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  • NGX Group honours retired directors

    NGX Group honours retired directors

    Nigerian Exchange Group (NGX Group) has celebrated the extraordinary contributions of its retired directors, whose visionary leadership played a pivotal role in shaping the evolution of Nigeria’s capital market.

    At a ceremony held after  the group’s 64th annual general meeting (AGM) in Lagos, NGX Group underscored its commitment to sustaining the legacy of innovation, operational excellence, and stakeholder engagement, principles championed by the honorees.

    NGX Group reaffirmed that their foundational work would continue to guide the group’s mission to deliver long-term value and market growth.

    Alhaji  Umaru Kwairanga, Group Chairman of NGX Group, paid tribute to their enduring impact:

    “Tonight, we honor the remarkable men and women whose leadership, dedication, and foresight have left an indelible mark on our Exchange and Nigeria’s financial markets. Their legacies remain ingrained in our DNA and will continue to inspire our path forward.”

    Mr. Abayomi Oluyomi, Commissioner for Finance, Lagos State, representing Governor Babajide Sanwo-Olu, emphasized the honorees’ broader economic influence.

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    “Their contributions extended beyond the Exchange, reinforcing Lagos’s position as Africa’s leading financial and economic hub.”

    Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), acknowledged their transformative role. “These distinguished leaders laid the groundwork for today’s dynamic, transparent, and globally competitive capital market. Their governance standards and bold decisions remain benchmarks for excellence.”

    Adding royal commendation, His Imperial Majesty, Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, praised their national impact. “As a custodian of tradition and progress, I celebrate these trailblazers whose wisdom and commitment have driven Nigeria’s economic advancement and inspired future generations.”

    Mr. Aigboje Aig-Imoukhuede, CFR, Former President of The Nigerian Stock Exchange and Chairman of Access Holdings Plc, reflected on their legacy. “Capital markets are the backbone of thriving economies. The progress we see today stems directly from these directors’ vision, integrity, and leadership, which established enduring governance standards.”

    A poignant moment came with a tribute to the late Bamofin Abimbola Ogunbanjo, former Group Chairman, whose leadership was instrumental in NGX’s demutualization and modernization. Other key figures, including Mr. Oscar Onyema, former CEO of The Nigerian Stock Exchange and GMD of NGX Group, were also celebrated for steering the Exchange through landmark transformations.

    Closing the event, Temi Popoola, Group Managing Director of NGX Group, remarked:

    “Tonight, we honor not only the architects of our past but also the partners shaping our future. To our retired directors, your legacies ignite the aspirations of tomorrow’s leaders. Together, we will continue building a market that embodies Nigeria’s innovation, resilience, and strength.”

    With decades of collective service, the retired directors have propelled NGX Group into a modern, technology-driven exchange. Their contributions have strengthened governance, elevated investor confidence, and enhanced Nigeria’s capital market on the global stage, laying a robust foundation for sustainable growth and investment across Africa.

  • NGX Group approves N4.4b dividends for shareholders

    NGX Group approves N4.4b dividends for shareholders

    Nigerian Exchange Group (NGX Group) Plc plans to deepen its markets by creating opportunities for private and venture capital deals, it was learnt yesterday.

    The private capital market will complement existing public primary market and enable private companies to raise funds through the NGX Group.

    Speaking at the company’s annual general meeting yesterday in Lagos, Group Chief Executive Officer (GCEO), Nigerian Exchange Group (NGX Group) Plc, Mr. Temi Popoola, said the NGX was repositioning to tap into the growing flow of private capital as a more proactive approach to tackling de-listings from the Nigerian capital market.

    He spoke against the background of recent de-listings, which raised concerns among stakeholders.

    According to him, the Exchange is shifting its strategy to align with global trends where private equity and venture capital are becoming preferred sources of financing for businesses, especially in the tech sector.

    Popoola said: “There is a global increase in the demand for private capital, and Nigeria is not exempted. All our unicorns, about six of them are powered by private capital. These companies are raising significant funds without tapping into the public markets, and that’s the direction the world is going.”

