NGX shareholders approve N10bn capital raise through rights issue

…Other key resolutions at 63rd Annual General Meeting

…Group to embark on digital transformation journey

Nigerian Exchange Group Plc (NGX Group) convened its 63rd annual general meeting at the Nigerian Exchange Group House on Monday, April 29, 2024.

During the gathering, the Group concluded on ordinary and special business matters, while also unveiling plans to embark on a comprehensive digital transformation strategy to expand its business operations in line with its overarching strategy.

Notably, NGX Group, subject to regulatory approval, discussed its authorisation on a rights issue to raise capital of up to N10 billion with a subjoined resolution to increase its share capital to sufficiently accommodate the rights issue. All resolutions were approved by shareholders just as appointment and reelections of directors were ratified.

The meeting’s agenda, approved by The Board of Directors, included the declaration of a final dividend, ratifying the appointment of Temi Popoola as the Group Managing Director/Chief Executive Officer of NGX Group, presenting financial statements to shareholders, re-electing non-executive directors retiring by rotation, authorising, and disclosing remuneration, among other undertakings.

Following substantial authorisation across its agenda, NGX Group introduced plans to propel the markets with a digital transformation journey that includes an online platform for public offers and deep investments in its technology stack amongst others. The platform will provide a smarter and efficient way for Issuers to raise capital and enhances the subscription process and operational workflow of POs in the capital market including initial public offerings (IPOs), rights issues and other public offers.

Commenting on the development, Umaru Kwairanga, Group Chairman, NGX Group said “I am particularly grateful to our shareholders for their assent to the critical business we conducted today. As the Board oversees the strategic direction and gives management the necessary support and guidance, we believe that the coming year will be a better one in terms of value created for our shareholders. NGX Group is positioned to capitalise on opportunities amid the positive and forward-looking reforms by the government and our stakeholders should rest assured we will deliver excellently.”

Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group said, “As we complete our 63rd AGM, I extend my sincere gratitude to our shareholders, customers, employees, regulators, and directors for their steadfast support. In a year that underscored NGX Group’s strategic agility and operational excellence, we witnessed growth stemming from our dynamic revenue streams. We are optimistic and well-positioned to forge a future marked by success, resilience, and prosperity.

Addressing the digital transformation agenda, Popoola stated, “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 democratize access to public issuances for every Nigerian with a mobile phone, supporting capital-raising efforts for companies. Additionally, we aim to commercialize our technology solutions and expand our footprint across Africa”.