The Group Managing Director and Chief Executive Officer of the Nigerian Exchange Group Plc. (NGX Group), Mr. Oscar Onyema, has said that the Group recorded a 22% increase in profitability.
Onyema said at the 61st Annual General Meeting (AGM) in Lagos on Friday, September 30, 2022 that the Group recorded a 13% increase in gross earnings and 14.9% growth in revenue.
He disclosed that the Group intends to enhance its performance going forward and called for support from all stakeholders.
Speaking at the performance of the company at the AGM, the Group Chairman of NGX Group, Chief Abimbola Ogunbanjo, thanked shareholders for working assiduously with the Board and Management of the Group for delivering the dividends of demutualisation and enhancing shareholder value and for attaining many firsts during his term in office.
“We released our dividend policy in line with our mandate to shareholders after the completion of our recent extraordinary General Meeting. We also created a revised corporate governance framework, already approved by shareholders and consistent with securities regulations to realign the interests of all stakeholders. In closing, I would like to thank the Board and Management of NGX Group for their support since I assumed office as Chairman of the Group in 2021.
“As I retire from the Board, I trust that my successor will continue the legacy of service and bring greater accomplishments as the sustainable exchange group championing Africa’s socio-economic growth,” he said.
The shareholders at the meeting approved the resolutions of the company’s Board of Directors as Mr. Apollos Ikpobe and Dr. Okechukwu Itanyi, who retired by rotation, were re-elected as non-executive directors and the appointment of Ernst & Young as NGX Group as external auditors.
According to the statement by the NGX Group, after the AGM, the Board of Directors appointed Mr. Apollos Ikpobe as Acting Chairman, following the retirement of the Group Chairman of NGX Group.
He pledged to work with all stakeholders to ensure the stability and growth of the company during the transition and thanked Mr. Ogunbanjo for his selfless service to the company over the years.
GIK/APA