NGX Group shareholders endorse resolutions at 60th AGM – official

Shareholders of the Nigerian Exchange Group Plc (NGX Group,) formerly the NSE, have voted in support of the resolutions presented by the Group at its 60th Annual General Meeting (AGM).

The shareholders voted in favour of the resolutions at the first AGM of the NGX Group as a demutualised, shareholder-owned, for-profit entity, in Abuja on Thursday.

The Group’s Chairman, NGX Group, Otunba Abimbola Ogunbanjo said that the AGM was historic since it was the first outside Lagos State in the history of the NGX.

“This meeting is also historic in that it marks the first time in the history of the NGX Group that its AGM will hold outside the hallowed confines of the Exchange House in Lagos.

”And we have chosen the Federal Capital Territory, Abuja, in recognition of the integral role the Federal Government of Nigeria played in actualising the demutualisation of the NSE and its support in establishing the NGX Group.

“I am both thankful for the invaluable support of our stakeholders and proud of the resilience the NGX Group continues to demonstrate after over six decades, despite the global pandemic and other economic shocks.

“It is indeed noteworthy that we have already begun to actualise the benefits of demutualisation, including the alignment of stakeholders’ interests in the value created by the new Group under a revised Corporate Governance framework,” he said.

On the outcomes of the AGM, Ogunbanjo said: “We received approval of new equity-based incentive schemes for employees which are in line with the authority granted to Directors by the members of the NSE at an Extraordinary General Meeting in March 2020, to adhere to global best practices allowing us to attract and retain the best talent.

“Today, I am more confident than ever that the Group is well-positioned to deliver value to shareholders as we move into a new growth phase,” he said.

The Group Managing Director/Chief Executive Officer, NGX Group, Mr Oscar Onyema said: “We thank our shareholders for their support of the resolutions proposed at today’s meeting.

“Our 2020 results reflect the challenging macroeconomic and market conditions, as well as operational resilience of the Group with income and resulting surplus after tax valued at N6.02 billion and N1.84 billion, respectively.

“In the context of the COVID-19 pandemic, we maintained tight cost controls, which reduced expenses by 13 per cent, despite investments in technology that allowed us to operate remotely with zero downtime.

“The Group ended Year 2020 in a sound financial position with net assets growth of over 10 per cent to N31.28 billion,” he said.

Onyema added: “Looking ahead, the NGX Group and its wholly owned subsidiaries: Nigerian Exchange Limited, NGX Regulation, and NGX Real Estate, will continue to advance the realisation of our vision to be Africa’s leading integrated capital market infrastructure provider.

“As the Group progresses its plans to list on the Nigerian Exchange, we look forward to welcoming a broader group of investors to share in our journey,” he said.

In addition to the re-election of the non-Executive Directors, who are retiring by rotation and the election of the members of the Audit Committee, shareholders also approved the proposed remuneration for the Board and non-executive members of the erstwhile National Council of the NSE.

The shareholders at the AGM, approved the Group’s proposals to introduce equity-based incentives to employees’ remuneration, including an Employee Share Ownership Plan and a Long-Term Incentive Plan, aligning the interests of internal stakeholders with those of other shareholders in long term value creation.