    He noted that rather than focusing solely on halting de-listings, the NGX is working to ensure it is not left behind in this shift in preference from public to private capital.

    According to him, the Exchange is exploring new ways to capture private capital flows and provide value to companies outside the traditional listing model.

    He said: “We might position ourselves to provide private capital access, so that NGX is not just seen as a platform for public equity but as a gateway for all forms of capital. This is how exchanges across the world are adapting, some are seeing de-listings, but they are also landing large listings or tapping into private deals that keep market value intact.”

     Popoola added that the NGX is working closely with the Securities and Exchange Commission (SEC) to explore institutional reforms that will enhance the market’s attractiveness.

    He stressed that while some drivers of delisting are external, such as global capital trends, there are internal levers within NGX’s control that must be utilised to retain and attract companies.

    The GCEO pointed out that Nigeria will host a major gathering of global private capital providers, underscoring the country’s growing relevance in this space.

     “These investors are coming not just for private companies, but also for listed firms offering funding that does not require a listing. That is a reality we must embrace and leverage,” he said.

     Popoola said that while de-listings are part of market dynamics globally, the emphasis should be on balancing exits with new, high-value entrants such as the Nigerian National Petroleum Company (NNPC) and other major firms being courted by the Exchange.

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    Popoola assured stakeholders of a broader shift in strategy for the NGX, one that seeks to modernise Nigeria’s capital market by integrating both public and private investment avenues to remain competitive and relevant in a rapidly evolving global financial ecosystem. Shareholders at the meeting approved a dividend of N4.4 billion, representing a dividend per share of N2 per for the 2024 business year.

    Chairman, Nigerian Exchange Group Plc, Dr. Umaru Kwairanga, said that the group remained steadfast in its mission to drive the capital market in 2024 despite broader macroeconomic challenges.

    He pointed out that profit before tax surged by 157.3 per cent , reflecting both top line expansion and cost efficiency while gross earnings rose by 103.2 per cent to N24.0 billion, supported by significant growth across key revenue lines.

    He assured shareholders of the continuing commitment to redefine market infrastructure benchmarks and cultivate a resilient and inclusive financial ecosystem that serves the diverse needs of investors.

  • NGX Group, others train students on financial literacy

    NGX Group, others train students on financial literacy

    Nigerian Exchange Group (NGX Group), in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney, empowered more than 200 students with essential financial literacy skills as part of the 2025 Global Money Week celebration.

    The event convened students from several schools, including Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School.

    Participants engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.

    Now in its 13th edition, Global Money Week is a global initiative designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions. The 2025 theme, “Think Before You Follow, Wise Money Tomorrow,” reinforced the importance of strategic financial planning from an early age.

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    Head of Trading and Products, Nigerian Exchange (NGX), Mr. Abimbola Babalola said the initiative underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.

    He highlighted the transformative power of financial literacy in shaping students’ futures.

    “The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” Babalola said.

    Assistant Director, Consumer Protection Department, Central Bank of Nigeria (CBN), Christian Mordi spoke on CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.

    “Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” Mordi said.

    Chief Executive Officer, MinieMoney, Gbolahan Faniran, emphasised the importance of early investment habits and leveraging the power of compound interest.

    “Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” Faniran said.

    Beyond this event, NGX Group continues to champion financial literacy through strategic initiatives, including its X-Academy, which provides tailored financial education programs, and the NGX StockTown, a comic book series designed to educate young people through engaging storytelling.

    Through partnerships like these, NGX Group remain steadfast in its commitment to raising a generation of financially literate and empowered individuals. By equipping students with essential financial knowledge today, the initiative lays the foundation for informed decision-making and long-term wealth creation, ensuring a more financially inclusive future.

