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By Chukuwma Umeorah
The Nigerian Exchange Limited (NGX) and United Bank for Africa (UBA) are set to collaborate on Diaspora investments in the Nigerian capital market.
This was revealed at the Closing Gong Ceremony held to welcome the newly appointed GMD of UBA, Mr. Oliver Alawuba, DGM, Mr. Muyiwa Akinyemi and other management in Lagos recently.
Speaking on the development, the Chief Executive Officer, NGX, Temi Popoola, stated that the exchange is positioned to solve challenges in the capital market, a step it believes sets the NGX ready for the future.
“Through technology, we are repositioning the Exchange in our interaction with issuers and other capital market stakeholders. In December 2021, we successfully introduced the first digital offer platform that attracted a large amount of retail participation from the younger Nigerian demography. We are, therefore, encouraging UBA to take advantage of this digital platform for future equity capital formations and broaden its shareholding structure”, Popoola said.
He also noted that the strategic direction for the Exchange was to attract the underbelly of the Nigerian economy and Nigerians in Diaspora, giving other product options to those interested in digital assets and not stocks.
Also speaking, the GMD, UBA Plc, Oliver Alawuba, said there was a need to ensure millennials and Gen Z key into opportunities at the exchange.
Alawuba said, “We need to collaborate on digital Banking to ensure the younger generation can conveniently buy into the stocks traded on the Exchange for enormous opportunities. We are also open to collaborate with NGX to attract the Diaspora community to invest in the Nigerian capital market.”
For his part, the Director, NGX and Chairman, NGX Real Estate Limited, Erelu Angela Adebayo, while congratulating the new GMD noted that NGX will continue to stimulate the growth of the Nigerian economy while pursuing strategic partnership with both public and private sector stakeholders.
Meanwhile, transactions at the NGX, yesterday, closed on a negative note as the benchmark index declined by 0.07 per cent to close at 49,540.48 points. Depreciation in the shares of AccessCorp, Dangote Sugar, Oando, International Breweries led to the negative sentiments in the market.
