CWG Plc To Approach NGX For Capital Raising Soon

…as NGX encourages coy to strive for sustainability in financial performance

Computer Warehouse Group (CWG) Plc, has said that, it will soon approach the Nigerian Exchange Limited (NGX) for capital raising to scale up it’s operations globally.

The Group Managing Director, Adewale Adeyipo made this remark on Wednesday while presenting the company’s financial performance, strategic, and operational developments to the investment community at the Facts-Behind-the-Figures event hosted by the Nigerian Exchange Limited (NGX).

He said the scaling up of the company’s investment to serve better it’s clientele which cut across every sector of the economy, will need more capital funding.

According to him, CWG growth drive is predicated on the niche it has created for itself in the space where the company operate, even as this has resulted in the positive trajectory in the last five years.

“The company has continued to build its brand as a market leader in the African IT industry by creating excellent service culture and delivering its operations through global best practices using its ISO9001 certification process across the group,” he said.

Adeyipo stated that the company is focused on scaling its operations, optimizing its products, and collaborating with key partners to deliver innovative technology solutions that meet the evolving needs of its clients across various sectors, including financial services, telecommunications, and government.

CWG GMD further reported a strong financial performance for the year 2022, recording N476.8 million Profit Before Tax (PBT), an improvement from N449.6 million PBT in 2021.

Earlier, the he Chief Executive Officer of NGX, Temi Popoola, ably represented by Divisional Head, Capital Markets, NGX, commended CWG for leveraging the platform to increase engagement with the capital market community, encouraging transparency and price discovery, which will positively impact the overall performance of their stocks.

He noted that the interaction would positively impact the overall performance of CWG Plc in the capital market.

Popoola commended the Board and Management of CWG Plc for their commitment to adhering to higher standards of corporate governance, deeper social impact, higher regulatory compliance, and greater returns for shareholders. “We encourage CWG Plc to continue to strive for sustainability, given the fast-changing macroeconomic environment in Nigeria and globally,” he said.

NGX provides an efficient, liquid, and multi-asset securities platform, offering investors varied options, including equities, fixed income, derivatives, and other Exchanged Traded Products (ETPs) including Mutual Funds and Exchange Traded Funds (ETFs). The market continues to be resilient in providing stakeholders with a platform to raise capital and invest. Year to date, NGX has facilitated needed financing of over N3.85 trillion in capital raised by governments and corporates across various asset classes.

Photo Caption:

From Left –Tony Ibeziako, Head, Primary Markets, Nigerian Exchange Limited (NGX); Taba Peterside, Chief Executive Officer, Waveline Growth Partners; Jude Chiemeka, Divisional Head, Capital Markets, NGX; Mr. Adewale Adeyipo, Group Managing Director, CWG; Afolabi Sobande, Chief Operating Officer, CWG during a Facts Behind the Figures presentation at the Exchange on Wednesday, May 3, 2023 in Lagos.