Nothing excites me more than backing a winning team in a derby.
Not too long ago, the NGX was the underdog of a rapidly evolving capital market.
While its peers were delivering results that could make Fortune 500 companies take notice, the NGX was struggling—posting numbers that even my local bakery would be ashamed of.
Then came the turbulence that ushered in Alhaji Umaru Kwairanga‘s team.
Their emergence wasn’t seamless, but they were a determined group. Led by Alhaji and comprising market superstars like Mohammed Garuba, Nonso Okpala, and the indefatigable Temi Popoola, they took charge with a clear vision.
They drove robust reforms, took bold yet strategic positions, closed loopholes, and reinstated transparency as a corporate watchword. And just like that, the dark clouds that once hovered over the NGX began to clear.
Now, take a look at the recently announced results, and you’ll understand my overwhelming excitement this morning.
For the year that ended on December 31, 2024, NGX posted a record-breaking profit before tax (PBT) of N13.6 billion, reflecting an impressive 157.3% year-on-year growth.
According to a report personally shared with me by the ever-charismatic Alhaji Kwairanga, the chairman, this outstanding performance was driven by three key factors:
- Revenue expansion
- Strategic cost optimization
- Increased market participation
These are no empty words. Remember NGX’s pivotal role in the recent market recapitalization push? They launched an online platform that banks like FCMB leveraged brilliantly to reach retail investors, raising billions of naira.
That singular initiative transformed NGX from a sluggish, aging elephant into a charging bull—exactly the kind of exchange we had always envisioned.
But wait, let me finish with the numbers:
- Gross earnings surged by 103% to N24 billion in FY 2024, up from N11.8 billion.
- Transaction fees rose by 64%, driven by heightened market activity and growing stakeholder confidence in Temi Popoola’s dynamic leadership.
- Technology-related income grew by 105%, signaling a new era for the Exchange.
Temi Popoola is obsessed with harnessing technology to propel NGX forward. In private conversations, he speaks passionately about the potential it holds.
Recently, he hinted at deploying AI, an unstoppable force reshaping business and life. I also know for a fact that he has been consulting extensively in this space.
Another major impact of the leadership reforms is the exponential growth in market data revenue, which surged 100.5%, contributing to a 102.6% rise in other income. This allowed the Group to declare the highest dividend in its history:
A final dividend of N4.4 billion—translating to N2.00 per share—the highest ever declared.
No wonder NGX’s energetic and ever-efficient image maker, Clifford, reached out in excitement:
“Edgar, have you seen our results?”
Yes, I have—and I haven’t stopped celebrating this remarkable achievement.
That said, the work has only just begun. The market is evolving rapidly, and NGX must aggressively focus on expanding listings, attracting tech-driven businesses, and tapping into the booming media and entertainment sectors.
I hear Flutterwave, the fintech giant, is considering listing on NGX. If this materializes, it could open up a whole new chapter for the Exchange, fostering stronger ties with high-growth industries.
For now, let me send my heartfelt congratulations to Alhaji Umaru Kwairanga and his team at NGX for proving that when the right people are put in the right positions, amazing things happen.
This just happened.
Well done, guys!