  • New digital share offering platform to stem unclaimed dividends

    New digital share offering platform to stem unclaimed dividends

    The new digital share offering platform, launched by the Nigerian Exchange Group (NGX Group)-NGX Invest, will help to streamline dividend payment and stem the recurring incidence of unclaimed dividends.

    NGX Invest is an innovative online platform for the distribution and subscription of public offerings and rights in the Nigerian capital market. The platform has quickly gained popularity among investors, successfully onboarding a diverse range of participants.

    Group Managing Director, Nigerian Exchange Group (NGX Group), Mr. Temi Popoola, said one of the standout features of NGX Invest is its contribution to streamlining the dividend distribution process, which aims to reduce the incidence of unclaimed dividends in Nigeria.

    According to him, the e-dividend system represents a significant improvement over traditional paper-based method.

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    “NGX Invest allows investors to designate their preferred account for dividend payments. The system leverages real-time identity verification through NIBSS, transmitting this information directly to the registrar, thereby significantly streamlining the dividend distribution process,” Popoola said.

    He explained the potential of the platform’s integration with the Bank Verification Number (BVN) system: noting that the integration of BVN with the designated dividend account opens up possibilities for aggregation and consolidation of dividend payments from multiple shares linked to a single BVN.

    “This feature has the potential to greatly enhance efficiency in dividend management. This innovative approach to dividend distribution is expected to enhance overall efficiency and convenience for investors. By reducing the need for additional follow-up work typically required in traditional paper offerings, NGX Invest is positioning itself as a game-changer in Nigeria’s capital market.

     “The e-dividend system is just one of many features designed to improve the experience of stakeholders in the public offerings value chain. As NGX Invest continues to evolve, it promises to play a crucial role in modernizing and streamlining investment processes in Nigeria’s financial markets,” Popoola said.

  • NGX Group grows net profit by 332% in Q1

    NGX Group grows net profit by 332% in Q1

    The Nigerian Exchange Group (NGX Group) Plc  recorded significant improvements in its operations in the first quarter with net profit rising by 332 per cent within the first three months of the year.

    Interim report and accounts of NGX Group for the first quarter ended March 31, 2024 showed that  turnover rose from N1.57 billion in first quarter 2023 to N3.94 billion in first quarter 2024. Operating profit jumped from N456.13 million to N1.69 billion.

     Pre-tax profit rose to N2 billion in first quarter 2024 as against N412.16 million recorded in corresponding period of 2023. After taxes, net profit jumped from N310 million to N1.3 billion. Earnings per share thus improved from 56 kobo in first quarter 2023 to N2.43 in first quarter 2024.

    The management of the group said the exceptional performance underscored the group’s unwavering commitment to excellence and strategic growth initiatives.

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    At its annual  general meeting recently, NGX Group had announced its plans to capitalize on digital distribution for the upcoming recapitalization exercises mandated by the Central Bank of Nigeria.

    Additionally, the group disclosed a strategic acquisition of a stake in the Ethiopian Stock Exchange, securing a seat on the bourse’s board.

    Management stated that these decisive moves aligned with the group’s overarching strategy to expand its business operations and solidify its position in the regional market.

    NGX Group noted that in a bid to secure long-term sustainability and drive growth, it implemented a strategic optimization initiative. The comprehensive plan encompassef a strategic reduction in workforce size, accompanied by significant salary increases for retained staff.

  • NGX Group, female leaders advocate greater investment, gender inclusion 

    NGX Group, female leaders advocate greater investment, gender inclusion 

    Nigerian Exchange Group (NGX) alongside its subsidiaries in solidarity with the rest of the globe, commemorated the International Women’s Day (IWD) on Friday, March 8, by leveraging its Closing Gong Ceremony to “Ring the Bell for Gender Equality.”

    With the theme, “Invest in Women: Accelerate Progress”, the event focused on individual actions, conversations, behaviours and mindsets that will accelerate progress and impact on the advancement of women across all spheres of life.

