The Nigerian Exchange Group (NGX Group) has announced its plans to leverage technology in driving the capital-raising initiatives of financial institutions aiming to meet the new capital requirements set by the Central Bank of Nigeria (CBN). The Group Managing Director/Chief Executive Officer of the NGX Group, Temi Popoola, made this revelation on Monday during a visit by the Minister of Industry, Trade & Investment, Dr. Doris Uzoka-Anite, to the NGX headquarters in Lagos.
Uzoka-Anite’s visit to the exchange followed her recent tour of Nigerian Breweries Plc, which had announced the temporary closure of operations at two out of its nine breweries due to economic challenges.
Popoola emphasized the importance of deliberate government policies affecting the capital market, especially in light of the ongoing bank recapitalization exercise. He highlighted this exercise as a unique opportunity for the market to make a significant and lasting impact.
“In our capital market, we will find different times and different eras when government interventions brought change. One such is this; the central bank has brought this capital recapitalization for banks, and in our minds, it is one of the unique opportunities to make a real, lasting impact,” Popoola stated.
He further outlined the group’s strategy to make transactions more digital and inclusive, aiming to target the heart of the country’s financial landscape, particularly focusing on financial inclusion and retail investors.
The adoption of technology in capital-raising efforts is expected to streamline processes, enhance efficiency, and facilitate broader participation in the capital market, ultimately contributing to the growth and development of Nigeria’s financial sector.
