Equities

NGX Group Listing Boosts NGX Capitalisation By N34.863bn

Nigerian Exchange Group Plc, on Friday, October 15, 2021, successfully listed its entire 1,964,115,918 shares for trading on the Main Board of the Nigerian Exchange Limited by introduction at N16.15 per share.

This, according to a notice to stockbroker by Lilian Dako, on behalf of the Head, Listings Regulation Department, followed satisfaction of the Listing Requirements of The Exchange and obtaining relevant regulatory approvals.

At the close of trading for the day, a total of 3,562,076 units of the stock listed in the Financial Services and Capital Market Infrastructure sector of the Exchange were traded in 31 deals, closing at N17.75 per share, representing a 9.907% gain.

Commenting on the listing, the Group Chairman, Nigerian Exchange Group Plc, Otunba Abimbola Ogunbanjo said, the listing “is another milestone attained pursuant to the Group’s 2018 – 2021 corporate strategy.

“Our shareholder base has more than doubled since our demutualization in March 2021 and our valued shareholders will benefit from the enhanced liquidity that listing on The Exchange will facilitate. This listing will also enable a much wider universe of potential investors and market participants to share in our growth journey. As a Board, we embrace the letter and spirit of the listing requirements and we are committed to transparent disclosure, proactive stakeholder engagement, and exemplary corporate governance.”

Also commenting, the Group Managing Director/Chief Executive Officer, NGX Group, Oscar Onyema, assured that the listing “will enable institutional investors globally as well as the Nigerian public invest in Nigerian Exchange Group Plc. With strengthening market dynamics, serving the largest economy in Africa, NGX Group’s listing allows us to expand in key capital market infrastructure verticals and look beyond Nigeria’s borders, as we deliver on our growth plans to become Africa’s leading capital market infrastructure group.”

Also commenting, CEO, NGX, Temi Popoola, expressed excitement at the listing which he described a milestone, congratulating the board and management of the NGX Group first on the successful demutualisation and its subsequent listing. This move, he said, is “particularly exciting, as it will position NGX Group to provide liquidity to members while stimulating the capital market ecosystem to grow at the same pace as the economy.

“Today, we reiterate our commitment to being a trusted partner to NGX Group and other listed companies as we continue to build a platform that allows our listed companies, investors, and other stakeholders to maximize value in our market,” he stressed.

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