    Organised in partnership with the International Finance Corporation (IFC), UN Women, the United Nations Global Compact Network Nigeria (GCNN), Chartered Institute of Stockbrokers (CIS), Central Securities Clearing System (CSCS), the SterlingOne Foundation and Association of Securities Dealing Houses of Nigeria (ASHON), the event brought together prominent female leaders within the ecosystem.

    Divisional Head, Business Support Services Division, NGX, Irene Robinson-Ayanwale, gave the opening remarks and welcomed everyone to the tenth “Ring the Bell for Gender Equality.” 

    She said: “When I learnt of this year’s theme, “Invest in Women: Accelerate Progress”, it resonates deeply with us. It serves as a powerful reminder of the need to establish equal opportunities for everyone while fostering an enabling environment for women across all sectors. 

    “This initiative represents a significant step forward in our efforts to promote gender equality and support women’s economic empowerment. Through innovative financial instruments such as gender bonds, we can mobilise capital towards projects that benefit women and advance gender equality across various sectors of the economy.”

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    Regional Director, Central Africa and Anglophone West Africa, IFC, Dahlia Khalifa, who was represented by Regional Industry Manager, Financial Institutions Group, Anglophone West Africa and Central Africa, Alexandra Celestin, said the “Ring the Bell for Gender Equality” event highlights the importance of gender equality for economic development and growth. 

    “Economies that reduce barriers to women as leaders, employees, and entrepreneurs promote inclusive societies and pave the way for sustainable development. 

    “Collective, coordinated, and bold action by private sector leaders will be instrumental in accelerating progress towards gender parity and igniting greater resilience. IFC continues to collaborate with partners and stock exchanges like the Nigerian Exchange Group to improve diversity, equity, and inclusion in the private sector,” she said.

    On her part, Group Chief Executive Officer, Futureview Group, Elizabeth Ebi said: “The implications of a truly equal and balanced world; a world where men and women make equal contributions to the society, enjoy equal opportunities, and even enjoy the same rewards and benefits. 

    “Going by the growing body of evidence out there, it is safe to conclude that the multiplier effect on families, businesses, communities, economies and ultimately, nations would be indeed phenomenal.” 

    The event served to raise awareness about the importance of investing in women, to inspire inclusive leadership and to advocate for gender responsive policies. By championing these principles, stakeholders can create empowering environments where every individual can thrive and contribute to collective success.

    Founder, Terra Academy for the Arts, Bolanle Austen-Peters, underlined the purpose of art in women narrative. 

    She said: “We use art to change the narrative about women. Our story telling in the past has mostly been done by foreigners which heavily skews the image of Nigerians and Nigerian women. Our focus is to tell the stories of female heroes, champions in history like Funmilayo Ransome-Kuti. These are the kind of women we celebrate today.”

    In tandem with the sustainable development goals, Chairperson of NASCON Allied Industries, Yemisi Ayeni, advocated for increased female representation in corporate organisations, equitable inclusion in workplace and more participation in the society.

    Present at the closing gong included: Director, Securities and Exchange Commission, Hafsat Rufair; Director, NGX RelCo and 2nd Vice President, 

    Chartered Institute of Stockbrokers, Fiona Ahimie; Director, NGX RegCo, Amina Mohammed; Divisional Head, Business Services and Client Experience, Central Securities and Clearing System, Onome Komolafe; CEO, Sterling One Foundation, Peju Ibekwe; Head, Marketing & Corporate Communications, CSCS Tomilayo Aluko and Director, NGX, Lilian Olubi.

    The event was also graced by notable figures like Adejoke Silva, a seasoned Nigerian actress, philanthropist, and ardent advocate for women’s liberation and empowerment who has contributed to their advancement via education and training.

  • NGX Group declares N5.2 billion profit after tax, N1.5 billion dividend for 2023 fiscal year

    NGX Group declares N5.2 billion profit after tax, N1.5 billion dividend for 2023 fiscal year

    Nigerian Exchange Group Plc on Monday, March 4, announced its full-year audited financial statements for 2023, which ended December 31, with a Profit After Tax (PAT) of N5.2 billion and a declaration of a final dividend of N1.5 billion.

