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HomeBusinessNGX posts N6 bln income, N1.8 bln surplus after demutualisation

NGX posts N6 bln income, N1.8 bln surplus after demutualisation

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Nigerian Exchange Group (NGX Group) has posted a net surplus after tax of N1.84 billion in 2020, its first after the conclusion of its demutualisation process which translate the local bourse to a public liability firm.

At the 60th annual general meeting (AGM) of the NGX Group on Thursday in Abuja, shareholders voted in support of major resolutions, including approval of incentive and reward plans for employees of the company.

Shareholders approved proposals to introduce equity-based incentives to employees’ remuneration, including an Employee Share Ownership Plan and a Long-Term Incentive Plan, aligning the interests of internal stakeholders with those of shareholders in long term value creation.

The NGX Group gross income stood at N6.02 billion, surplus after tax of N1.84 billion while Net asset grew by 10 per cent to N31.28 billion at the end of December 2020 financial year.

Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Abimbola Ogunbanjo said the NGX Group has remained resilient as it continues to demonstrate consistent growth after over six decades.

“Despite the global pandemic and other economic shocks, it is indeed noteworthy that we have already begun to actualise the benefits of demutualisation including the alignment of stakeholders’ interests in the value created by the new group under a revised corporate governance framework,” Ogunbanjo said.

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He said the approval of the new equity-based incentive schemes for employees were in line with the authority granted to directors by then members of NSE at an extraordinary general meeting conducted in March 2020 and in line with global best practices allowing the group to attract and retain the best talent.

“Today, I am more confident than ever that the group is well-positioned to deliver value to shareholders as we move into a new growth phase,” Ogunbanjo said.

Its Group Managing Director, Oscar Onyema said the 2020 results reflected the challenging macroeconomic and market conditions as well as operational resilience of the group.

He said in the context of COVID-19 pandemic, the group maintained tight cost controls, which reduced expenses by 13 percent despite investments in technology that allowed it to operate remotely with zero downtime.

He added that NGX Group and its wholly owned subsidiaries – Nigerian Exchange Limited, NGX Regulation, and NGX Real Estate – continue to advance the realisation of its vision to be Africa’s leading integrated capital market infrastructure provider.

“As the group progresses its plans to list on Nigerian Exchange, we look forward to welcoming a broader group of investors to share in our journey,” Onyema said.

In addition to the re-election of the Non-Executive Directors who were retiring by rotation and the election of the members of the Audit Committee, shareholders also approved the proposed remuneration for the Board and non-executive members of the erstwhile National Council of the NSE.

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