Ralph Mupita, CEO of MTN Group, praised Nigerian Exchange Limited (NGX) for democratizing access to financial securities, thus empowering more Nigerians.
He said this when he recognized the importance of the partnership between MTN and NGX; he paid a courtesy call on the management of the Nigerian stock market, headed by its CEO, Temi Popoola. To mark the occasion, Mupita had the honor of sounding the closing gong to signal the close of the market for the day.
Last February, MTN and NGX announced the signing of a Memorandum of Understanding (MoU) to further promote financial education and enhance retail participation in the Nigerian capital market. The announcement was made at a signing ceremony led by Popoola and MTN Nigeria CEO Karl Toriola.
The MoU was a two-year partnership in which NGX and MTNN would collaborate to develop capital markets solutions, leverage technology to support data dissemination and technology as a service, promote capacity building, and remove barriers to participation. retailer in the capital market.
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Commenting on the partnership, Popoola commends MTN for its unwavering efforts to advance Nigeria’s technology landscape through substantial investments in infrastructure and digital transformation. “We are proud to recognize the progress made through the successful public offering in 2021 and the MoU signed last year. These initiatives have successfully attracted a significant portion of the younger generation to the capital market, aligning with our goal of increasing retail participation. I would also like to especially acknowledge the efforts of the financial advisers in the historic offering led by Chapel Hill Denham. We are optimistic about the prospects for a mutually beneficial partnership with MTN that will bolster the Nigerian economy and foster sustainable growth on the African continent.”
According to Mupita, within a year of the signing of the MOU, much has been accomplished due to the hard work invested by both parties to forge and maintain a productive partnership: “At MTN, we believe we have a responsibility to ensure that our clients not only meet They remain connected but can access more and more value and better services through our network, deepening their participation in the digital economy. Our collaboration with NGX gave us the opportunity to empower our client base with the tools and knowledge to effectively engage with the capital market and meet their financial and investment objectives. For this, NGX deserves to be commended for democratizing access to financial securities and thereby empowering more Nigerians.”
For his part, Toriola, CEO of MTNN, said: “We will continue to identify other areas of cooperation with NGX and look forward to a continued mutually beneficial partnership that contributes to the inclusive growth of the Nigerian economy.”
The courtesy call also comes on the first anniversary of the completion of its historic public offering in Nigeria, which was completed on January 31, 2022. Widely applauded as the first public offering to be conducted through a digital platform in Nigeria , offering expanded MTN Nigeria’s domestic shareholder base will include 126,720 retail investors along with a range of institutional investors, including Nigerian pension funds representing approximately 6.5 million Nigerian taxpayers.