The Nigerian Exchange Group (NGX) is pleased to announce that its digital investment platform, NGX Invest, has received approval from the Securities and Exchange Commission (SEC). The platform, which is now live, aims to streamline public offerings and rights issues in the capital market, providing an efficient, convenient, and seamless experience for managing primary market transactions.
NGX Invest builds on the success of the country’s first digital public offering in 2021, which attracted over 150,000 new retail investors, with 75% being female and 85% under the age of 40. The platform aims to enhance transparency and accessibility in primary market transactions, aligning with the SEC’s objective of future-proofing the Nigerian capital market.
The launch of NGX Invest coincides with the Central Bank of Nigeria’s banking recapitalization directive, which has led to numerous subscription offers and rights announcements by Nigerian banks. Access Holdings, FCMB Group, and Fidelity Bank are already utilizing the NGX Invest APIs to distribute their offerings to retail investors, with more banks in the process of onboarding.
The SEC’s Director-General, Emomotimi Agama, commended the initiative, stating that the e-offering platform aligns perfectly with the commission’s objective of creating a more efficient, transparent, and inclusive capital market. The NGX Group Chairman, Umaru Kwairanga, praised the regulator for its supportive environment, which enabled the swift delivery of the platform.
The NGX Group Managing Director/Chief Executive Officer, Temi Popoola, expressed enthusiasm for the new platform, stressing its significance in NGX Group’s digital transformation journey and its potential to enhance market access and foster economic growth. The CEO of NGX, Jude Chiemeka, highlighted the platform’s transformative potential, noting that it would expedite reconciliation and allotment processes, reduce unclaimed dividends, and boost investor confidence.
