The Securities and Exchange Commission (SEC) has approved the Nigerian Exchange Group's (NGX Group) new digital platform, NGX Invest. This platform aims to streamline public offerings and rights issues in the capital market, aiding Nigeria's goal of achieving a $1 trillion economy. The platform promises an efficient, convenient, and seamless experience for managing primary market transactions.
Emomotimi
Agama, Director General of SEC, praised the initiative, emphasizing its
alignment with future-proofing the Nigerian capital market through digitization
and automation. He stated, "By digitizing and automating financial
intermediation processes, we are fostering a more efficient, transparent, and
inclusive capital market."
Alhaji
(Dr) Umaru Kwairanga, Group Chairman of NGX Group, acknowledged the supportive
regulatory environment that enabled the swift delivery of the platform. He
added, "This reflects our mutual commitment to market development and will
undoubtedly contribute to boosting the participation of retail investors in the
capital market."
The
launch of Invest comes in the wake of the Central Bank of Nigeria's banking
recapitalization directive, which has spurred numerous subscription offers and
rights announcements by Nigerian banks. The platform is seen as a significant
step towards enhancing retail investor participation and driving Nigeria’s
economic growth.
By providing a streamlined and user-friendly platform for managing primary market transactions, Invest aims to revolutionize the capital market landscape in Nigeria, making it more accessible and efficient for all participants. This move is expected to play a crucial role in achieving Nigeria’s ambitious economic targets and fostering sustainable growth in the capital market sector.
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