Nigeria’s Stock Market Raised N3.85trn Capital For Firms, Govt In 2023 — NGX CEO

The Acting Chief Executive Officer (CEO), Nigerian Exchange Ltd. (NGX), Mr Jude Chiemeka, has stated that the stock market played a role in raising N3.85trn in capital by government and corporate entities throughout 2023 to finance different projects.

Chiemeka said this on Friday during an interview, where he highlighted the contributions from the top five listed companies, with over N362bn in taxes directed to the federal government and N962bn disbursed as dividends

He stressed the stock market’s resilience in providing a platform for capital formation and investment, spanning various asset classes.

Chiemeka expressed NGX’s commitment to being the African Exchange of choice, aiming to assist issuers in deriving great value from their market interactions.

He outlined ongoing efforts to enhance corporate governance through rule adoption and the provision of tailored products and services for investors in a fair and orderly market.

He said, “Our market continued to be resilient in providing stakeholders with a platform to raise capital and invest.

“Year to date, NGX has facilitated needed financing of more than N3.85trn in capital raised by governments and corporates across various asset classes.

“We remain committed to assisting issuers derive great value from their interactions with the market, by positioning ourselves as the African Exchange of choice.

“We will continue to adopt rules, aimed at improving the corporate governance of our listed firms. We also offer products and services that are tailored to the needs of investors in a fair and orderly market.”

The CEO noted the impact of the stock market on government revenue and shareholder returns, emphasizing NGX’s diversity in investment opportunities, including equities, fixed income, derivatives, Mutual Funds, and Exchange Traded Funds (ETFs).

Chiemeka also highlighted NGX’s dedication to fostering a dynamic and responsive capital market, showcasing investments in technology to ensure a seamless transaction experience, reinforcing the Exchange’s commitment to operational excellence and customer satisfaction.

Reflecting on the market’s consistent performance over the last five years, Chiemeka affirmed NGX as a dependable platform for investors.

He,however, outlined ongoing advocacy efforts with the Nigerian government, addressing tax reforms, foreign exchange allocation prioritization, and stakeholder engagement.