Nigerian Exchange Group Plc Shareholders Approve N10 Billion Through a Rights Issue

Nigerian Exchange Group Plc's shareholders at the 63rd Annual General Meeting (AGM), held in Lagos yesterday, approved, among other important resolutions, the management's plan to raise N10 billion through a rights issue.

A report stated that NGX Group, subject to regulatory approval, discussed its authorization for a rights issue to raise capital of up to N10 billion with a subjoined resolution to increase its share capital sufficiently to accommodate the rights issue.

During yesterday's meeting, the Group concluded discussions on normal and unexpected company problems. It also revealed plans to start a full-scale digital transformation program to expand its operations based on its overall plan.

The Board of Directors also approved other important resolutions, such as declaring a final dividend, approving Temi Popoola's appointment as the Group Managing Director and Chief Executive Officer of NGX Group, presenting financial statements to shareholders, re-electing non-executive directors who would retire in rotation, authorising and disclosing compensation, and more.

After receiving significant authorisation across its agenda, the NGX Group unveiled plans to drive the markets with a digital transformation journey that includes, among other things, an online platform for public offers and significant investments in its technology stack.

It will also improve the subscription process and operational workflow of POs in the capital market, including initial public offerings (IPOs), rights issues, and other public offers, and give issuers a more intelligent and effective way to raise capital.

During the AGM, Alhaji (Dr.) Umaru Kwairanga, the Group Chairman of NGX Group, said, "I especially appreciate our shareholders' consent to the important business we carried out today.

"As the Board oversees the strategic direction and gives management the necessary support and guidance, we believe the coming year will be better in terms of value created for our shareholders. NGX Group is positioned to capitalise on opportunities amid the positive and forward-looking reforms by the government, and our stakeholders should rest assured we will deliver excellent results."

The Group Managing Director/Chief Executive Officer of NGX Group, Mr. Temi Popoola, said, "As we complete our 63rd AGM, I sincerely thank our shareholders, customers, employees, regulators, and directors for their steadfast support. We witnessed growth from our dynamic revenue streams in a year that underscored NGX Group's strategic agility and operational excellence. We are optimistic and well-positioned to forge a successful, resilient, and prosperous future.

Addressing the digital transformation agenda, Popoola stated, "The future of our business and the capital markets hinges on technology. That is why we drive this digital transformation journey across our subsidiaries through the Group. NGX Group's digital transformation will democratize access to public issuances for every Nigerian with a mobile phone, supporting capital-raising efforts for companies. Additionally, we aim to commercialize our technology solutions and expand our footprint across Africa".