NGX Group Approves ₦4.4 Billion Dividend, Sets Sights on Private Capital Market Expansion
The Nigerian Exchange Group (NGX Group) Plc has approved a ₦4.4 billion dividend payout to shareholders, marking a dividend of ₦2 per share for the 2024 business year. At its annual general meeting in Lagos, GCEO Temi Popoola outlined an ambitious strategy to expand into the private capital space, aiming to attract venture capital and private equity deals. This move comes as a response to the recent trend of companies delisting from the Nigerian capital market, which has raised alarms among investors and stakeholders alike.
Mr. Temi Popoola emphasized the NGX Group’s intent to reposition itself as more than just a public equity platform by actively pursuing private capital flows. He noted that global trends indicate a rising preference for private funding, especially in tech sectors, and Nigeria’s own unicorns have thrived without listing publicly. NGX is now working to ensure the market remains competitive by facilitating funding for private companies, thereby keeping capital flows within its ecosystem even if public listings decline.
The NGX is also collaborating closely with the Securities and Exchange Commission (SEC) to implement institutional reforms that will bolster the capital market’s attractiveness. Popoola acknowledged that while some delisting drivers are global in nature, there are many strategic levers NGX can pull locally to retain and attract firms. Notably, Nigeria will soon host a major global event for private capital investors, signaling growing international interest in the country’s investment space.
In terms of performance, Chairman Dr. Umaru Kwairanga highlighted NGX Group’s impressive financials for the year. The company recorded a 157.3% surge in profit before tax and a 103.2% rise in gross earnings, totaling ₦24 billion. He assured shareholders of NGX’s unwavering focus on redefining market standards and building a resilient, inclusive financial system that supports a diverse investor base, even amid broader macroeconomic uncertainties.
Source: The nation