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The Nigerian Exchange Group’s digital investment platform, NGX Invest, has received approval from the Securities and Exchange Commission (SEC). This innovative platform is designed to streamline public offerings and rights issues in the capital market, promising an efficient and seamless experience for managing primary market transactions.
The NGX highlighted the platform’s successful launch, which follows the country’s first digital public offering in 2021. That initial offering attracted over 150,000 new retail investors, with 75 percent being female and 85 percent under the age of 40. The NGX Invest platform aims to enhance transparency and accessibility in primary market transactions.
The launch of NGX Invest coincides with the Central Bank of Nigeria’s banking recapitalization directive, leading to numerous subscription offers and rights announcements by Nigerian banks. Currently, Access Holdings, FCMB Group, and Fidelity Bank are using the NGX Invest APIs to distribute their offerings to retail investors, with more banks in the process of onboarding.
Emomotimi Agama, Director-General of the SEC, commended the initiative, stating, “The e-offering platform aligns perfectly with our objective of future-proofing the Nigerian capital market. By digitalizing and automating financial intermediation processes, we are fostering a more efficient, transparent, and inclusive capital market. Our focus is on creating an enabling regulatory environment that promotes innovation without compromising compliance or investor protection.”
Umaru Kwairanga, Group Chairman of NGX Group, praised the supportive regulatory environment, noting, “This solid foundation has enabled the swift delivery of the platform, reflecting our mutual commitment to market development. It will undoubtedly contribute to boosting the participation of retail investors in the capital market.”
Temi Popoola, Group Managing Director and CEO of NGX Group, expressed enthusiasm for the new platform, emphasizing its significance in NGX Group’s digital transformation journey and its potential to enhance market access and foster economic growth. “We sincerely appreciate SEC and CBN for their strong support and leadership. Our intermediaries and partners, including the Central Securities Clearing System, have been instrumental in achieving this success. This platform demonstrates our commitment to innovation and strengthening Nigeria’s capital markets, particularly as we support the banking sector’s recapitalization efforts,” he said.
Jude Chiemeka, CEO of NGX, highlighted the platform’s transformative potential, noting, “NGX Invest addresses the demand for a more efficient and transparent process in managing public offers and rights issues. The platform will expedite reconciliation and allotment processes, reduce unclaimed dividends, and boost investor confidence. All stakeholders – including investors, registrars, issuing houses, brokers, banks, and regulators – stand to benefit significantly from this innovation.”
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