By Victor Ogiemwonyi
For those who think that shining light on the important questions highlighted in the Nairametrics report, was wrong, I will say please reread all my positions.
I wrote about the trouble we see ahead, especially if we do not take steps to stop them. When they issued statements that was saying nothing but to confuse people, about what I said, I issued a rebuttal to correct it. I then ended it, by putting out what I think, needed to be done to resolve it.
The problem, I said, was the super group structure, that has all the cost but no benefit.
NGX cannot start with a group structure, it can grow into a group company later, when it is profitable and its core Exchange Business is established.
Their focus must be getting back, listing new companies.
Notice that I gave credit to the work that has been done in Technology, and I praised the Transformation Team, that was responsible for the good work done.
It is a pity, they have all since left.
I have not sought to convince anyone, about how they should vote on the AGM resolutions. In fact, I had already predicted that all the resolutions which they said will be “without modification,“ will pass. Take a look at the nominated proxy representatives.
I will only vote my position to decline their proposed resolution, even if I am the only one voting against the group vote that has been planned, according to their spokesman on national TV.
The spokesman, said on national TV that he was taking position, in the NGX Group shares, he said he has seen the half year results, the turnover and profits have doubled. He did not tell his audience, however, that the Union Bank of Nigeria/Titan Trust Bank transaction, is responsible for that leap.
He said, three stocks on the NGX is 60% of the market, that is supposed to be a good thing, I guess…. I have not stopped laughing…He said capital raising can be unlimited, even for a loss making entity.
He said the stock market has been down, and a 50+ year old institution is in transition, to explain, a loss of N93m while FMDQ in the same environment and the same reporting period, is making a profit of N12.99bn.
A few years ago, our worry was foreign Investors taking over our market. Now, they have left and those left, are still running out.
The NGX business is a tollgate business, there is no reason it should not make money, it is just been suffocated with a group structure that takes all it earns.
Our man is buying up the market, we wish him good luck.
Ogiemwonyi, a retired Investment Banker, writes from Ikoyi, Lagos.