NGX Praises CWG for Higher Regulatory Compliance, Corporate Governance

By Aduragbemi Omiyale

The management of Computer Warehouse Group (CWG) Plc has been commended for adhering to higher corporate governance and regulatory compliance.

This commendation was given by the chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, at the Facts-Behind-the-Figures on Wednesday in Lagos.

The NGX chief, represented by the Divisional Head of Capital Markets at the NGX, Mr Jude Chiemeka, said it was nice for CWG to engage the capital market stakeholders for the presentation of its financial performance, strategic, and operational developments, an action he said encourages transparency and price discovery, which will positively impact the overall performance of the stocks.

“We encourage CWG Plc to continue to strive for sustainability, given the fast-changing macroeconomic environment in Nigeria and globally,” he said.

In his remarks, the GMD of CWG, Mr Adewale Adeyipo, said the firm reported a strong financial performance for the year 2022, recording N476.8 million Profit Before Tax (PBT), an improvement from N449.6 million PBT in 2021.

“The company has continued to build its brand as a market leader in the African IT industry by creating excellent service culture and delivering its operations through global best practices using its ISO9001 certification process across the group,” he said.

Mr Adeyipo stated that the company is focused on scaling its operations, optimizing its products, and collaborating with key partners to deliver innovative technology solutions that meet the evolving needs of its clients across various sectors, including financial services, telecommunications, and government.

NGX provides an efficient, liquid, and multi-asset securities platform, offering investors varied options, including equities, fixed income, derivatives, and other Exchanged Traded Products (ETPs), including Mutual Funds and Exchange Traded Funds (ETFs).

The market continues to be resilient in providing stakeholders with a platform to raise capital and invest. Year to date, NGX has facilitated needed financing of over N3.85 trillion in capital raised by governments and corporates across various asset classes.