{"id":74007,"date":"2023-07-15T10:16:16","date_gmt":"2023-07-15T09:16:16","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=74007"},"modified":"2023-07-15T10:16:16","modified_gmt":"2023-07-15T09:16:16","slug":"market-development-ngx-group-woos-fg-targets-foreign-investment-inflows","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/market-development-ngx-group-woos-fg-targets-foreign-investment-inflows\/","title":{"rendered":"Market Development: NGX Group Woos FG, Targets Foreign Investment Inflows \u00a0"},"content":{"rendered":"

Amid bullish sentiments seen in Nigeria\u2019s stock market recently, the Board and Management of Nigerian Exchange Group Plc (NGX Group) have said that they are open to working with the Federal government, as well as stakeholders towards improving the country\u2019s credit profile and creating a favorable environment for both domestic and foreign.<\/p>\n

This was disclosed by the Group Chairman, NGX Group, Alhaji Umaru Kwairanga, during the Group\u2019s 62nd\u00a0Annual\u00a0General\u00a0Meeting\u00a0(AGM) which took place in Lagos on Friday.<\/p>\n

Addressing shareholders at the\u00a0meeting, Kwairanga, lauded president Tinubu-led administration for the various reforms that have resulted in the impressive performance of the market.<\/p>\n

\u201cThe 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\u201d, he said.<\/p>\n

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.<\/p>\n

He added that the group is hopeful that the planned Initial Public Offer (IPO) of the NNPC Limited will be fast-tracked by the Tinubu-led administration.<\/p>\n

Speaking on the performance of the group, Kwairanga noted that NGX\u00a0Group 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.<\/p>\n

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.<\/p>\n

“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\u201d, remarked Kwairanga.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

While welcoming the new board members, Kwairanga commended the contributions of the outgoing board members to the growth and development of the organization.<\/p>\n

Commending the group\u2019s performance, the Group Chief Executive Officer, Oscar Onyema, said the performance reflects NGX Group\u2019s commitment towards driving growth in Nigeria and Africa\u2019s capital markets. Onyema further added that the group is proud to have generated multiple income streams that enabled it to overcome economic headwinds.<\/p>\n

Speaking on the group\u2019s outlook, Onyema expressed optimism around the opportunities and challenges ahead and emphasized the group\u2019s commitment to leveraging its strengths and expertise to drive growth and value creation in Nigeria and other financial markets Africa.<\/p>\n

\u201cNGX Group will continue supporting its operating subsidiaries, associates, and investee companies to deliver sustainable value creation for its shareholders. We will look to enhance our performance by continuously striving to optimize operations, increase revenue streams and expand our market reach.<\/p>\n

\u201cWe are confident that these measures will enable us to build on the positive momentum we have achieved in recent years and drive growth in 2023 and beyond\u201d, he said.<\/p>\n

Shareholders approved all resolutions on the agenda, which included the appointment of six Directors of Nigerian Exchange Group Plc: Mr Nonso Okpala (Non-Executive Director), Mr Sehinde Adenagbe (Non-Executive Director), Mr Ademola Babarinde (Non-Executive Director), Mrs Mosun Belo \u2013 Olusoga (Independent Non-Executive Director), Mr Mohammed Garuba (Non-Executive Director) and Mrs Fatima Wali- Abdurraham (Independent Non-Executive Director).<\/p>\n

Photo Caption:<\/p>\n

From Left\u00a0\u2013 Director, Nigerian Exchange Group Plc (NGX Group), Mrs. Ojinika Olaghere;\u00a0 Group Chief Executive Officer, NGX Group,\u00a0Mr. Oscar N. Onyema, OON; Group Chairman, NGX Group, Dr. Umaru Kwarainga; Group Company Secretary, NGX Group,\u00a0Ms. Obehi Ikhaghe and Director, NGX Group,\u00a0Dr. Okechukwu Itanyi during the 62nd\u00a0Annual General Meeting held at Nigerian Exchange Group House, Lagos on Friday, July 14, 2023
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Amid bullish sentiments seen in Nigeria\u2019s stock market recently, the Board and Management of Nigerian Exchange Group Plc (NGX Group) have said that they are open to working with the Federal government, as well as stakeholders towards improving the country\u2019s credit profile and creating a favorable environment for both domestic and foreign.<\/p>\n","protected":false},"author":6,"featured_media":74008,"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":[8539],"coauthors":[2391],"class_list":["post-74007","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ngx"],"yoast_head":"\nMarket Development: NGX Group Woos FG, Targets Foreign Investment Inflows \u00a0 - National Wire<\/title>\n<meta name=\"description\" content=\"Amid bullish sentiments seen in Nigeria\u2019s stock market recently, the Board and Management of Nigerian Exchange Group\" \/>\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\/market-development-ngx-group-woos-fg-targets-foreign-investment-inflows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Development: NGX Group Woos FG, Targets Foreign Investment Inflows \u00a0 - 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