NGX Raised N3.85 Trillion For Gov’t, Corporate Projects In 2023 — CEO

Acting Chief Executive Officer (CEO), Mr. Jude Chiemeka, of the Nigerian Exchange Ltd. (NGX), says the stock market facilitated the raising of over N3.85 trillion by government and corporate entities to finance various projects.

Chiemeka stated this in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos while providing insights into the contributions made by the NGX in 2023.

He said the figure demonstrates the pivotal role of the stock market in enabling capital formation and investment in the economy.

Chiemeka said that the substantial tax contributions made by the top five listed companies amounted to over N362 billion to the federal government, with dividends of N962 billion paid.

“Our market continued to be resilient in providing stakeholders with a platform to raise capital and invest. Year to date, NGX has facilitated the needed financing of more than N3.85 trillion in capital raised by governments and corporates across various asset classes,” he said.

“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 said this shows the positive impact of the stock market on government revenue and shareholder returns.

Chiemeka spoke on the resilience and reliability of the NGX, highlighting the diverse investment opportunities provided by the exchange, including equities, fixed income, derivatives, and other Exchange Traded Products (ETPs) like Mutual Funds and Exchange Traded Funds (ETFs). He noted this signifies the NGX’s commitment to offering a robust and efficient platform for investors across various asset classes.

Chiemeka said that the market’s role in long-term investing and innovation reflects the exchange’s dedication to fostering a dynamic and responsive capital market. He maintained that the investments in technology by NGX aimed at ensuring a seamless and uninterrupted transaction experience for investors underscore the Exchange’s commitment to operational excellence and customer satisfaction.

Chiemeka explained that, following returns recorded by the market in the last five years, the NGX remains a dependable platform for investors.

“We have continued our advocacy efforts with the Nigerian government on behalf of our listed corporates on tax reforms, prioritisation of foreign exchange allocation, and stakeholder engagement. The Exchange’s support for listed companies extends to enhancing investor and customer understanding of the unique benefits and added assurance associated with investing in such companies,” he said.

(NAN)

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