The newly demutualised Nigerian Exchange Group Plc (NGX Group) yesterday announced over 10 percent increase in its net assets which currently stands at N31.28 Billion.
Besides, NGX which held its first post-demulation and 60th Annual General Meeting (AGM) in Abuja posted an after tax surplus of N1.84 Billion despite the inclement operating environment.
The Group Chief Executive Officer, Mr Oscar Onyema attributed the Company’s ability to weather the storm amid the operating environment, characterized by COVID-19 pandemic and macroeconomic vagaries to resilience.
“ 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 N6.02Bn and N1.84Bn respectively. In the context of COVID-19 pandemic, we maintained tight cost controls, which reduced expenses by 13% 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 asset growth of over 10% to N31.28 billion.”, said Onyema.
Addressing the shareholders, the Group Chairman, Otunba Abimbola Ogunbanjo expressed gratitude to the federal government for its supportive roles towards actualization of the demutualisation of NGX Group.
According to him, the new market structure has begun to pay off. He congratulated the enlarged shareholders that the Group is well-positioned to enhance shareholder value.
“ 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.
“We received approval of new equity-based incentive schemes for employees which are in line with the authority granted to Directors by then Members of NSE at an Extraordinary General Meeting conducted in March 2020 and adhere to global best practices allowing us to attract and retain the best talent.”, Ogunbanjo said.
The shareholders approved all the resolutions at the meeting held at Transcorp Hilton Hotel, Abuja.