The Nigerian Exchange Limited (NGX) has announced that it listed issuance worth N1.701 trillion and $4billion Eurobonds on its platform in the first quarter (Q1) 2022.
In a statement, the NGX said tthe issuance listed across both the bonds and equities markets are integral in deepening the market, improving liquidity and tradability, as well as increasing access to capital to fund growth initiatives.
A breakdown revealed that under its bond market, the Federal Government of Nigeria dominated issuances, raising about N589.05 billion locally and listing $4 billion in Eurobonds.
Further breakdown revealed that corporates also leveraged the low yield environment to fund expansion objectives and pursue debt refinancing, raising a total of N35.3 billion.
In the equities market, NGX said it started the year with the landmark listing of BUA Foods’ 18billion shares listed at N40 per share, adding N720 billion to the NGX market capitalisation.
Abbey Mortgage Bank, the NGX said, also listed its right issue of about N3.028 billion, while Access Holdings, following its merger and acquisition listed new shares of 35.545billion shares valued at N353.675 billion.
Commenting, the Chief Executive Officer, NGX, Mr. Temi Popoola, said The Exchange would drive its growth in 2022 by focusing on five strategic areas including building on digital transformation, listings and delistings, technology, partnerships and sustainability.
He noted that 2021 was a historic year for The Exchange as the former Nigerian Stock Exchange (NSE) completed its demutualisation process, following statutory approvals from the Securities and Exchange Commission and Corporate Affairs Commission (CAC).
Popoola said NGX would seek to consolidate its historic status with a new verve of digitisation by creating innovative and automated access to the market while ensuring overall quality of listed companies and ease of capital raising process. According to him, The Exchange would deploy strategic initiatives to attract financial technology (Fintech) firms to the stock market, including launching of a Nasdaq-style board for the listing of tech companies.
“Today, there are lots of capital raising from tech companies globally. Our market can be a source to raise this capital. SEC has already taken the leadership. It will help to drive economic growth and mobilise capital from sectors of surplus to deficit,” Popoola said.