The Nigerian Exchange Group Plc said, the Exchange is opened to working with the federal government, as well as stakeholders towards improving the country’s credit profile and creating a favourable environment for both domestic and foreign investors.
This was disclosed by the Group chairman, NGX Group, Alhaji Umaru Kwairanga at the Group’s 62nd Annual General Meeting (AGM) held at the weekend in Lagos.
Kwairanga stated that, “the capital market community is excited by the new government and the steps it has so far taken with respect to the economy as reflected in the tremendous growth in our market indicators.
“As a group, we are committed to working with the government to stimulate further growth in the economy, address higher capital costs, as this will go a long way to enhance Nigeria’s credit profile, and create a favourable environment for both domestic and foreign investors.”
Kwairanga further noted that the federal government needs to eke out more friendly market policies that will engender growth as consistent and faithful implementation of market policies will help businesses to thrive, saying, the group is hopeful that the planned Initial Public Offer (IPO) of the NNPC Limited will be fast-tracked by the Tinubu-led administration.
Speaking on the performance of the Group, Kwairanga noted that, “NGX Group demonstrated resilience in 2022, achieving a 10.3 per cent increase in gross earnings to N7.5 billion, despite a challenging economic environment. The Group’s total revenue grew primarily due to a 6.8 per cent increase in revenue to N6.2 billion, and a 30.1 per cent increase in other income to N1.3 billion.
“The growth in its revenue was further bolstered by a 51.2 per cent increase in treasury investment income and a 9.0 per cent increase in transaction fees. However, its total expenses rose by 35.5 per cent to N8.8 billion, primarily due to interest costs on borrowed funds used for strategic acquisitions.
“Achieving an efficient capital mix and broadening our access to capital remain fundamental to our mission. The Board will continue to assist the Management team in addressing long-term risks, strengthening the global NGX brand, and assessing progress toward our goal of being Africa’s preferred exchange hub.”
Also, the group chief executive officer, Oscar Onyema, said: “the growth of 103 per cent of NGX Group’ gross earnings, reflects our commitment to driving growth in Nigeria and Africa’s capital markets through a diversified portfolio of companies.
Onyema declared that, “this AGM will be the last for him being the GMD/ CEO of the Group, because I have advised the board of directors that I will not seek to renew my employment contract when it expires in March 2024.”
He added that NGX Group is well-positioned to navigate the challenges as well as capitalize on the opportunities in 2023 and beyond, saying, “we are confident in our ability to deliver sustainable value creation for our stakeholders, contribute to organic and inorganic growth in Nigeria and Africa’s capital markets.”
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