By Chukwuma Umeorah
NGX Group shareholders have unanimously approved a resolution to raise up to N10 billion through equity issuance, consequently increasing the share capital. Additionally, the shareholders have sanctioned a dividend of N0.75 kobo per every N0.50 kobo ordinary share or a total of N1.5 billion.
These decisions were made at the Group’s 63rd Annual General Meeting convened yesterday in Lagos. The meeting also saw the ratification of Temi Popoola’s appointment as Group Managing Director/Chief Executive Officer and the re-election of retiring directors by rotation.
Chairman of the board of NGX Group, Umaru Kwairanga, commented on the company’s performance during the preceding year, emphasising Nigerian Exchange Group Plc’s position as a premier integrated market infrastructure in Africa, dedicated to serving the continent’s largest economy.
Popoola emphasised the strategic agility and operational excellence demonstrated in the year 2023.
“Our gross earnings soared by 57.4 per cent to N11.8 billion in FY 2023, compared to N7.5 billion in the previous year. This growth was attributed to dynamic revenue streams, including increased transaction fees, listing fees, and rental income, alongside strategic investments,” he explained.
Notably, other incomes witnessed a significant increase, contributing 29.7 per cent to gross earnings, driven by market data and other operating incomes. The operational success enabled the approval of a final dividend of N1.5 billion for FY 2023.
Popoola emphasised the imperative of enhancing market liquidity and accessibility by aligning with the digital advancements witnessed in other sectors.
“When we look at the market, we talk about listings and deeper markets, one big gap is technology. The broader financial market conceives technology. For example, you can open an account on one of these fintech companies from the comfort of your phone and in less than a minute, move money from your traditional bank account to that account.
“One notable initiative is the imminent launch of an application aimed at democratising investment opportunities for Nigerians. Very soon, we would be launching an application that would allow these public offers to be distributed to every Nigerian as long as you have a bank account.
“For the first time in the history of our market, every single one of those offerings would be digital. We have a unique opportunity with the capital raising exercises that are coming up, outside of the financial community also, there have been many capital raises that have been publicly announced; Rights Issuances, Public offers which we can leverage,” he said.