Shareholders restates commitment to support NGX Group

Nigerian Exchange Group Plc held its Annual General Meeting over the weekend. Shareholders reviewed the performance of the company after its demutualisation and restated commitment to support the ongoing transition of the group.

The Nigerian Stock Exchange (NSE) in March, last year converted to a profit-making public limited liability company and changed its structure to a holding group structure.

Shareholders reaffirmed their commitments towards realisation of the objectives of the demutualisation and strengthening the group to become a globally competitive securities exchange hub.

The meeting approved the reappointment of directors that were presented for re-election as well as key corporate governance structures including appointment of Ernst & Young as NGX Group’s external auditors; the board’s authority to fix the auditors’ remuneration; the disclosure of NGX Group’s executive remuneration; and the re-election of the statutory audit committee.

Two directors- Mr. Apollos Ikpobe and Dr. Okechukwu Itanyi, who retired by rotation, were re-elected as non-executive directors. Professor Enase Okonedo’s resignation was earlier approved by the board and as such she was not presented for re-election. Chairman, NGX Group , Otunba Abimbola Ogunbanjo, who was due for re-election for a period of one year until 2023, voluntarily retired from the board and did not present himself for re-election. Four other non-executive directors were re-elected including Mrs. Fatimah Bintah Bello-Ismail, Mr. Oluwole Adeosun, Mr. Chidi Agbapu, and Mr. Patrick Ajayi.

To allow for wider consultations and further engagement with shareholders, the special business to raise funds of up to N35 billion for business expansion was not presented.

Source: Shareholders restates commitment to support NGX Group – StocksWatch (

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