• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, July 5, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

NGX outlines benefits of Special Purpose Acquisition Companies

The Matters Press by The Matters Press
November 18, 2021
Reading Time: 2 mins read
0
Trading in Nigerian stock market dips further N83bn

RELATED POSTS

Dangote sugar begins production in Nasarawa soon

Guinness plans expansion, inaugurate water recovery plant

Dangote cement kicks off ‘bag of goodies 3’ promo

The Nigerian Exchange Ltd (NGX) has identified the Special Acquisition Compaines (SPACs) as a timely solution that will offer an alternative route to increasing the number of listings in the capital market.

The Head, Listing Business of the NGX, Mr Olumide Bolumole, said this at a webinar organised by the Exchange with the theme: “SPACs: An Alternative Route to Public Markets,” on Wednesday in Lagos.

SPAC is a company that has no commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.

Bolumole said that the NGX would ensure consistent engagement with stakeholders to further deepen knowledge on SPACs for qualified investors and sponsors.

ALSO READ  Trading in Nigerian stock market dips further N83bn

“In recent times, SPACs have experienced a steady rise in popularity across global markets due to the increased need for investors to explore opportunities in the capital market for diversifying investments and maximizing returns.

“At the Exchange, as we work toward becoming the preferred African exchange hub, propelling innovation in a range of areas, we have identified SPACs as a timely solution to proffer an alternative route to increasing the number of listings whilst maximieing and protecting shareholders’ value.

“The purpose of this webinar is primarily to create awareness among capital market stakeholders and investing public on the existence of this innovative vehicle as well as arouse the appetite of credible sources.

“We believe that through this webinar, we can achieve this objective ahead of the launch of SPACs in the Nigerian capital market,” he said.

The Executive Commissioner, Securities and Exchange Commission (SEC), Mr Dayo Obisan, during his goodwill remarks said that SPACs had the potential to de-risk or shorten the IPO process.

ALSO READ  Stock market resumes week bearish, down by 0.38%

Obisan, who was represented by the Head of Securities, Investment Services, SEC, Mr Alhassan Sidi, commended the NGX for the webinar to highlight the opportunities available to the market to access financing through SPACs.

“I must commend NGX for putting this webinar together to highlight the opportunities available to the market to access financing through SPACs at a time when we need to deepen our markets.

“We will all agree that the collaborative efforts of stakeholders is more critical than ever if we will provide an enabling framework that will not only spur the development of SPACs, but will also aid in growing and deepening the market whilst ensuring that investors are properly protected,” he said.

According to him, SEC is currently in the process of developing it’s rule on SPACs in line with other rules and regulations to protect investors.

ALSO READ  Stock market’s Index hits 44,000 mark

“As a tradition with the commission, it will expose the draft rules to the market for feedback,” he noted.

The Chief Executive Officer, Orango Investment, Mr Eric Guichard, said that the awareness webinar by the NGX was commendable as it was the first in the continent to talk about such advanced and sophisticated instrument.

Guichard said that Orango’s target was to take advantage of the Africa Free Trade Agreement to identify companies both on the public and private side and scaling them to take advantage of the new framework.

“We have also looked at ways of normalising African assets internationally in order to attract global capital into African markets and we believe that SPAC represents a powerful instrument that can be leveraged by various exchanges on the continent,” he said.

Tags: Stock market
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Buhari inaugurates $73m fund to boost Sugar production
Business

Dangote sugar begins production in Nasarawa soon

July 5, 2022
Guinness brewery in Aba hit by fire
Business

Guinness plans expansion, inaugurate water recovery plant

July 5, 2022
Dangote Cement commences Tranche II share buyback
Business

Dangote cement kicks off ‘bag of goodies 3’ promo

July 5, 2022
Buhari underscores the opportunities in a single African air transport
Business

Aviation minister stresses need for private investment to ensure efficiency

July 5, 2022
Nigeria has not taken decision yet on fuel subsidy
Economy

LCCI calls for fuel subsidy removal, increased refining

July 5, 2022
DMO opens offer for 4th N250bn Sukuk fund
Economy

DMO lists N250bn Sovereign Sukuk on NSE, FMDQ

July 5, 2022
Next Post
Trading in Nigerian stock market dips further N83bn

Bears resurface on NGX, indices down by 0.22%

Jaiz Bank expands with new branches

Federal, States, Councils share N671.9bn

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Free Trade Zones: Nigeria increases licence validity period

Free Trade Zones: Nigeria increases licence validity period

March 10, 2022
79 candidates for presidential election

INEC urges election observers to submit reports

June 18, 2019
Eswatini for $140m Afreximbank’s credit

Afreximbank’s Kanayo makes list of Nigeria’s “100 Leading Women”

April 30, 2022

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • Highest score in Common entrance, NECO unveils placement policy

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Dangote sugar begins production in Nasarawa soon
  • Guinness plans expansion, inaugurate water recovery plant
  • Dangote cement kicks off ‘bag of goodies 3’ promo

Categories

  • Agriculture
  • Business
  • Economy
  • Entertainment, Religion
  • Features
  • Foreign
  • Health
  • Multimedia
  • Natural Resources
  • News
  • Opinion
  • Photo
  • Politics
  • Security
  • Special News
  • Sports
  • Technology
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?