By Dipo Olowookere
The Nigerian Exchange (NGX) Limited has assured stakeholders in the capital market of a platform that will allow them to maximise value in the stock market.
This assurance was given by the Chief Executive Officer of the exchange, Mr Temi Popoola, at an event to commemorate the listing of Guaranty Trust Holding Company Plc (GTCO) on the NGX on Tuesday.
GTCO is a product of a recently restructured GTBank Plc, which was delisted on the exchange after it became a private firm and a subsidiary of the holding company.
On June 28, 2021, GTCO officially listed its shares on NGX. At the time, the shares of GTBank were officially delisted from the market and GTCO’s entire issued share capital of 29,431,179,224 ordinary shares of 50 kobo each were listed on the bourse.
Today, the management of the firm led by Mr Segun Agbaje was at the exchange and was honoured with a closing gong ceremony to mark the end of the day’s trading.
Mr Popoola said GTCO shared the same story with the NGX, which also restructured its operations after the demutualisation of the Nigerian Stock Exchange (NSE).
“We are excited to welcome GTCO Plc and to congratulate the board and management on a successful restructuring.
“Given the recent completion of demutualisation of the exchange and the emergence of our new structure, we see many similarities between our organisations, particularly our outlook on the use of technology to advance business operations; the burgeoning opportunities in the retail market; and the importance of good governance in the corporate space.
“Today, we reiterate our commitment to being a trusted partner to GTCO and other listed companies and issuers as we continue to build a platform that allows our listed companies, investors and other stakeholders to maximise value in our market,” Mr Popoola said.
In his remarks, the Group CEO of GTCO Plc, Mr Segun Agbaje, thanked the “NGX for its unwavering support in listing GTCO on the exchange.
“At GTCO, we are very excited about the opportunities that have opened up to us with this restructuring, particularly because diversifying our income base has always been a major priority.”
“As we venture into this new phase, we look forward to leveraging technology and introducing new business lines – including payments, asset management and more – that go beyond the needs of institutional or wholesale clients to improve retail clients’ access to the financial markets,” he added.
Also present on the trading floor of NGX to sound the gong and bring the day’s trading to a close were Mrs Osaretin Demuren, outgoing Chairman of GTBank Nigeria; Mr Ibrahim Hassan, non-executive director, GTBank Nigeria; Mr Hezekiah Oyinlola, non-executive director, GTBank Nigeria; Mrs Cathy Echeozo, former executive director, GTBank Nigeria and Chairperson, NGX Regulation Limited.
Others were Mrs Miriam Olusanya, executive director, GTBank Nigeria; Mr Babajide Okuntola, executive director, GTBank Nigeria; Mr Seyi Osunkeye, non-executive director, NGX Limited; Mr Kamarudeen Kareem Oladosu, non-executive director, NGX Limited; Mr Yomi Adeyemi, non-executive director, NGX Limited and Mr Jude Chiemeka, Divisional Head, Trading Business, NGX Limited.
Adedapo Adesanya