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NGX Group Posts N1.84bn Tax

Ebuka Daniel

The assets of the Nigerian Exchange Group Plc, formerly called the Nigerian Stock Exchange has grown to N31.28bn, the company has said.

The Group Managing Director/Chief Executive Officer of the NGX Group, Oscar N. Onyema, made the disclosure at the 60th Annual General Meeting and the first AGM of the Group as a demutualised bourse.

Onyema said, “We thank our shareholders for their support of the resolutions proposed at today’s meeting. Our 2020 results reflect the challenging macroeconomic and market conditions, as well as operational resilience of the Group with income and resulting surplus after tax valued at N6.02bn and N1.84Bn respectively.

“In the context of COVID-19 pandemic, we maintained tight cost controls, which reduced expenses by 13 per cent despite investments in technology that allowed us to operate remotely with zero downtime. The Group ended Year 2020 in a sound financial position with net asset growth of over 10 per cent to N31.28bn.”

Based on the AGM, the NGX shareholders approved the Group’s proposals to introduce equity-based incentives to employees’ remuneration.

NGX said the plan, ‘Employee Share Ownership Plan and a Long-Term Incentive Plan’ would align the interests of internal stakeholders with those of shareholders in long term value creation.

During the meeting, Non-Executive Directors who were retiring by rotation were re-elected.

The Group also disclosed that members of the Audit Committee were also elected at the AGM.

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