Popoola: Technology, Partnership, Others Top on NGX’s 2022 Agenda

Popoola: Technology, Partnership, Others Top on NGX’s 2022 Agenda

Kayode Tokede

The Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Temi Popoola, has stated that technology, partnership and sustaining the momentum it has created in its digital journey will top the NGX agenda in 2022.

He stated this yesterday in Lagos while presenting the NGX’s 2021 Market Recap and Outlook for 2022.

Speaking at the event, Popoola highlighted five major areas NGX is looking to position itself as Africa’s preferred exchange hub, stating, “The Board and Management of The Exchange will first be looking to build on the momentum we have created in our digital journey over the years. When you consider the groundbreaking MTN Offer, which we facilitated in 2021, for the first time in the history of the capital market, investors could access a primary issuance in a few minutes simply from an electronic device. Of course this was not without the efforts of key stakeholders including the Securities and Exchange Commission and we are indeed grateful. The next step would be to see how we can deepen and integrate this use of technology vertically across the value chain.”

In this regard, Popoola indicated that the market should expect more digitized offerings or further digitization of process flows across the intermediaries accessing the market, “This is particularly important given the youthful composition of the Nigerian population who increasingly access resources online.”

He stated that the NGX is working assiduously to increased listings in the market adding, “It would be recalled that 2022 began with the notable listing of BUA Foods which added over N1Tn to market capitalisation at NGX. More listings are reported to be in the pipeline with a particular focus on diversifying the nature of listed companies on The Exchange. On the matter of delistings, Mr. Popoola indicated that the market should expect some of such in 2022, but rest assured that NGX is looking keenly to improve the quality of listed companies in its market.”

Popoola stated, “If we look across the continent, we will find that there are very few listings in the technology sector even through the news is awash with reports of capital raising. For us at NGX, we are asking how we can be the platform of choice for Technology players to access capital and we are collaborating with other players such as the SEC in this regard. One of the solutions we will be implementing is the launch of a Technology Board which will be better suited to the needs of Technology companies and will have flexible enough rules to allow them to approach our market for capital formation.”

The NGX reiterated its commitment to partner with players across the ecosystem – government, corporates and intermediaries – to align strategic goals for the capital market.

Popoola spoke about sustainability saying, “Sustainability for us is not just the flavor of the month; we have imbibed it as the right thing to do not just internally but also in how we interact with corporates and other stakeholders. Our focus will, therefore, be on Environmental, Social and Governance (ESG) considerations, green finance, and more to see how we can drive growth in this regard.”

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