy.
Our collaboration with NGX gave us the opportunity to empower our customer base with the tools and knowledge to engage effectively with the capital market and meet their financial and investment objectives. For this, NGX deserves to be commended for democratising access to financial securities, and thereby empowering more Nigerians”, Mupita said.
For his own part, the CEO, MTN Nigeria, Karl Toriola said: “We will continue to identify other areas of cooperation with NGX and we look forward to a continuous mutually beneficial partnership that will contribute to the inclusive growth of the Nigerian economy.”
The courtesy visit is also coming on the first anniversary of the completion of its landmark public offer in Nigeria, which was completed on January 31st 2022.
Meanwhile, the equities market kick-started the month of February on a positive note as investors gained N142 billion at the close of trading yesterday.
With the market capitalization closing at N28.997 trillion as at Jan 31, 2023, gains recorded in Seplat, Geregu and NAHCO drove the All Share Index (ASI) up by 0.49 per cent to close the first trading session in February at 53,499.68 points.
Furthermore, market capitalization increased by N142 billion to N29.139 trillion from an opening value of N28.997 trillion.