CEM REPORT | The Board of the Nigerian Exchange (NGX) has approved the restructuring of the bourse leading to the collapse of its four divisions to three, NGX announced in a press statement sent to Continental Economy Magazine.
According to NGX, the old organisational structure which operated under four Divisions, namely, Listings Business, Trading Business, Business Support Services, and Technology Services, is now restructured into a refreshed one of three Divisions namely: Capital Markets, Digital Technology, and Business Support Services.
The statement said that the new structure, which will took effect from Tuesday, 1 March 2022, is designed to better position the bourse to deliver competitive value in today’s dynamic technology-driven global capital market and to efficiently implement NGX new strategy.
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NGX new strategy is part of ongoing activities aimed at improving business operations and processes at the Exchange. It is centered on digital transformation, strategic partnerships, and customer-centric solutions meant to increase efficiency, enhance value, reduce cost, and maximise revenue generation.. These will ensure that the bourse becomes a “LEADING” organisation with a focus on deepening the capital market, diversifying its products and services, enhancing retail participation, and delighting its stakeholders across board.
NGX highlighted its impressive performance in the last one year following the demutualization of the exchange as the basis for the new strategy leading to the new operational structure.
“This comes on the back of impressive performance recorded at the Exchange following the demutualisation. In 2021, Nigerian Exchange Limited experienced growth in trading figures with the NGX All Share Index returning 6.1% and turnover in the fixed income market increasing by 158.19%.
“Equity capitalisation rose by 5.89%, while fixed income figures rose by 12.81% during the year. Several landmark transactions were also recorded including the first-ever end-to-end digital offer in the Nigerian capital market, the ground breaking listing of BUA Cement PLC’s N115,000,000,000 (One Hundred and Fifteen Billion Naira) Bond, the largest corporate bond issuance, etc”; NGX wrote.
Though NGX did not state how this operational structure of three divisions will affect the staff strength, it expressed a deep appreciation for the efforts of all its employees in building the thriving Exchange that exists today. It says the actions are necessitated by the need to effectively position Nigerian Exchange Limited to lead the digitalisation and digital transformation of the Nigerian capital market.