NGX Partners with MTNN to further Enhance Retail Participation in Nigeria's Capital Market

Nigerian Exchange Limited (“NGX” or “The Exchange”) and MTN Nigeria Communications Plc (MTNN) have announced the openly signing of a Memorandum of Understanding (MoU) to further stimulate financial literacy and strengthen saleable participation in the Nigerian equity market. The declaration was made at the signing procession led by Mr Temi Popoola, The Chief Executive Officer (CEO) NGX, and Mr Karl Toriola the CEO MTNN.

The MoU is two-year cooperation that will see NGX and MTNN cooperate to formulate equity market outcomes, influence technology to aid data dissemination and technology-as-a-service, promote skill growth, and eradicate obstacles to trade participation in the equity market.

Talking about the MoU, the CEO of NGX, Mr Popoola asserted, “In edifice on our prosperous genealogy as the main and supreme multi-asset insurances exchange in Nigeria, we are determined in our responsibility to democratize finance in Nigeria by leveraging recent developments in technology and depending on strategic coalitions. With its prospect root of about 68 million prospects, MTNN delivers a worthwhile permit to a huge reservoir of probable retail investors who can take advantage of a vital position in Nigeria’s equity market, heightening their economic stability in the system. This affiliation with MTNN aligns with our aspiration to create an upright, competent and active exchange and we are certainly delighted about this NGX era.”

The CEO, MTNN, Mr Karl Toriola augmented this by stating, “AT MTNN, we believe we must guarantee that our prospects not barely stay related but can access gaining excellence and decent services through our network, heightening their participation in the digital economy. Our affiliation with NGX offers us the chance to endow our prospect ground with the equipment and the proficiency to immerse effectively with the capital market and meet their financial and investment objectives. There is no decent way to ascertain our obligation to this, then through the just concluded public offer for sale of MTNN shares, designed to enhance retail shareholder participation in the value that we create. We resume to identify other areas of cooperation with NGX and we look forward to a mutually beneficial partnership that will participate in the inclusive development of the Nigerian economy.”

MTNN recently completed a civil bid of the sale of 575 million normal investments in MTNN held by the MTN Group leveraging the NGX financed digital program. The bid which was the major ever end-to-end digital bid in the Nigerian equity markets was oversubscribed by 139.4%. The deployment of an electronic primary offer strategy is constant with the obligation of NGX to improve the efficiency and span of the Public Offer (PO) subscription procedure and functional work-flow to fund issuers in putting forward equity and improve the scope of POs while facilitating economic inclusion and retail investors’ participation in the market.