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NGX Group to Optimize Profit through Partnership, Digital Business Model

Nigerian Exchange Group (NGX Group) has assured that the group would focus on profit optimization through stakeholders’ partnership, innovativeness and digital business model.

The group also said it was well-positioned to deliver value to shareholders in its new growth phase.

At the maiden yearly general meeting of NGX Group after its demutualization, shareholders approved the group’s proposals to introduce equity-based incentives for employees’’ remuneration, employee share ownership plan and a long-term incentive plan. This is to align the interests of internal stakeholders with those of shareholders in long-term value creation.

The group ended the 2020 financial year with net asset growth of over 10 per cent to N31.28 billion. The meeting, which was the first as a demutualised entity, marked a historic moment.

In addition to 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.

The Group Chairman, NGX Group Plc, Abimbola Ogunbanjo, said: “This meeting is historic in that it marks the first time in the history of the NGX Group that its AGM will be held outside the hallowed confines of the exchange house in Lagos.”

He noted that the choice of Abuja as the venue of the meeting is in recognition of the integral role the Federal Government played in actualizing the demutualization of NSE and its support in establishing NGX Group.

According to him, the group is already actualizing the benefits of demutualization, including the alignment of stakeholders’ interests in the value created by the new Group under a revised corporate governance framework despite the global pandemic.

“I am both thankful for the invaluable support of our stakeholders and pride of the resilience NGX Group continues to demonstrate after over six decades”, he added.

Ogunbanjo further stated that the group received approval of new equity-based incentive schemes for employees which are in line with the authority granted to directors by members of the defunct NSE at an Extraordinary General Meeting (EGM) conducted in March 2020.

He pointed out that strict adherence to global best a practice has enabled the group to attract and retain the best talent.

Group Managing Director/Chief Executive Officer, NGX Group Plc, Oscar Onyema, applauded the shareholders for endorsing the resolutions proposed at the meeting.

He said the 2020 results reflected the challenging macroeconomic and market conditions as well as operational resilience of the group.

SOURCE: THE GUARDIANS

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