NGX, MTN Nigeria sign MoU on capital market participation

Nigerian Exchange Limited and MTN Nigeria Communications Plc have signed a Memorandum of Understanding to promote financial literacy and enhance retail participation in the Nigerian capital market.

A statement said the announcement was made at the signing ceremony led by the Chief Executive Officer, NGX, Mr Temi Popoola and the Chief Executive Officer, MTNN, Mr Karl Toriola.

According to the statement, the MoU is a two-year partnership for NGX and MTNN to collaborate to develop capital market solutions, leverage technology to support data dissemination and technology-as-a-service, promote capacity development, and eliminate barriers to retail participation in the capital market.

Speaking about the MoU, Popoola said, “In building on our rich heritage as the first and foremost multi-asset securities exchange in Nigeria, we are resolute in our commitment to democratise finance in Nigeria by leveraging current advancements in technology and relying on strategic partnerships.

Toriola said, “AT MTNN, we believe we have a responsibility to ensure that our customers not only stay connected but can access increasing value and better services through our network, deepening their participation in the digital economy.”

MTNN recently completed a public offer of the sale of 575 million ordinary shares in MTNN held by the MTN Group leveraging the NGX sponsored digital platform.

The offer which was the first ever end-to-end digital offer in the Nigerian capital markets was oversubscribed by 139.4%.

The deployment of an electronic primary offer platform is consistent with the commitment of NGX to enhance the efficiency and reach of the Public Offer (PO) subscription process and operational work-flow to support issuers in raising capital and enhance the reach of POs while promoting financial inclusion and retail investors’ participation in the market.