Economy
NGX Group Targets Private Equity Investments, Mergers, Acquisitions
By Dipo Olowookere
In order to make shareholders enjoy the benefits of demutualisation and maximize returns, the Nigerian Exchange (NGX) Group Plc is currently undertaking some financial planning activities.
These steps are being engineered by the Group CEO of the organisation, Mr Oscar Onyema, and they include the possibility of mergers and acquisitions, private equity investments, treasury management, capital allocation and fundraising.
According to Mr Onyema, the company is well-positioned to achieve these goals, going by its financial performance in 2020, expressing optimism that these strategies would make the organisation’s shares attract investors when they are eventually listed on the NGX Limited.
“As the group progresses its plans to list on Nigerian Exchange Limited, there are exciting days ahead. The financial performance of the Group in 2020 showed strong resilience and prospects for growth.
“The group ended 2020 in a sound financial position with net asset growth of over 10 per cent to N31.28 billion and income and resulting surplus after tax valued at N6.02 billion and N1.84 billion respectively.
“In the context of COVID-19 pandemic, we maintained tight cost controls, which reduced expenses by 13 per cent despite investments in technology that allowed remote operations with zero downtime,” he had said.
On Thursday, September 9, 2021, the NGX Group held its Annual General Meeting (AGM) in Abuja. It was the first yearly shareholders’ gathering after the demutualisation of the Nigerian Stock Exchange (NSE).
At the meeting, shareholders approved all the resolutions proposed by the board, including the re-election of the non-executive directors who were retiring by rotation; the election of the members of the audit committee; the proposed remuneration for the board and non-executive members of the erstwhile national council of the NSE; and the introduction of equity-based incentives to employees’ remuneration, including an Employee Share Ownership Plan (ESOP) and a Performance-Based Long-Term Incentive Plan.
NGX Group, leading by example as a new corporate entity, is committed to the highest governance standards, recognising its role in critical capital markets infrastructure.
Much like leading exchanges in the world today (London Stock Exchange Group, Intercontinental Exchange, Singapore Exchange, Japan Exchange Group) and other African exchanges such as Johannesburg Stock Exchange and FMDQ, the demutualised NSE gave rise to a group structure with attendant benefits.
Today, NGX Group stands as the non-operating holding company with three (3) subsidiaries – the operating Exchange, Nigerian Exchange Limited led by Mr Temi Popoola, as the Chief Executive Officer (CEO); the independent regulatory company, NGX Regulation Limited led by Ms Tinuade Awe as the CEO; and the real estate company, NGX Real Estate with Mr Gabriel Igbeka serving as Acting CEO. Each of these entities is governed by independent boards, the composition of which was not only strategic but in line with acceptable practices.
At an Extra-Ordinary General Meeting (EGM) of the then members of NSE in March 2020, a resolution was passed pertaining to the appointment of the inaugural board of NGX Group, post demutualisation.
The process relating to the selection of council (board) members was duly followed and the identified candidates were taken through a rigorous due diligence exercise before passing through the internal governance process, being submitted to the Securities and Exchange Commission for approval and thereafter, presented to previous members at the 2020 EGM.
The members agreed to the importance of maintaining continuity and preserving The Exchange’s collective knowledge and learned experience (institutional memory) as well as retaining stakeholder confidence and maintaining market stability.
It was, therefore, agreed that the composition of the Boards would comprise individuals selected from the erstwhile National Council and external candidates. This understanding was contained in the Scheme of Arrangement dated 20 January 2020 between the NSE and the dealing and ordinary members of the NSE in respect of the demutualisation of the exchange (the Scheme).
The scheme was approved at the Court Ordered meeting held on 3 March 2020. The approved Scheme of Arrangement was sanctioned by the court on May 14, 2020, and filed at the Corporate Affairs Commission (CAC) on June 1, 2020, and it became effective on the date it was filed at the CAC.
NGX Group’s board currently has 11 members and out of the 11 directors, five have direct or indirect shareholdings in the company providing strong representation for the company’s shareholders.
