TheCable

The Nigerian Exchange Group Plc (NGX Group) says the federal government needs to introduce and implement friendly policies to attract foreign direct investments (FDIs).  

Umaru Kwairanga, chairman of NGX Group, spoke at the group’s 62nd annual general meeting (AGM) in Lagos on Friday. 

Kwairanga said the organisation was open to working with the federal government, as well as stakeholders, towards improving the country’s credit profile.

“The capital market community is excited by the new government and the steps it has so far taken with respect to the economy as reflected in the tremendous growth in our market indicators,” he said.

“As a group, we are committed to working with the government to stimulate further growth in the economy, address higher capital costs, as this will go a long way to enhance Nigeria’s credit profile, and create a favourable environment for both domestic and foreign investors. “

The NGX boss further lauded the President Bola Tinubu-led administration for the various reforms that have resulted in the impressive performance of the market. 

He said the group is hopeful that the planned initial public offer (IPO) of the Nigerian National Petroleum Company Limited (NNPCL) will be fast-tracked by the current administration.

Speaking on the performance of the group, Kwairanga said that NGX Group demonstrated resilience in 2022, achieving a 10.3 percent increase in gross earnings to N7.5 billion, despite a challenging economic environment.

“Achieving an efficient capital mix and broadening our access to capital remain fundamental to our mission,” he said.

“The board will continue to assist the Management team in addressing long-term risks, strengthening the global NGX brand, and assessing progress toward our goal of being Africa’s preferred exchange hub. “

Commending the group’s performance, Oscar Onyema, chief executive officer, NGX Group, said the performance reflects the group’s commitment towards driving growth in Nigeria and Africa’s capital markets. 

Onyema said the group is proud to have generated multiple income streams that enabled it to overcome economic headwinds.

He expressed optimism about the opportunities and challenges of the group’s outlook. 

He spoke on the group’s commitment to leveraging its strengths and expertise to drive growth and value creation in Nigeria and other financial markets in Africa.

“NGX Group will continue supporting its operating subsidiaries, associates, and investee companies to deliver sustainable value creation for its shareholders,” Onyema said. 

“We will look to enhance our performance by continuously striving to optimize operations, increase revenue streams and expand our market reach.

“We are confident that these measures will enable us to build on the positive momentum we have achieved in recent years and drive growth in 2023 and beyond.”

During the meeting, the board and management of the NGX Group approved the appointment of six directors including Nonso Okpala (non-executive director), Sehinde Adenagbe (non-executive director), Ademola Babarinde (non-executive director),

Others are Mosun Belo-Olusoga (independent non-executive director), Mohammed Garuba (non-executive director) and Fatima Wali- Abdurraham (independent non-executive director).