{"id":65179,"date":"2022-10-01T14:53:49","date_gmt":"2022-10-01T13:53:49","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=65179"},"modified":"2022-10-01T14:53:49","modified_gmt":"2022-10-01T13:53:49","slug":"n35-billion-capital-raising-put-on-holdto-allow-for-more-stakeholders-consultation-ngx-group","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/n35-billion-capital-raising-put-on-holdto-allow-for-more-stakeholders-consultation-ngx-group\/","title":{"rendered":"N35 billion Capital Raising Put On Hold,To Allow For More Stakeholders Consultation –NGX Group"},"content":{"rendered":"

… Records 22% Increase In Profitability<\/p>\n

Plans by the NGX Group to commence capital raising of about N35 billion for diversification of it’s operations and growth of other businesses has been put on hold temporary.<\/p>\n

The injection of funds which was put in abeyance to allow for more consultation, was needed to expand NGX Group operations into other countries and increase its subsidiaries from the current ten it has in it’s bucket.<\/p>\n

The decision to allow for wider consultations and further engagement with shareholders, which is the special business to raise funds of up to N35,000,000,000 (Thirty-Five Billion Naira) for business expansion was not presented, a statement indicated after the NGX Group’s 61st Annual General Meeting on Friday.<\/p>\n

NGX Group provides a wide range of services including listing and trading securities, licensing, market data solutions, ancillary technology, regulation, real estate, and more through its wholly-owned subsidiaries \u2013\u00a0NGX Exchange, NGX REGCO, and NGX RELCO amongst others.<\/p>\n

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However, shareholders approved other key resolutions by the company\u2019s Board of Directors.<\/p>\n<\/div>\n

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Resolutions approved include; re-election of Mr. Apollos Ikpobe and Dr. Okechukwu Itanyi who retired by rotation as non-executive directors, however, the resignation of Professor Enase Okonedo was earlier approved by the board and as such she was not presented for re-election.<\/p>\n<\/div>\n

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Other resolutions adopted at the AGM include the appointment of Ernst & Young as NGX Group\u2019s external auditors; the Board\u2019s authority to fix the Audit Company\u2019s remuneration; the disclosure of NGX Group\u2019s executive remuneration; and the re-election of the Statutory Audit Committee.<\/p>\n<\/div>\n

\n

The Group Chairman of NGX Group, Otunba Abimbola Ogunbanjo, who was due for re-election for a period of one year until the next AGM in 2023, voluntarily retired from the board and did not present himself for re-election.<\/p>\n<\/div>\n

\n

Four non-executive directors of the board were re-elected, including Mrs. Fatimah Bintah Bello-Ismail, Mr. Oluwole Adeosun, Mr. Chidi Agbapu, and Mr. Patrick Ajayi.<\/p>

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Commenting at the AGM, Ogunbanjo explained some of the decisions taken and thanked shareholders for working diligently with the Board and Management of the Group in delivering the dividends of demutualisation and enhancing shareholder value and for attaining many firsts during his term in office.<\/p>\n<\/div>\n

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In his words, \u201cWe released our dividend policy in line with our mandate to shareholders after the completion of our recent extraordinary General Meeting. We also created a revised corporate governance framework, already approved by shareholders and consistent with securities regulations to realign the interests of all stakeholders.<\/p>\n<\/div>\n

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\u201cIn closing, I would like to thank the Board and Management of NGX Group for their support since I assumed office as Chairman of the Group in 2021. As I retire from the Board, I trust that my successor will continue the legacy of service and bring greater accomplishments as the sustainable exchange group championing Africa\u2019s socio-economic growth.\u201d<\/p>\n<\/div>\n

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The NGX Group boss, Onyema, noted that the Group recorded a 22% increase in profitability, a 13% increase in gross earnings, and 14.9% growth in revenue, adding that the Group intends to enhance its performance going forward and called for support from all stakeholders.<\/p>\n<\/div>\n

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After the AGM, the Board of Directors appointed Mr. Apollos Ikpobe as the Acting Chairman. In response Ikpobe said he recognises the enormous responsibility associated with his new role and pledged to work with all stakeholders to ensure the stability and growth of the company during this transition.<\/p>\n<\/div>\n

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\u201cOn behalf of the board, I thank Mr. Ogunbanjo for his selfless service to the company over the years\u201d Ikpobe said.<\/p>\n<\/div>\n

\nPhoto Caption:<\/p>\n

L \u2013 R shows Oscar N. Onyema, OON, Group Chief Executive Officer, Nigerian Exchange Group Plc; Outgoing Group Chairman, Otunba Abimbola Ogunbanjo, Nigerian Exchange Group Plc, and Mojisola Adeola, Group Company Secretary, Nigerian Exchange Group Plc during the 61st Annual General Meeting, Nigerian Exchange Group in Lagos.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plans by the NGX Group to commence capital raising of about N35 billion for diversification of it’s operations and growth of other businesses has been put on hold temporary.<\/p>\n","protected":false},"author":6,"featured_media":65160,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8397],"coauthors":[2391],"class_list":["post-65179","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ngx-group"],"yoast_head":"\nN35 billion Capital Raising Put On Hold,To Allow For More Stakeholders Consultation -NGX Group - National Wire<\/title>\n<meta name=\"description\" content=\"Plans by the NGX Group to commence capital raising of about N35 billion for diversification of it's operations and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/n35-billion-capital-raising-put-on-holdto-allow-for-more-stakeholders-consultation-ngx-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N35 billion Capital Raising Put On Hold,To Allow For More Stakeholders Consultation -NGX Group - 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