In addition, going above the statutorily required minimum that a public company shall have at least three independent directors (S.275 (1) CAMA 2020), NGX Group went with four independent directors.
Transition agreements expected to last for 18 months were also agreed and it was recognized that subsequent composition of the Board following this transition period will evolve in line with existing rules and regulations, market standards, competitive realities and succession planning policies.
The composition of the inaugural board – comprising some members of the erstwhile council and new members – was approved at the EGM, on the condition that their appointment would become effective post demutualisation.
The market continues to repose confidence in NGX Group evidenced by the statement from the Chairman, Association of Securities Dealing Houses of Nigeria, representing the largest shareholder group in the company, Mr Onyewenchukwu Ezeagu, who stated prior to the recent 60th AGM, “As major shareholders, we were involved in all the processes of demutualisation.
“We are comfortable with the agenda of the meeting as we have been part of the whole process. The proposed resolutions had been made public in the course of the demutualisation. The meeting will bring about a renewed relationship between the NGX Group and its stakeholders.”
By Adedapo Adesanya
• Strengthens case for MPC to cut or pause interest rates next week
Nigeria’s headline inflation rate eased to 23.71 per cent in April 2025, reflecting a 0.52 percentage point decline from the 24.23 per cent recorded in March.
This was disclosed in the latest Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS) on Thursday.
The report also showed a decline in the food inflation index by 0.53 per cent to 21.26 percent in April from 21.79 per cent in March.
The decrease was attributed to the reduction in the prices of staple food items, including maize (corn) flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.
According to the NBS: “The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month.”
“On a year-on-year basis, the headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69 per cent). This indicates a significant decrease compared to the same month in the preceding year, though with a different base year of November 2009 = 100,” it added.
The report further noted that the food inflation rate on a year-on-year basis stood at 21.26 per cent in April 2025, marking a 19.27 per cent reduction from the 40.53 per cent achieved in April 2024. The NBS attributed this sharp decline to a change in the base year used for calculations.
On a month-on-month basis, food inflation was recorded at 2.06 per cent in April 2025, a slight drop of 0.12 per cent from 2.18 per cent in March 2025.
“The decrease can be attributed to the reduction in the average prices of key food items like Maize Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara Beans, and Brown Beans,” the report added.
The development increases the chances of the Central Bank of Nigeria (CBN) to cut or pause interest rate at its next Monetary Policy Committee (MPC) meeting on May 20.
The MPC of the apex bank has only four months of data to guide its decision after the NBS overhauled the consumer price index for the first time in 16 years in January and changed the base year to 2024.
Business Post reports that at the last meeting, the CBN paused the key interest rate at 27.50 per cent.
By Modupe Gbadeyanka
A Kano-based company, Mamuda Group Nigeria Limited, is planning to build a factory in Ogun State worth $50 million.
The firm has tentacles in the food, personal care, and agro-processing sectors through its subsidiary, Mamuda Beverages.
Already, the company has acquired an expanse of land for its plant in Ogun State, with the foundation laying scheduled for next month, according to the Governor of Ogun State, Mr Dapo Abiodun, who said this is part of ongoing efforts to make the state a top destination for industrial growth in Nigeria.
“We are pleased that our administration’s commitment to creating a business-friendly environment is attracting major investors,” he stated, noting that, “Our open-door policy and investor support structures continue to set us apart.”
Business Post learned that Mamuda Group chose the South-West state for its new factory because of its strategic location, bordering Lagos and connecting to Ibadan and Benin, making it ideal for regional distribution and production.
The organization currently employs over 13,000 people across sectors such as leather exports, agro-sack production, confectionery, soft drinks, and personal care.
With this new development in Ogun State, the company plans to begin with 1,500 employees, growing to 3,000 as operations expand, aligning with the state government’s goal of creating quality jobs and strengthening the state’s manufacturing base.
Governor Abiodun said to further support growth, his administration has developed key infrastructure like Nigeria’s best-equipped airport and a licensed dry port linked to the rail line.
