NGX to Design Products to Attract Diaspora Investments

By Aduragbemi Omiyale

The Nigerian Exchange (NGX) Limited would soon design capital market products to attract diaspora investments in collaboration with the United Bank for Africa (UBA) Plc.

The chief executive of the NGX, Mr Temi Popoola, said last week that the product option would be offered to Nigerians living abroad through technology deployment.

He expressed confidence that this goal would be achieved, noting that the first digital offer platform in December 2021 indicated this.

Last Wednesday, a closing gong ceremony was held to welcome the newly appointed executives of UBA led by the group managing director, Mr Oliver Alawuba.

Mr Popoola said at the event that, “The exchange is positioned to solve challenges in the capital market, a step we believe sets us ready for the future.

“Through technology, we are repositioning the Exchange in our interaction with issuers and other capital market stakeholders.

“In December 2021, we successfully introduced the first digital offer platform that attracted a large amount of retail participation from the younger Nigerian demography. We are, therefore, encouraging UBA to take advantage of this digital platform for future equity capital formations and broaden its shareholding structure.”

Mr Popoola also noted that the strategic direction for the bourse is to attract the underbelly of the Nigerian economy and Nigerians in Diaspora, giving other product options to those interested in digital assets and not stocks.

On his part, Mr Alawuba stressed the need to do a lot in ensuring millennials and Gen Z key into opportunities at the exchange.

“We need to collaborate on Digital Banking to ensure the younger generation can conveniently buy into the stocks traded on the Exchange for enormous opportunities. We are also open to collaborating with NGX to attract the Diaspora community to invest in the Nigerian capital market,” he said.

On her part, the Chairman of NGX Real Estate Limited, Mrs Angela Adebayo, while congratulating the new GMD, noted that NGX would continue to stimulate the growth of the Nigerian economy while pursuing a strategic partnership with both public and private sector stakeholders.