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.”
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.