As part of ongoing activities aimed at improving business operations and processes at Nigerian Exchange Limited (NGX), the Board of the Exchange yesterday has approved a new strategy centered on digital transformation, strategic partnerships, and customer-centric solutions.
The Exchange in statement obtained by THISDAY noted that the new strategy will ensure that the bourse becomes a “LEADING” organisation with a focus on deepening the capital market, diversifying our products and services, enhancing retail participation, and delighting our stakeholders across board.
This comes on the back of impressive performance recorded at the Exchange following the demutualisation.
In 2021, NGX experienced growth in trading figures with the NGX All Share Index returning 6.1per cent and turnover in the fixed income market increasing by 158.19 per cent. Equity capitalisation rose by 5.89 per cent, while fixed income figures rose by 12.81 per cent during the year.
The statement noted that several landmark transactions were also recorded including the first-ever end-to-end digital offer in the Nigerian capital market, the ground breaking listing of BUA Cement Plc’s N115 billion Bond, the largest corporate bond issuance, etc.
According to NGX: “To effectively consolidate these results, the Board of the Exchange has approved the restructuring of the bourse to efficiently implement its new strategy.
“As part of the restructuring, the Board has equally approved a change in the organisational structure with the attendant workforce restructuring to better position the bourse to deliver competitive value in today’s dynamic technology-driven global capital market.
“The new structure, which will take effect from Tuesday, 1 March 2022, is designed to increase efficiency, enhance value, reduce cost, and maximise revenue generation.
“As such, the Exchange will transition from an operational structure of four Divisions, namely, Listings Business, Trading Business, Business Support Services, and Technology Services, to a refreshed operational structure of three Divisions namely: Capital Markets, Digital Technology, and Business Support Services. While there is a deep appreciation for the efforts of all employees in building the thriving Exchange that exists today, these actions are necessitated by the need to effectively position Nigerian Exchange Limited to lead the digitalisation and digital transformation of the Nigerian capital market.”
The statement added that:“ the new strategy reflects the Exchange’s commitment to developing the Nigerian capital market through agile, innovative, and disruptive approaches, which will in turn contribute to the growth of Nigeria’s economy.
“Ultimately, NGX remains focused on providing investors and businesses a reliable, efficient, and adaptable exchange hub in Africa, to save and access capital.”
