The Nigerian Exchange Group (NGX Group) is taking steps to attract more private capital and reduce the trend of companies delisting from the stock market. This was made known by the Group Managing Director and Chief Executive Officer of NGX Group Plc, Mr. Temi Popoola, during the company’s 64th Annual General Meeting held on Tuesday.
At the meeting, shareholders approved a final dividend payout of N4.4 billion, which translates to N2.00 per share. This is the highest dividend in the history of the Group, showing strong confidence in the company’s performance and future direction.
Mr. Popoola explained that there is now a growing interest in private capital across the world, and Nigeria is following the same path. He pointed out that all of Nigeria’s unicorn companies — about six in total — were able to grow through private capital and not through public listings. These companies are raising huge sums of money without coming to the Nigerian stock market, and this, he said, is where the world is heading.
According to him, NGX Group does not want to be seen only as a place for trading public shares. Instead, the Group wants to become a full gateway for all types of capital — public or private. This shift in focus is aimed at staying relevant and attracting new investments in the evolving financial landscape.
He addressed concerns about some companies delisting from the Exchange. Mr. Popoola stated that while delistings are happening, the NGX is also recording big listings and private deals that help keep the total market value steady. He said the Group is working with the Securities and Exchange Commission (SEC) to introduce new reforms that will make the market more attractive for investors and businesses.
Mr. Popoola also announced that later in the month, Nigeria will host a major global meeting of private capital providers. According to him, these investors are not just coming for private firms but are also interested in listed companies that need funding without going through a public listing process. He said, “This is a new reality that we must accept and make the most of.”
Speaking at the AGM, the Chairman of NGX Group Plc, Dr. Umaru Kwairanga, assured shareholders that the Group remains committed to driving capital market growth in 2024, despite economic challenges facing the country.
In terms of performance, the NGX Group recorded a profit before tax of N13.6 billion at the end of the 2024 financial year. This marks a 157.3% increase compared to the previous year. The growth was driven by higher revenues, better cost management, and increased investor participation in the market.
The Group’s gross earnings jumped by 103.2% to N24 billion in 2024, up from N11.8 billion in 2023. This significant growth was seen across different income sources, proving the strength of the Group’s business model.
In 2024, NGX also introduced a new platform called NGX Invest, which helped raise N1.85 trillion for the banking sector. This move improved liquidity and brought in more investors. NGX also expanded its presence outside Nigeria by investing in the Ethiopian Securities Exchange, showing its plan to grow into other African markets.
With these steps, the Nigerian Exchange Group is positioning itself to remain competitive in both local and global capital markets, while also playing a key role in Nigeria’s economic growth.
