NGX Group postpones listing, new date to be announced

The planned listing of shares of the Nigerian Exchange Group Plc (NGX Group) by introduction on the Main Board of Nigerian Exchange Limited (NGX) will not hold on Wednesday, October 13, BusinessDay can disclose.

A new date is expected to be announced by the Bourse any moment from now. BusinessDay learnt that the postponement is to ensure all parties to the listing complete their assignments relating to the listing.

Earlier this week, a rights and transparency group, Nigeria for All Nigerians (NAN) called on the concerned regulatory authorities to stop the violation of the Nigerian Investments and Securities Act.

This call comes ahead of the forthcoming Listing by Introduction of the shares of Nigerian Exchange Group (NGX Group) on the main board of Nigeria Exchange Limited with effect from October 13, 2021.

Read also : Still on NGX Group listing by Introduction

The concern of NAN relates to the likely infringement of SEC Rule 184(2)(a) on the status of Oscar Onyema as the Chief Executive Officer of Nigerian Exchange Group while also serving as a Non-Executive Director of Nigerian Exchange Limited.

Rule 184 (2) states that a securities exchange shall have a code of conduct for its council members or Board which shall be approved by the Commission and shall contain provisions that the council members or Board shall not be staff of a quoted company and its subsidiaries.

A total of 1,964,115,918 shares are expected to be admitted to trading and the shares will trade under the ticker NGXGROUP. The NGX Regulation Limited has approved the listing of Nigerian Exchange Group (NGX Group) Plc by introduction.

At the start of demutualisation, NGX Group had just 432 shareholders, a number that has doubled since Over-The-Counter (OTC) trading commenced.

The approval on September 22 ,2021, for the listing of the Nigerian Exchange Group Plc, shows it will be listing 1,964,115,918 ordinary shares of 50 Kobo each on the Nigerian Exchange Limited (NGX) by way of introduction at an indicative price of N17.17kobo per share.

If successful at that indicative price, the listing by the introduction of the said shares of Nigerian Exchange Group Plc will translate to issued share capital of about N32.62billion.