Shareholders approve NGX’s proposed N10 billion capital raise 

Shareholders of Nigerian Exchange Group (NGX) Plc have given their approval for the group’s initiative to raise capital of up to N10 billion naira through a rights issue. 

The approval was given at the group’s 63rd annual general meeting (AGM) held in Lagos.  

The capital raise will involve the issuance of ordinary shares, with the terms, conditions, and timing determined by the directors. 

The shareholders also ratified the appointment of Mr. Temi Popoola, who was appointed as the Group Managing Director/Chief Executive Officer by the board after the last AGM following the expiration of tenure of Mr. Oscar Onyema. 

Additionally, the shareholders approved a final dividend of N1.5 billion at 75 Kobo per share for the year ended December 31, 2023. Together with an interim dividend of N495.53 million at 25 Kobo per share disbursed in August 2023, the total dividend for FY 2023 stood at N1 per share.

Addressing shareholders at the meeting, Dr. Umaru Kwairanga, Chairman of the Board of Nigeria Exchange Group Plc, said the NGX Group recently underwent a pivotal transformation in its executive leadership across its subsidiaries, a move that is in perfect alignment with its meticulously crafted succession plan. 

Kwairanga noted that in September 2023, the group marked the culmination of an era and the dawn of a new chapter with the announcement of the retirement of former Group Managing Director, Oscar Onyema OON, after years of distinguished service.  

Popoola, on his part, said the NGX Group witnessed a surge in gross earnings, soaring by 57.4% to reach N11.8 billion in FY 2023, up from N7.5 billion in the preceding year.  

He noted that the growth stems from the group’s dynamic revenue streams, including a significant uptick in transaction fees by 52.6%, driven by increased trading activities, alongside substantial increases in listing fees and rental income by 42.2% and 41.8%, respectively.

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