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Home Companies Corporate Updates

NGX Group’s revolutionary e-offering platform goes live following SEC approval

…Access, FCMB, Fidelity now utilizing NGX invest APIs

NM Partners by NM Partners
July 12, 2024
in Corporate Updates
NGX

Image credit: Nairametrics file

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Nigerian Exchange Group (NGX Group) has unveiled NGX Invest, a groundbreaking digital platform designed to streamline Public Offerings and Rights Issues in the Nigerian capital market.

The platform, which has received approval from the Securities and Exchange Commission (SEC), is now live, promising an efficient, convenient, and seamless experience for managing primary market transactions.

NGX Invest represents a significant leap forward in improving stakeholder experience within Nigeria’s capital market. Building on the success of the country’s first digital public offering in 2021 – which attracted over 150,000 new retail investors, 75% of whom were female and 85% under the age of 40 – NGX Invest enhances transparency and accessibility in primary market transactions.

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The launch of NGX Invest comes at a crucial time, coinciding with the Central Bank of Nigeria’s (CBN) Banking Recapitalisation directive, which has prompted numerous offers for subscription and rights announcements by Nigerian banks.

Both the CBN and SEC have provided robust regulatory support for this initiative. Investors can now access the platform at https://invest.ngxgroup.com.

Access Holdings Plc, FCMB Group and Fidelity Bank Plc are already utilizing the NGX Invest APIs to distribute their offerings to retail investors. More banks are in the process of onboarding to leverage this platform.

Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission, commended the initiative, stating, “The e-Offering Platform aligns perfectly with our objective of futureproofing the Nigerian capital market. By digitalising and automating financial intermediation processes, we are fostering a more efficient, transparent, and inclusive capital market. At the Commission, our focus is on creating an enabling regulatory environment that promotes innovation without compromising compliance and investor protection. I commend NGX Group for its strategic investment in advancing our capital markets”.

Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX Group, commended the regulators, stating, “The supportive regulatory environment has provided a solid foundation that enabled the swift delivery of the platform. This reflects our mutual commitment to market development and will undoubtedly contribute to boosting the participation of retail investors in the capital market.  As we strive for the market to play a larger role in Nigeria’s economic development, the integration of technology, strong partnerships, and collaboration, alongside a positive policy environment, will be essential”.

Temi Popoola, Group Managing Director/Chief Executive Officer of Nigerian Exchange Group (NGX Group), expressed enthusiasm for the new platform noting its significance in NGX Group’s digital transformation journey and ability to enhance market access and foster economic growth. “We sincerely appreciate SEC and CBN for their strong support and leadership. Our intermediaries and partners, including the Central Securities Clearing System (CSCS), have been instrumental in achieving this success. This platform demonstrates our commitment to innovation and strengthening Nigeria’s capital markets, particularly as we support the banking sector’s recapitalisation efforts”.

Popoola emphasised that NGX Invest is designed to significantly enhance the efficiency of public offering subscriptions and rights issue processes, streamlining operational workflows to better support issuers’ capital-raising efforts.

Jude Chiemeka, CEO of NGX, underscored the platform’s transformative potential: “NGX Invest addresses the demand for a more efficient and transparent process in managing public offers and rights issues. It will expedite reconciliation and allotment processes, reduce unclaimed dividends, and boost investor confidence. All stakeholders – including investors, registrars, issuing houses, brokers, banks, and regulators – stand to benefit significantly from this innovation.”

 


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NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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Dr. Emomotimi Agama, SEC

SEC approves NGX investment platform to enhance public offerings, rights issues in Nigerian capital market

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