Amid bullish sentiments seen in Nigeria’s stock market recently, the Board and Management of Nigerian Exchange Group Plc (NGX Group) have said that they are open to working with the Federal government, as well as stakeholders towards improving the country’s credit profile and creating a favourable environment for both domestic and foreign.
This was disclosed by the Group Chairman, NGX Group, Alhaji Umaru Kwairanga, during the Group’s 62nd Annual General Meeting (AGM) which took place in Lagos on Friday.
Addressing shareholders at the meeting, 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, and 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.
Kwairanga 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.
Speaking on the performance of the group, Kwairanga noted that NGX Group demonstrated resilience in 2022, achieving a 10.3% increase in gross earnings to N7.5 billion, despite a challenging economic environment.
“We are confident that these measures will enable us to build on the positive momentum we have achieved in recent years and drive growth in 2023 and beyond”, he said.
Shareholders approved all resolutions on the agenda, which included the appointment of six Directors of Nigerian Exchange Group Plc: Mr Nonso Okpala (Non-Executive Director), Mr Sehinde Adenagbe (Non-Executive Director), Mr Ademola Babarinde (Non-Executive Director), Mrs Mosun Belo – Olusoga (Independent Non-Executive Director), Mr Mohammed Garuba (Non-Executive Director) and Mrs Fatima Wali- Abdurraham (Independent Non-Executive Director).