NGX Group to fast-track NNPC listing

Amid bullish sentiments seen in Nigeria’s stock market recently, the Nigerian Exchange Group Plc (NGX Group) has said it is open to working with the federal government as well as stakeholders towards improving the country’s credit profile and creating a favourable environment for both domestic and foreign.

The chairman, NGX Group, Alhaji Umaru Kwairanga, who disclosed this during the group’s 62nd Annual General Meeting (AGM) which took place in Lagos, said it is hopeful that President Bola Tinubu-administration would fast-tracked the planned Initial Public Offer (IPO) of the NNPC Limited.

Addressing shareholders at the meeting, Kwairanga lauded the Tinubu-led administration for the various reforms that have resulted in the impressive performance of the market.

“The 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.

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“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,” he said.

Kwairanga further noted that the government needs to come up with more friendly market policies that will engender growth as consistent and faithful implementation of market policies will help businesses to thrive.

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.

Speaking on the performance of the group, Kwairanga noted that the NGX Group 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% increase in revenue to N6.2bn, and a 30.1% increase in other incomes to N1.3bn.

While welcoming the new board members, Kwairanga commended the contributions of the outgoing board members to the growth and development of the organisation.

Commending the group’s performance, the Group Chief Executive Officer, Oscar N. Onyema, OON, said the performance reflects the NGX Group’s commitment towards driving growth in Nigeria and Africa’s capital markets.