NGX Group Shareholders Support All Resolutions at the 60th Annual General Meeting


Thursday, September 09, 2021 / 02:35 PM / by NGX / Header Image Credit: YouTube; Nigerian Exchange Group

Shareholders of Nigerian Exchange Group Plc (NGX Group or the Group), formerly The Nigerian Stock Exchange (NSE), today, 9 September 2021, voted in support of the resolutions presented by the Group at its 60th Annual General Meeting (AGM).


The meeting, which is the first AGM of the Group as a demutualised, shareholder-owned, for-profit entity, further to previous shareholder and regulatory approvals, marked a historic moment.

In addition to the re-election of the Non-Executive Directors who were retiring by rotation and the election of the members of the Audit Committee, shareholders also approved the proposed remuneration for the Board and non-executive members of the erstwhile National Council of the NSE. 


Shareholders approved the Group's proposals to introduce equity-based incentives to employees' remuneration, including an Employee Share Ownership Plan and a Long-Term Incentive Plan, aligning the interests of internal stakeholders with those of shareholders in long term value creation.


Commenting at the AGM, the Group Chairman, NGX Group Plc, Otunba Abimbola Ogunbanjo stated, "This meeting is also historic in that it marks the first time in the history of the NGX Group that its AGM will hold outside the hallowed confines of the Exchange House in Lagos and we have chosen the Federal Capital Territory - Abuja - in recognition of the integral role the Federal Government of Nigeria played in actualising the demutualisation of NSE and its support in establishing NGX Group. I am both thankful for the invaluable support of our stakeholders and proud of the resilience NGX Group continues to demonstrate after over six decades. Despite the global pandemic and other economic shocks, it is indeed noteworthy that we have already begun to actualise the benefits of demutualisation including the alignment of stakeholders' interests in the value created by the new Group under a revised Corporate Governance framework".


Speaking on outcomes of the AGM, Ogunbanjo further stated, "We received approval of new equity-based incentive schemes for employees which are in line with the authority granted to Directors by then Members of NSE at an Extraordinary General Meeting conducted in March 2020 and adhere to global best practices allowing us to attract and retain the best talent. Today, I am more confident than ever that the Group is well-positioned to deliver value to shareholders as we move into a new growth phase".


The Group Managing Director/Chief Executive Officer, NGX Group Plc, Oscar N. Onyema, OON, said, "We thank our shareholders for their support of the resolutions proposed at today's meeting. Our 2020 results reflect the challenging macroeconomic and market conditions, as well as operational resilience of the Group with income and resulting surplus after tax valued at N6.02Bn and N1.84Bn respectively. In the context of COVID-19 pandemic, we maintained tight cost controls, which reduced expenses by 13% despite investments in technology that allowed us to operate remotely with zero downtime. The Group ended Year 2020 in a sound financial position with net asset growth of over 10% to N31.28Bn".


Looking ahead, NGX Group and its wholly-owned subsidiaries - Nigerian Exchange Limited, NGX Regulation, and NGX Real Estate - continue to advance the realisation of our vision to be Africa's leading integrated capital market infrastructure provider. As the Group progresses its plans to list on Nigerian Exchange, we look forward to welcoming a broader group of investors to share in our journey.


Proshare Nigeria Pvt. Ltd.


Related News

  1. NGX CEO Lauds Technology as Strategic Lever for Exchange of the Future
  2. NGX Highlights Opportunities in Green and Sukuk Bonds
  3. NGX Transitions X-FactBook to Digital Publication, Releases 2021 Edition
  4. Nigerian Exchange Group Commemorates 60 Years of Enabling Africa's Largest Economy
  5. NGX, NGCL Engage Trading License Holders on Derivatives Trading
  6. FG to Partner Stockbrokers for Optimal Use of Capital Market
  7. Collaboration between Registrars and Capital Market Operators, Key to Solving Unclaimed Dividends
  8. NGX Securities Lending Market Value Rises to N513m
  9. A Gloomy July: Total Value Traded Declines to 46-Month Low
  10. Domestic and Foreign Portfolio Participation in Equity Trading - July 2021
  11. The Hurried Return of Nigeria's Overnight Millionaires
  12. Dealing in Penny Stocks - Win Big or Go Home Empty
  13. SEC Nigeria to Hold Second CMC Meeting in 2021 on August 12th and 13th
  14. June 2021 Domestic and FPI Report: Activity Level Rebounds as Retail Investors Spur Performance
  15. Domestic and Foreign Portfolio Participation in Equity Trading - June 2021
  16. Why Trading Financial Markets is the New Nigerian Dream
  17. AELP Link to Boost Trading Between NGX and Other African Exchanges
  18. Seplat Kicks off Capital Markets Day with NGX Closing Gong Ceremony


 Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News