E-Financial
NGX Group Upholds Global Best Practices Ahead of Planned Listing by Introduction
In line with its commitment to uphold best global practices, Nigerian Exchange Group Plc’s (NGX Group or The Group) leveraged the Facts Behind the Listing of (NGX or The Exchange) to engage stakeholders ahead of the Listing by Introduction of its shares on NGX.
The proposed listing, the NGX said in a statement, comes on the back of the successful completion of the demutualisation and restructuring of the former Nigerian Stock Exchange and its related operations within NGX Group.
“Furthermore, In line with the practice of demutualized exchanges, NGX Group will be listing on the operating Exchange to support liquidity and enhance transparency.
The proposed listing of the shares of NGX Group is expected to occur following the fulfillment of all regulatory requirements and the approval of NGX Regulation Limited. A total of 1,964,115,918 shares are expected to be admitted to trading and the shares will trade under the ticker NGXGROUP. “it stated.
Speaking during the Facts Behind the Listing, the Chief Executive Officer, NGX, Mr. Temi Popoola, noted that, “I am pleased to congratulate the Board, Management and staff of NGX Group for the successful completion of the demutualization and restructuring of the former Nigerian Stock Exchange and subsequent listing on the Main Board of NGX.
“Demutualization strategically places NGX Group in a position to provide liquidity to members while stimulating the capital market ecosystem to grow at the same pace as the economy.
“Furthermore, this move will see The Exchange evolve in a fashion similar to other demutualized exchanges, which have experienced significant periods of growth following their demutualization.”
On his part, Mr. Oscar N. Onyema, the Group Managing Director/Chief Executive Officer, NGX Group, during his presentation highlighted that, “NGX Group has its key strategic focus geared at leveraging organic and inorganic growth opportunities for expansion of its business across relevant business categories in order to increase global competitiveness.
“As a listed entity, NGX Group will have access to the widest range of new investors, including the growing pool of institutional investors, and this is just on one more step in our evolution. Having successfully demutualised, we will actively forge ahead with its aspiration to become Africa’s leading integrated capital market infrastructure group.”
Speaking to the prospects NGX Group provides to investors, the Group Chief Financial Officer, NGX Group, Mr. Cyril Eigbobo presented the financial of the organisation in its pre-demutualised state. “NGX Group boasts a diversified revenue base with significant contributions from transaction fees, listing fees, interest income from investment in treasury bills, fixed deposit etc.
In addition to contributions from operating subsidiaries, consolidated Group net income includes share of income in equity investees held by the Holdco, NGX Group Plc. Evidently, The Group has a large, diversified and growing asset base which includes long and short-term risk-free securities.”
Otunba Abimbola Ogunbanjo, Group Chairman, NGX Group, had also earlier stated, “The Group expects the Listing to bring significant benefits to its business and its stakeholders. NGX Group will enhance its strategic flexibility by creating new financing opportunities and partnership possibilities, while diversifying its shareholder base.
“This milestone will open up The Group’s capital to new investors within the Nigerian investing public as well as international institutions thereby reinforcing NGX Group’s presence in international capital markets, and for its current long-term shareholders, it will create the possibility to realise value.”
By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.
As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.
The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.
It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly.
aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.
The shares will also begin trading on the LSE’s main market for listed securities.
According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.
Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.
Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.
The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.
The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.
This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.
World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
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