The NGX Group has reiterated its commitment to support the ongoing banking recapitalisation exercise to benefit investors, the market, and the broader Nigerian economy.
In his remarks at the 2024 Workshop of the Capital Markets Correspondents Association of Nigeria (CAMCAN) in Lagos, Dr Umaru Kwairanga, Chairman of NGX Group PLC, said NGX is actively contributing to the recapitalisation efforts, noting that one of its key roles is to act as a bridge between investors and issuers.
He explained that the NGX has been integral in facilitating the process, such as through “Facts Behind the Offer” ceremonies, where banks that have issued rights and public offers present their capital-raising plans.
He further detailed the introduction of X Rails, a technology platform developed by the NGX, which allows investors to directly subscribe to ongoing offers from the convenience of their homes or offices.
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This digital tool eliminates the need for physical paperwork and travel to financial institutions, making the investment process more accessible.
Once the offers are concluded, Dr Kwairanga assured that the NGX would ensure that the banks meet their disclosure requirements to keep investors informed about how their funds are being utilised.
The NGX Chairman stressed the importance of the media in ensuring the timely and accurate dissemination of information, which helps investors make informed decisions.
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