Nigerian Exchange Group Plc has said it is set to launch a campaign to project its new positioning and commitment to the African financial markets as a leading capital market infrastructure provider, connecting Nigeria, Africa and the world. It said the campaign, themed ‘The Stock Africa Is Made Of’, would kick off
BY Chris Paul
On the cusp of its 60years anniversary of incorporation and trading, The Nigerian Stock Exchange is now restructured via the process of demutualisation, into the Nigerian Exchange Group Plc (NGXGRP). The Group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent securities regulator for NGX; and NGX Real Estate Limited (NGX RELCO), the real estate company. The structure has been approved by the Securities and Exchange Commission of Nigeria (SEC) and the entities duly registered at the Corporate Affairs Commission (CAC).
Subsequent to this approval, the Group Chairman of NGXGRP, Otunba Abimbola Ogunbanjo, had said: “Successful demutualisation was one of my fundamental objectives when I assumed the Presidency of The Exchange. The SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that ha
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS/Afolabi Sotunde
ABUJA (Reuters) - The Nigerian Exchange Group quoted 1.9 billion shares on the over-the-counter market NASD on Wednesday at 25 naira each, giving it a valuation of 47.5 billion naira ($125 million), exchange data showed.
The listing makes the Nigerian bourse Africa’s second to be listed after the Johannesburg Stock Exchange.
It began changing its ownership structure from a mutual company of stockbrokers in 2017, adding new shareholders in a process known as “demutualisation”.
It then re-registered as a profit-making entity, owned by shareholders, called the Nigerian Exchange Group Plc, after being a not-for-profit entity.
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The Nigerian Exchange Limited has listed BUA Cement Plc’s N115 billion 7-Year Series 1 Fixed Rate Senior Unsecured Bond issue, the first listing in the NGX era.
The listing was commemorated with a digital Closing Gong Ceremony featuring the Chief Executive Officer, BUA Cement Plc, Mr Yusuf Haliru Binji, according to a statement by NGX.
Speaking during the ceremony, the Divisional Head, Listings Business, NGX Limited, Mr Olumide Bolumole, said, “In line with its commitment to support Nigeria’s economic growth by providing a liquid, efficient, and multi-asset securities exchange hub, NGX Limited continues to provide a platform that offers investors varied options including equity, fixed income, exchanged traded products and other funds.
Nigerian Exchange (NGX) Open For Business With BUA Cement s N115Bn Bond mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.