By George George Idowu
The Nigerian Exchange Group (NGX Group) has unveiled NGX Invest, a digital platform designed to streamline public offerings and rights issues in the Nigerian capital market.
The launch came on board after the approval by the Securities and Exchange Commission (SEC), in a statement released on Thursday.
It said NGX Invest is now live, promising an efficient, convenient, and seamless experience for managing primary market transactions.
Director-General of SEC, Dr. Emomotimi Agama commended the initiative, stating that the E-Offering Platform aligns with the objective of future-proofing the Nigerian capital market.
He said: “By digitalizing and automating financial intermediation processes, we are fostering a more efficient, transparent, and inclusive capital market.
“Our focus is on creating an enabling regulatory environment that promotes innovation without compromising compliance and investor protection. I commend NGX Group for its strategic investment in advancing our capital markets.”
Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX Group, praised the supportive regulatory environment, which he said provided a solid foundation for the platform’s swift delivery.
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“This reflects our mutual commitment to market development and will undoubtedly boost retail investor participation in the capital market,” he said.
Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, expressed enthusiasm for the new platform, noting its significance in NGX Group’s digital transformation journey and its ability to enhance market access and foster economic growth.
In his words: “We appreciate SEC and CBN for their strong support and leadership. Our intermediaries and partners, including the Central Securities Clearing System (CSCS), have been instrumental in achieving this success.
“This platform demonstrates our commitment to innovation and strengthening Nigeria’s capital markets.”
On the part of the CEO of NGX, Jude Chiemeka, highlighted the platform’s transformative potential, saying, “NGX Invest addresses the demand for a more efficient and transparent process in managing public offers and rights issues. It will expedite reconciliation and allotment processes, reduce unclaimed dividends, and boost investor confidence.”
NGX Invest represents a significant leap forward in enhancing stakeholder experience within Nigeria’s capital market. Building on the success of the country’s first digital public offering in 2021, NGX Invest sets a new standard for transparency and accessibility in primary market transactions.
The launch of NGX Invest coincides with the Central Bank of Nigeria’s (CBN) Banking Recapitalisation directive, which has prompted numerous offers for subscription and rights issue announcements by Nigerian banks.
Both the CBN and SEC have provided robust regulatory support for this initiative. Investors can now access the platform at https://invest.ngxgroup.com. Access Holdings Plc, FCMB Group, Fidelity Bank Plc, and Guaranty Trust Holding Company Plc are already utilizing the NGX Invest APIs.
