Govt, corporates raise N6.7trn via stock market — NGX

By Nkiruka Nnorom

Nigerian Exchange Limited (NGX) has said that the federal and state governments, as well as some corporate bodies have raised as much as N6.71 trillion this year from various asset classes through the stock market.

NGX listed some of the transactions in a statement made available to Vanguard to include Emzor Pharmaceuticals’ N13.7 billion 5-Year Series 1 Fixed rate Senior Unsecured bond listed exclusively on NGX in April 2021 and being the first public instrument issued by the company and BUA Cement’s debut listing of a N115 billion bond issue, the largest of many corporate debt issuances in the history of the Nigerian capital market.

READ ALSO:Police take 12 women to court for using ‘juju’ to disrupt Bayelsa road project

It said: “The NGX has continued to be the preferred listing destination for companies seeking to raise capital via corporate bonds, equities and even private companies looking to raise public capital. Market stakeholders were excited to learn last week that MTN Nigeria Communications (MTNN) Plc is taking advantage of this opportunity and has obtained the approval of the Securities and Exchange Commission (SEC) for the offer for sale of up to 575 million ordinary shares in MTNN held by the MTN Group.

“Capital is critical for business growth, NGX plays a critical role in the capital formation process by mobilizing long-term savings to finance long-term investors and helping issuers and investors meet their objectives. In 2021, NGX facilitated needed financing of over N6.71 trillion raised by governments and corporates across various asset classes.”