    In a statement by its Head of marketing & Corporate Communications, Clifford Akpolo, the Group experienced a surge in gross earnings, rising by 57.4 percent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022.

    This growth, he explained, was attributed to performances in core revenue and other income segments.

    Akpolo said: “Notably, transaction fees rose by 52.6 percent, driven by increased trading activities, while listing fees and rental income increased by 42.2 percent and 41.8 percent, respectively. Strategic investments also contributed to a 5.4 percent boost in treasury investment income.”

    “Other income, representing 29.7 percent of gross earnings, witnessed an unprecedented rise of 163.6 percent, reaching N3.504 billion. Key contributors to this surge were market data income, which increased by 44.1 percent, and an exceptional 304.8 percent rise in other operating income.”

    The Board approved a final dividend of N1.5 billion at 75 Kobo per share for the year ended 31st December 2023, according to the company’s communications head.

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    This, he emphasised was in addition to an interim dividend of N495.53 million at 25 Kobo per share paid in August 2023, bringing the total dividend for FY 2023 to N1 per share.

    Regarding the dividend, the Group Chairman of NGX Group, Umaru Kwairanga, expressed profound satisfaction and optimism, stating, “Today’s announcement of both the financial results and dividend pay-out is a testament to NGX Group’s unwavering commitment to maximising shareholder value and the resilience of our financial position.

    “We are elated to reward our shareholders, and this underscores our confidence in the sustainable growth of the Company.

    “I would like to reassure all stakeholders that the Board and Management are focused on positioning NGX Group as the premier financial market infrastructure in Africa.”

    The Group Chief Executive Officer of NGX Group, Temi Popoola, expressed satisfaction with the Company’s operational performance.

    He said: “I am pleased with the significant improvement in NGX Group’s operational performance. We have witnessed notable increases in the transaction and listing fees, as well as in rental and treasury investment income.”

    “Our strategic focus on technology income and other streams, along with strong capital allocation, has led to a notable increase in return on equity to 13.8 percent.”

    Popoola assured of the Group’s commitment to continue its trajectory of growth, innovation, and value creation for its stakeholders in the upcoming fiscal year.

    NGX Group’s financial metrics highlight a substantial turnaround and operational success.

    Operating profit reversed from a loss to a gain of N433 million, a 130.2 percent improvement, reflecting operational efficiency and profitability transformation.

    Profit before income tax skyrocketed by 639 percent, reaching N5.27 billion, driven by strong revenue performance and optimised cost management.

    This was capped by a 788 percent surge in after-tax profit to N5.25 billion, with an improved profit after-tax margin of 44.49 percent, showcasing the Group’s financial health and earnings quality.

  • Fed Govt opens trading on N1.51b October savings bonds

    Fed Govt opens trading on N1.51b October savings bonds

    The Federal Government has listed this month’s savings bonds worth N1.506 billion on the Nigerian Exchange (NGX), paving the way for investors to trade on the bonds issued earlier this month.

    Regulatory circular indicated that a total of 565,149 units of two-year bond valued at N565.149 million and a total of 941,598 units of three-year bond worth N941.598 million were listed at the NGX. The bonds were listed at par value of N1,000 per unit.

    The Debt Management Office (DMO), which oversees government’s debt issuances and management, had on October 11, this year, issued a two-year FGN Savings Bond due October 11, 2025 at a coupon of 11.074 per cent per annum. It also simultaneously issued a three-year FGN Savings Bond due October 11, 2026 at a coupon of 12.074 per cent per annum.

    The coupon payment dates for the bonds, which pay interest rate quarterly, are January 11, April 11, July 11 and October 11.

    The two bonds were continuation of the monthly Federal Government of Nigeria (FGN) Savings Bonds (FGNSBs). The October 2023 issuance is the 76th tranche of the savings bond, introduced in 2017.   

