Aduragbemi Omiyale
By Aduragbemi Omiyale
The Nigerian Exchange (NGX) Limited has informed stockbrokers that from January 2024, it will commercialise its Soft Virtual Private Network (VPN) services.
The Soft VPN is a fully managed, innovative, and secure connection that gives brokers access to the trading platform from the comfort of their homes.
Due to the restriction of movement in Nigeria and other countries of the world in 2020 as a result of the COVID-19 pandemic, the bourse introduced the Soft VPN to enable brokerage firms to access the trading platform remotely and offer their services to their customers seamlessly.
In a notice from the NGX, it was disclosed that this service has been offered to stockbrokers free of charge since March 2020 but from January 1, 2024, they will have to pay N450,000 per user.
“This is to notify you that from January 1, 2024, the Soft VPN will no longer be free. Access to the trading platform through the Soft VPN will be at a cost to the user,” a part of the statement signed by the chief executive of the NGX, Mr Temi Popoola, stated.
“The Soft VPN connection will be charged at a fee of N450,000 per user. Other access (OMS, X-NET, and NGX Trading floor) to the trading platform remains available for users,” the disclosure added.
The exchange explained that it commercialised the Soft VPN due to the “prevailing economic and business conditions: operational and maintenance costs, and FX impact.”
“Considering the value we place on our relationship, we have borne the operational and maintenance costs of the Soft VPN from 2020 to date without recourse to the brokers,” it noted.
The NGX, therefore, stressed that, “All users on the Soft VPN infrastructure will be deactivated on December 31, 2023. Invoices for the Soft VPN will be forwarded to active subscribers on this platform.”
However, it disclosed that an additional discount has been given to existing users on X-NET or X-CLOUD services. Existing and active users on X-NET and X-CLOUD, who want to subscribe to Soft VPN (X-VPN), an access fee will be at a discounted cost of N350,000 per user.
“Further discount is available for multiple users from the same firm. For existing firms on XNET and XCLOUD, additional users after the first user will be charged N250,000 per user.
“Other Multiple users from a firm that is not on XNET and XCLOUD, additional users after the first user will be charged N350,000 per user,” the statement said.
