By Chinwendu Obienyi
As part of ongoing activities aimed at improving business operations and processes at Nigerian Exchange Limited (NGX), the Board and Management of the Exchange has approved a new strategy centered on digital transformation, strategic partnerships, and customer-centric solutions.
This was even as the Board approved a change in the organisational structure with the attendant rightsizing of the workforce to better position the bourse to deliver competitive value in today’s dynamic technology-driven global capital market.
The NGX in a statement sent to Daily Sun on Tuesday, noted that the changes will ensure that the bourse becomes a leading organisation with a focus on deepening the capital market, diversifying its products and services, enhancing retail participation, and delighting its stakeholders across board.
This comes on the back of impressive performance recorded at the Exchange following its demutualisation. In 2021, the NGX experienced growth in trading figures with the NGX All Share Index (ASI) returning 6.1per cent and turnover in the fixed income market increasing by 158.19 per cent.
Furthermore, equity capitalisation rose by 5.89 per cent, while fixed income figures rose by 12.81 per cent during the year. Several landmark transactions were also recorded including the first-ever end-to-end digital offer in the Nigerian capital market, the ground breaking listing of BUA Cement PLC’s N115,000,000,000 (One Hundred and Fifteen Billion Naira) Bond, the largest corporate bond issuance, amongst others.
The NGX said, “to effectively consolidate these results, the Board of the Exchange has approved the restructuring of the bourse to efficiently implement its new strategy. The new structure, which will take effect from Tuesday, 1 March 2022, is designed to increase efficiency, enhance value, reduce cost, and maximise revenue generation.
As such, the Exchange will transition from an operational structure of four Divisions, namely, Listings Business, Trading Business, Business Support Services, and Technology Services, to a refreshed operational structure of three Divisions namely: Capital Markets, Digital Technology, and Business Support Services”.
The statement further noted that while there is a deep appreciation for the efforts of all employees in building the thriving exchange that exists today, these actions are necessitated by the need to effectively position NGX to lead the digitalisation and digital transformation of the Nigerian capital market (NCM).
“This new strategy reflects the Exchange’s commitment to developing the Nigerian capital market through agile, innovative, and disruptive approaches, which will in turn contribute to the growth of Nigeria’s economy.
Ultimately, Nigerian Exchange Limited remains focused on providing investors and businesses a reliable, efficient, and adaptable exchange hub in Africa, to save and access capital”, It said.