According to him, these facilities will streamline importation and logistics, cutting delays and costs, noting that with tools like the Business Environment Council, the state government is not only attracting investment, but building lasting confidence in Ogun State’s economic future.
By Adedapo Adesanya
Six Nigerian startups have been recognised on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the African continent.
The companies are Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga.
The annual ranking published by the newspaper, produced in partnership with research company, Statista, identifies African companies with the most rapid revenue growth between 2020 and 2023.
The list benchmarks companies by compound annual growth rate (CAGR) in revenues, while also considering headcount expansion and operational resilience amid inflation, currency fluctuations, and economic headwinds across the continent.
This is a welcome development compared to 2023 when five startups namely Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone were named on the 100-company list.
While Thrive Agric and Zone didn’t make the list; PalmPay, Termii, and Remedial Health have ascended.
This ranking serves as a boost to investors that these companies are on the right part and could help in fundraising and access to new markets.
This also comes at a period where startups on the continent are facing declining funding compounded by global uncertainties including inflation and recession fears.
This silver lining may yet serve as a catalyst to reverse the trend and make Nigeria yet again see boon when it comes to venture funding.
Business Post reports that Nigeria raised $100 million (24 per cent) out of the $460 million through deals of $100K or more (excluding exits) in Africa in the first quarter of 2025, a figure that reflects a 5 per cent dip from Q1 2024’s $486 million.
About the Companies
Moniepoint
The startup formerly known as TeamApt has had a standout year. Moniepoint recently hit unicorn status after raising $110 million from Google, VISA, and other global investors. Now operating as Moniepoint Inc., the company has grown from a B2B payments platform to a full-fledged business bank, with services spanning merchant terminals, working capital, and payroll solutions.
PalmPay
Launched in 2019 with backing from China’s Transsion Holdings, PalmPay has become a household name in Nigeria’s consumer payments space. With over 30 million registered users and aggressive offline and digital campaigns, PalmPay’s mobile wallet and bill payment services have seen exponential growth. Earlier this year, the company expanded into Ghana and introduced new features, including insurance products and virtual cards.
Paga
A pioneer in Nigeria’s fintech scene, Paga was founded in 2009 to digitize cash and simplify payments. The company has since evolved into a group structure with three core businesses: Paga Consumer, Doroki (its SME-focused platform), and PagaTech (infrastructure and APIs). It now boasts over 21 million users, a vast agent network, and integration partnerships with major banks and telcos. Paga has also expanded internationally with licenses in Ethiopia and a growing footprint across the continent.
OmniRetail
OmniRetail is a B2B e-commerce platform that enables retailers to order fast-moving consumer goods (FMCG) from manufacturers and distributors via mobile apps, with optimised logistics and embedded financing. The company, which currently operates across Nigeria, Ghana, and Ivory Coast, closed a $20 million Series A round in April 2025. The startup digitises order management for 145 manufacturers, more than 5,800 distributors, and services over 150,000 informal retailers across its operational markets.
Termii
Launched in 2017 by Emmanuel Gbolade, Ayomide Awe, and Atinuke Idowu, Termii provides communication infrastructure that helps African businesses engage and retain customers via multi-channel messaging, including SMS, voice, and email APIs. The Y Combinator-backed startup has become a critical enabler of real-time notifications and two-factor authentication across fintech, healthtech, and logistics platforms. In late 2023, Termii launched TermiiGo, a programmable voice and call masking solution that expands its suite of developer tools. The company has also seen increasing adoption among financial institutions and large consumer-facing startups across West Africa.
Remedial Health
Founded in 2021 by Samuel Okwuada and Victor Benjamin. Remedial Health is a healthtech and supply chain startup digitising the pharmaceutical distribution system in Nigeria. It provides pharmacies and patent medicine vendors with access to authentic, affordable medicines directly from manufacturers, using a mobile-first inventory and procurement platform.
In March 2024, Remedial Health raised $12 million in Series A funding led by QED Investors and Ventures Platform, marking QED’s first healthtech investment in Africa. The company has scaled rapidly by streamlining operations for over 5,000 pharmacies and hospitals across the country.
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