NGX Group lists 1.96bn shares — after Oscar Onyema’s resignation from NGX Limited board

The Nigerian Exchange Group Plc has successfully listed 1,964,115,918 shares by introduction on the main board of the Nigerian Exchange Limited (NGX).

The company is listed in the financial services and capital market infrastructure sector, with the ticker ‘NGXGROUP’.

The stocks were listed on the exchange on Friday by introduction at a unit price of N17.75.

Listing by introduction implies the company is not raising capital (through IPO) immediately.

NGX Group is listing after the demutualisation and restructuring of the Nigerian Stock Exchange (the former name of NGX Group) and its operations.

This development comes a day after Oscar Onyema, group managing director, NGX Group, resigned as a non-executive director on the board of NGX Limited.

“Consequent upon this resignation by Mr. Onyema, NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013 which states that “A securities exchange shall have a code of conduct for its council members or board which shall be approved by the Commission, and shall contain amongst others the following provisions, to wit, that the council members or board shall: (a) not be a staff of a quoted company and its subsidiaries,” the NGX had said in a statement on Thursday.

Commenting on the listing, Abimbola Ogunbanjo, chairman, NGX Group, said: “Today’s listing of NGX Group on NGX is another milestone attained pursuant to the Group’s 2018 – 2021 corporate strategy.”

“Our shareholder base has more than doubled since our demutualisation in March 2021, and our valued shareholders will benefit from the enhanced liquidity that listing on The Exchange will facilitate.

“This listing will also enable a much wider universe of potential investors and market participants to share in our growth journey.

“As a Board, we embrace the letter and spirit of the listing requirements and we are committed to transparent disclosure, proactive stakeholder engagement and exemplary corporate governance.”

In his remarks, Onyema said the listing would enable institutional investors globally and the Nigerian public to invest in NGX Group.

“With strengthening market dynamics, serving the largest economy in Africa, NGX Group’s listing allows us to expand in key capital market infrastructure verticals and look beyond Nigeria’s borders, as we deliver on our growth plans to become Africa’s leading capital market infrastructure group,” he added.

Also speaking on the milestone listing, Temi Popoola, chief executive officer of NGX, said: “We are excited to welcome NGX Group to the main board of The Exchange, and we congratulate the Board and Management first on a successful demutualisation and its subsequent listing.”

“This move is particularly exciting, as it will position NGX Group to provide liquidity to members while stimulating the capital market ecosystem to grow at the same pace as the economy.

“Today, we reiterate our commitment to being a trusted partner to NGX Group and other listed companies as we continue to build a platform that allows our listed companies, investors and other stakeholders to maximise value in our market.”