NGXGROUP.COM REVIEW 2021 –EVERYTHING YOU NEED TO KNOW ABOUT NIGERIAN EXCHANGE GROUP (NGX GROUP) PLC
The Nigerian Exchange Group Plc (NGX Group) touts itself as Africa’s leading marketplace for securities trading and other notable financial services. Driven by its commitment to global prosperity, the NGX Group caters to the Nigerian financial ecosystem and fosters competition among African economies.
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Therefore, the Group invests heavily in technology and business innovation. In the financial sphere, the Group holds investments in three fintech companies, OTC platforms, Central Securities and Clearing Systems and NG Clearing Limited.
The Nigerian Exchange Group –or NGX Group –has undergone a series of developmental stages since it was established in 1960. The Group, which actually started as Lagos Stock Exchange, began trading under its current name “Nigerian Exchange Group” in 2021 following a major change in structure. In demonstration of its commitment to global best practices, the Nigerian Exchange Group serves as an active member of various relevant organizations.
Brief History of NGX Group
Previously operated under the name “Nigerian Stock Exchange”, the Nigerian Exchange Group is historically traced to the establishment of the Lagos Stock Exchange in 1960. As of then, the group had seven subscribers to its Memorandum of Association. These subscribers were (i) Chief Theophilus Adebayo Doherty (ii) Investment Company of Nigeria Ltd (ICON) (iii) Chief Akintola Williams (iv) C.T. Bowring and Co. Nigeria Ltd represented by R.S.V Scott (v) Alhaji Shehu Bukar (vi) Sir Odumegwu Ojukwu, and (vii) John Holt Limited.
Although it began operating informally in June 1961, the group was yet to swing into official operations until August 1961. At that time, it had 19 securities listed for trading. It is noteworthy that then, the group was still regarded as the Lagos Stock Exchange until it began trading under the name “Nigerian Stock Exchange” in 1977. Also noteworthy is that during its days of informal operation, the group had four companies as market dealers operating in the business premises of the Central Bank of Nigeria (CBN).
These four dealers included C.T. Bowring, John Holt, ICON (Investment Company of Nigeria), and Inlaks. Following the name change to “Nigerian Stock Exchange”, the group launched branches across some Nigerian commercial cities.
In 2013, X-GEN was launched and with X-GEN considered a significant and powerful tech platform, it’s noteworthy that the X-era (digital transformation of 2011) laid the groundwork for the launch of X-GEN. Also, the emergence of mobile trading technologies was possible as a result of how X-GEN had improved direct market access.
The name “Nigerian Stock Exchange” remained effective until the demutualization of the exchange group, hence resulting in the adoption of a new structure under the name “Nigerian Exchange Group Plc”. The structural change implies a diversion from the earlier non-profit member-owned structure to a profit-oriented shareholder-owned entity which now comprises three subsidiaries: NGX Real Estate Limited (NGX RELCO), NGX Regulation Limited (NGX REGCO) and Nigerian Exchange Limited (NGX Exchange). All of these subsidiaries are tied to the new trade name “Nigerian Exchange Group” (NGX Group).
Vision, Mission and Core Values of NGX Group
The NGX Group bills itself as a “result-oriented” and “people-focused” organization with a vibrant work environment. The Group is strongly committed to its vision of becoming “Africa’s preferred exchange hub” while still maintaining a work mechanism that favours innovation, growth and change.
As stated on its website, the NGX Group operates around the mission of equipping businesses and investors with the capability to save and access capital through its adaptable, efficient and dependable exchange hub.
The core values of the NGX Group are contained in the acronym “AIF”. With this acronym, the group therefore describes itself as being Ambitious, Inclusive and Fair. These three values –ambition, inclusiveness and fairness –stand as the principles guiding the operations of the Nigerian Exchange Group.
The Group consistently maintains its core values and clarifies that they are parts of the factors contributing to its success over the 60+ years of existence.
Services Rendered by the NGX Group
Riding on the strength of its subsidiaries, the NGX Group is a wide-ranging organization with a good deal of services namely:
- Ancillary technology
- Listing and trading securities
- Real estate
- Market data solutions
Subsidiaries of the NGX Group
The operations of NGX Group hinge on the backbone of the Group’s three subsidiaries: NGX, NGX RELCO and NGX REGCO.
NGX –this provides Africa’s leading hub for enhancing the flow of market information and facilitating capital generation. NGX further promotes a secondary market that allows for successful securities trading.
NGX RELCO –this is a leading provider of facility management services, real estate investment and customer-oriented property letting.
NGX REGCO –On the one hand, this arm of the NGX Group is concerned with the maintenance of equitable financial markets, and on the one hand, it enhances the implementation of fair listing and trading principles.
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