• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 26, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NGX eyes more technology firms to deepen sector

NGX

The Matters Press by The Matters Press
January 26, 2023
Reading Time: 3 mins read
0
SEC frowns at resurgence of Ponzi schemes

Mr Temi Popoola, Chief Executive Officer (CEO) of the Nigerian Exchange Ltd. (NGX), says the nation’s bourse aims to drive more technology companies to the Exchange and deepen capital formation in the sector.

RELATED POSTS

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Popoola said this at the presentation of the NGX 2022 Market Recap and 2023 Outlook held virtually on Wednesday in Lagos.

He said that the NGX Technology Board listing rules were approved by the apex regulator, the Securities and Exchange Commission (SEC) in December 2022.

The CEO said, “Currently we are in consultations with stakeholders in the sector and we are confident of securing a few big names within the year.”

On strategic partnerships, Popoola said that NGX would be forging more with development finance institutions, banks, both local and international, to further develop the market.

He also said that the management of NGX planned to do more on trading to improve data dissemination and attract a larger investor base, especially from the retail side.

Popoola emphasised that the Exchange would be using listings as a vehicle for meeting strategic aspirations as the new dispensation comes in through increased advocacy and engagements.

“NGX sees sustainability as not just important but also a profitable frontier of its business and work is ongoing on developing a framework for certifications in carbon credits trading, pending regulatory approval.

“On the capital market’s digital transformation, the Exchange is working on USSD launch in collaboration with Telecommunications, banks; unlocking the African Capital markets via payment integration with Afreximbank’s Pan African Payment Settlement System.

“Altogether, 2023 is likely to be a new dawn for the market and the Nigerian economy as significant events take shape in the macroeconomic and political environments,” he said.

On the review of the exchange, the NGX boss said it made a strong showing with its performance in 2022, as it recorded landmark transactions.

Popoola said, “In 2022, the equities market performance was evidenced by the 19.98 per cent increase in the NGX All-Share Index, which rose from 40,270.72 points to 51,251.06 points, just as the market capitalisation also closed at a high of N27.92 trillion, up from N21.06 trillion in 2021.

According to him, the total turnover of trades in 2022 improved by 27 per cent from N916 billion to N1.16 trillion year-on-year from 2021, while market participation was heavily skewed to the domestic investors.
The Fixed Income market saw a slight uptick in turnover to N3.89 billion in 2022 from N3.53 billion recorded in 2021.

This represents a 10.20 per cent year-on-year increase.

The NGX boss said the Exchange Traded Funds market capitalisation increased from N7.35 billion in 2021 to N8.42 billion in 2022, representing a 14.56 per cent increase in the market capitalisation.

“Stanbic IBTC ETF 30 which tracks the performance of NGX 30 index was the best performing ETF in 2022, having began the year at N68.5 and closed at N245, reflective of 257.66 per cent returns.

“ETF transactions fell from N34.22bn in 2021 to N211.02 million in 2022. This represents a 99.38 per cent decline in ETF turnover.

“Altogether, this signalled a good year for the Exchange despite global macroeconomic headwinds,” Popoola added.

On Listings, the CEO said that the yearly performance can be attributed in part to the N4.3 trillion in listings recorded by NGX across Equities and Fixed Income markets.

These listings include the raising of N2.54 trillion of bond listings for the Federal Government of Nigeria, as well as equity listings totalling N1.35 trillion from companies such as BUA Foods Plc and Geregu Power Plc.

Corporate bond listings also contributed significantly to the Exchange’s performance, with a total of N364.78 billion raised through listed instruments.

They include Dangote Industries Plc’s N177.12 billion senior unsecured bonds, Lagos Free Zone Company SPV Plc’s N25bn fixed rate infrastructure bonds and Ardova Plc’s N11.44bn and N13.86bn fixed rate senior unsecured bonds.

NGX also listed FGN Multi-Tranche $4 billion eurobonds which further demonstrated its diversity of offerings and its ability to attract a wide range of businesses looking to raise capital.

The value of these listings displays NGX’s commitment to positioning itself as a premier location for capital raising and formation, as well as its ongoing development efforts in the Nigerian capital market post its demutualisation.

The Managing Director-Head of Strategy at EFG Hermes Research, Mr Simon Kitchen, advised the incoming administration to ensure that MSCI, the frontier index provider, does not remove Nigeria from its index.

The MSCI Frontier Markets Index captures large and mid-cap representation across 28 Frontier Markets (FM) countries.

The index includes 96 constituents, covering about 85 per cent of the free float-adjusted market capitalisation in each country.

Kitchen said that the MSCI had been considering whether to remove Nigeria from its frontier index for some months now but deferred the removal until June 2023.

He suggested that the incoming administration would have to address the issue frontally.

“The new government in the first half of 2023 should ensure it solves the currency issue to prevent Nigeria from being removed from the frontier index, to create more inflow in the Nigerian stock market from foreign investors because right now the inflow is limited,” he said.

Tags: NGXTechnology
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Next Post
NBS reports increase in Inflation

Experts proffer solutions to rising inflation

Nigeria hosts Saudi investors in March

Recommended Stories

Troubling Abuja-Kaduna highway in focus

Troubling Abuja-Kaduna highway in focus

November 28, 2021
Stable petrol supply excites Buhari

Decrease in Petroleum Products Importation Indicates Nigeria’s Emergence as a New Global Economic Power

February 2, 2025
Bayelsa state wants more investment from Shell

Shell pledges support for FG’s effort to preserve Oloibiri heritage

February 22, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

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

© 2025 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