Nigerian Exchange Limited (NGX) and MTN Nigeria Communications Plc (MTNN) have signed a Memorandum of Understanding (MoU) to further promote financial literacy and improve retailers’ participation in the Nigerian capital market.
During the signing ceremony led by CEO, NGX, Mr. Temi Popoola, and CEO, MTNN, Mr. Karl Toriola; Popoola noted that the exchange is committed to promoting strong participation in the domestic capital market.
“Building on our rich heritage as the first and leading multi-asset stock exchange in Nigeria, we are resolute in our commitment to democratize finance in Nigeria by leveraging current technological advancements and building on strategic partnerships. . With its customer base of over 68 million customers, MTNN offers invaluable access to a large pool of potential retail investors who can play an important role in the Nigerian capital market, thereby building their own financial resilience. This collaboration with MTNN aligns with our aspiration to build an open, professional and dynamic exchange and we are indeed excited about this NGX era,” said Popoola.
CEO, MTNN, said the telecommunications company has a responsibility to ensure that its customers not only stay connected, but can access growing value and better services through their network, deepening participation in the Digital Economy.
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“Our collaboration with NGX gives us the opportunity to empower our clients with the tools and knowledge to effectively interact with the capital market and achieve their financial and investment goals. There is no better way to demonstrate our commitment to this than through the recently concluded public offering of MTNN shares, designed to increase retail shareholder participation in the value we create. We continue to identify other areas of cooperation with NGX and look forward to a mutually beneficial partnership that will contribute to the inclusive growth of the Nigerian economy.
The MoU is a two-year partnership that would see NGX and MTNN collaborate to develop capital market solutions, leverage technology to support data delivery and technology as a service, promote capacity development and remove barriers to private participation in the capital market. .
It should be recalled that MTNN completed a public offering of 575 million ordinary shares of MTNN held by MTN Group by operating the digital platform sponsored by NGX. The offering, which was the first ever end-to-end digital offering in the Nigerian capital markets, was oversubscribed by 139.4%. Deploying an electronic primary offering platform is in line with NGX’s commitment to improve the efficiency and reach of the public offering (PO) subscription process and operational workflow to help issuers to raise capital and improve the reach of POs while promoting the inclusion and participation of retail investors in the market.