The Nigerian Exchange Group Plc (NGX Group) has concluded plans to unveil an e-offering platform in preparation for the banks’ recapitalisation exercise,
The platform, designed to revolutionise public offerings and the rights issue process in the Nigerian capital market is, however, subject to the approval of the Securities and Exchange Commission (SEC).
It provides a smarter, more convenient and efficient way to manage public offers.
Group Managing Director of NGX Group, Temi Popoola, disclosed this at a news conference and stakeholder engagement session held on Wednesday in Lagos.
Popoola stated that the platform marked an important moment in the evolution of the Nigerian capital market.
He added that with the support of SEC and other capital market stakeholders, the Exchange had developed an end-to-end digitised market infrastructure platform which will distribute financial products, particularly for public offers and rights issues, using an online platform that provides a level playing field for all participants.
“I can assure the investing public that robust payment systems, comprehensive Know Your Customer (KYC) protocols and strong fraud, and risk management measures are fully integrated into the platform.
“The e-offering platform ensures that standard capital market intermediation is upheld without compromise,” he said.
In his address, Dr Emomotimi Agama, Director-General of SEC, commended the NGX Group and its partners on the initiative.
He said the digital transformation initiative was a testament to a shared commitment to fostering an innovative, efficient, and reliable capital market, embedded in tthe industry’s master plan.
He further noted that by leveraging technology, regulators and operators can attract the younger generation of investors, enhance regulatory oversight, and create a world-class market.
In his remarks, the NGX Group Chairman, Dr Umaru Kwairanga, appreciated SEC for its support in digitalising the capital market while urging all stakeholders to embrace the e-offering initiative.