    The FGNSB was introduced in 2017 as a mass instrument for nationwide mobilisation of savings and investments. Minimum subscription to the FGNSB is usually N5, 000 while the bond pays coupon or interest rate on a quarterly basis.

    Usually, the minimum subscription to the bonds, offered at N1,000 per unit, is N5,000 or five units and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

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    GTI Securities Limited, one of the authorised distribution agents for the FGNSB, noted that the savings bonds help to deepen national savings culture while providing opportunity to all Nigerians irrespective of income level to contribute to and benefit from national development.

    According to the stockbroking firm, FGNSB enables all Nigerians opportunity to participate in and benefit from the favourable returns available in the capital market.

    GTI Securities noted that the savings bonds are acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.

    The bonds are usually listed on the stock exchange for trading, thus providing liquidity for investors who want to exit before maturity.

    Savings bonds are good for savings towards retirement, marriage, school fees and house projects among other targets while assuring on its safety as the bonds are backed by the full faith and credit of the Federal Government of Nigeria.

  • NGX Group restructures subsidiaries’ boards

    NGX Group restructures subsidiaries’ boards

    The Nigerian Exchange Group (NGX Group) Plc has announced major changes to the composition of the boards of its three main subsidiaries-Nigerian Exchange (NGX), NGX Regulation Limited (NGX RegCo), and NGX Real Estate Limited (NGX RelCo).

    Mr. Ahonsi Unuigbe is the new Chairman of NGX, succeeding Mr. Abubakar Mahmoud, SAN, who has retired.

    Other transiting board members are Erelu Angela Adebayo, Mr. Kamarudeen Oladosu, Mr. Yomi Adeyemi, and Mr. Seyi Osunkeye.

    Also, shareholders of NGX approved the appointment of Mr. Jude Chiemeka as executive director, along with five non-executive directors – Mrs. Lilian Olubi, Mr. Azubuike Okpalaoka, Dr. Hamza Sule Wuro Bokki, Mr. Sehinde Adenagbe and Mrs. Foluke Oyeleye.

    These appointments took effect on September 27.

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    At NGX RegCo, Dr. Salamatu Suleiman has been appointed as the new Chairman, effective September 30, 2023. She succeeded Mrs. Catherine Echeozo, who had retired.

    Mrs. Foluke Oyeleye also resigned from NGX RegCo’s board following her appointment as a Director at NGX.

    NGX RegCo’s shareholders also okayed the appointments of Mr. Olufemi Akinsanya as a non-executive director and Mrs. Amina Mohammed as independent non-executive director.

    Ms. Ngozichukwuka Edozien has been appointed as the new board chairman of NGX RelCo, effective October 7, 2023, succeeding Erelu Angela Adebayo, who retired. Shareholders of NGX RelCo also approved the appointment of Mrs. Fiona Ahimie as non-executive director and two independent non-executive directors, Mr. Victor Alonge and Mr. Abdullahi Suleiman.

    Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Umaru Kwairanga, described the changes as pivotal to the corporate journey of the group.

    According to him, the appointments represent a defining moment in the group’s journey as it had meticulously planned for this transition.

    He expressed the confidence that the restructured boards will continue to uphold the group’s tradition of excellence and steer the organisations toward even greater heights.

    He said the new board members brought a wealth of experience and a profound understanding of industry’s dynamics that should foster growth at the market.

    “Their track records in service delivery make them ideal leaders for these roles. As we embark on a new chapter, we anticipate their contributions to be instrumental in realising NGX Group’s ambitious growth strategy. Their expertise will unlock the full potential of our organizations and, in turn, benefit our valued investors and stakeholders,” Kwairanga said.

    He commended retired board members for their enormous contributions and exceptional service noting that their dedication and invaluable expertise had been instrumental in the group’s journey, navigating through challenging economic and political landscapes.

    “We extend our heartfelt appreciation for their remarkable accomplishments, which have had a lasting impact on the development and resiliency of our group,” Kwairanga said.