NGX, UBA to collaborate on improving participation of diaspora Nigerians in capital market

Nigerian Exchange Limited (NGX) and United Bank for Africa (UBA) Plc are set to collaborate on Diaspora investments in the Nigerian capital market.

This was revealed on Wednesday at the Closing Gong Ceremony held to welcome the newly appointed Group Managing Director (GMD) of UBA, Oliver Alawuba, and Deputy Managing Director, Muyiwa Akinyemi and other management.

Temi Popoola, Chief Executive Officer, NGX stated that “The Exchange is positioned to solve challenges in the capital market, a step we believe sets us ready for the future. Through technology, we are repositioning the Exchange in our interaction with issuers and other capital market stakeholders. In December 2021, we successfully introduced the first digital offer platform that attracted a large amount of retail participation from the younger Nigerian demography. We are, therefore, encouraging UBA to take advantage of this digital platform for future equity capital formations and broaden its shareholding structure.”

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Popoola also noted that the strategic direction for the Exchange is to attract the underbelly of the Nigerian economy and Nigerians in Diaspora, giving other product options to those interested in digital assets and not stocks.

Oliver Alawuba, GMD, UBA, talked about the need to do a lot in ensuring millennials and Gen Z key into opportunities at the Exchange. “We need to collaborate on Digital Banking to ensure the younger generation can conveniently buy into the stocks traded on the Exchange for enormous opportunities. We are also open to collaborate with NGX to attract the Diaspora community to invest in the Nigerian capital market.”

Director, NGX and Chairman, NGX Real Estate Limited, Erelu Angela Adebayo, while congratulating the new GMD noted that NGX will continue to stimulate the growth of the Nigerian economy while pursuing strategic partnership with both public and private sector stakeholders.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.