Nigerian Exchange Group Plc’s shareholders have approved all resolutions proposed by the Board of Directors at its 62nd Annual and General Meeting (AGM), which held in Lagos on Friday, 14 July 2023.
The AGM, which was in accordance with the provisions of Section 235 of the Companies and Allied Matters Act (CAMA) 2020, saw Dr. Umaru Kwairanga, Dr. Ikechukwu Itanyi, and Mrs. Ojinika Olaghere, three non-executive directors who are retiring by rotation, re-elected by shareholders.
Mr Oluwole Adeosun, Mr Chidi Agbapu, Mr Patrick Ajayi, and Mrs Fatimah Bintah Bello-Ismail retired from the board. Shareholders approved the appointment of Mr Nonso Okpala, Mr Mohammed Garuba, Mr Sehinde Adenagbe, Mr Ademola Babarinde (all Non-Executive Directors) to the board of NGX Group. Mrs Mosun Belo-Olusoga and Mrs Fatima Wali-Abdurraham (Independent Non-Executive Directors) were also appointed to the board of directors.
Furthermore, shareholders approved the amendment of Article 24 of the Company’s Articles of Association to read, “The Board may increase the issued share capital of the Company and allot new shares of such amount as it considers expedient, provided that a prior approval to do so has been obtained from Shareholders at a General Meeting.”
Shareholders who spoke at the AGM, commended the group’s performance and urged the board to consider paying dividend in the next financial year.
Responding, the Chairman, NGX Group, Dr Umaru Kwairanga, thanked shareholders for cooperating extensively with the Board and Management of the Group in delivering the dividends of demutualization and enhancing shareholder value. “NGX Group remains ardently involved and dedicated to our business with emphasis on executing our growth strategy and establishing structures and processes for lasting value creation. Our holistic strategy encompasses diversification across the capital market value chain, capability expansion, scalability, consolidation and capital structure reinforcement. Looking ahead, 2023 offers promising opportunities for our economy. Our goal is to expand the reach of the capital market, facilitate capital raising for entrepreneurs and streamline the listing process in the Nigerian capital market.”
Dr. Kwairanga lauded president Tinubu-led administration for the various reforms that have resulted in the impressive performance of the market. “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. 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”, he said.
He further noted that the Federal government needs to eke out more friendly market policies that will engender growth as consistent and faithful implementation of market policies will help businesses to thrive. He added that the group is hopeful that the planned Initial Public Offer (IPO) of the NNPC Limited will be fast-tracked by the Tinubu-led administration.
Oscar N. Onyema, GCEO, NGX Group, noted that the group demonstrated remarkable resilience in 2022, achieving a 10.3% increase in gross earnings to N7.5 billion, despite a challenging economic environment. He noted that NGX Group remains committed to optimizing expenses, safeguarding its financial position, and diversifying its revenue streams whilst exploring new strategic opportunities. “Our vision is to continue to build a world-class company that plays a pivotal role in driving economic growth and prosperity in Africa. With your unwavering support and dedication, I am confident that we can achieve our goals and make a lasting impact that will benefit generations to come”.