MTN Group Chief Executive Officer, Ralph Mupita,
has lauded Nigerian Exchange Limited (NGX) for democratizing access to
financial securities, thereby empowering more Nigerians.
He
said this when in recognition of the importance of the partnership between MTN
and NGX; he paid a courtesy visit to the management of the Nigerian bourse, led
by its CEO, Mr. Temi Popoola. To mark the occasion, Mr. Mupita, was given the
honour of sounding the closing gong to indicate market closure for the day.
It
will be recalled that last February, MTN and NGX announced the signing of a
Memorandum of Understanding (MoU) to further promote financial literacy and
enhance retail participation in the Nigerian capital market. The announcement
was made at a signing ceremony led by Mr. Popoola and the CEO of MTN Nigeria, Mr.
Karl Toriola.
The
MoU was a two-year partnership that would see NGX and MTNN 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.
Commenting
on the partnership, Mr. Popoola commends MTN for its unwavering efforts in advancing
Nigeria’s technology landscape through substantial investments in
infrastructure and digital transformation. “We are proud to acknowledge the
advancements made through the successful public offering in 2021 and the MoU
signed last year. These initiatives have attracted a notable
portion of the younger generation to the capital market, aligning with our goal
to increase retail participation. I would also like to especially acknowledge the financial advisers' efforts on the landmark offering led by Chapel
Hill Denham. We are optimistic about the prospects of a mutually beneficial
partnership with MTN that will reinforce the Nigerian economy and foster
sustainable growth for the African continent.”
According
to Mr. Mupita, within a year of signing the MOU, a lot has been achieved due to
the hard work invested on both sides in forging and sustaining a productive
partnership: “At MTN, 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. Our collaboration with NGX gave us the opportunity to empower our
customer base with the tools and knowledge to engage effectively 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.”
On
his own part, MTNN CEO, Mr. Toriola said: “We will continue to identify other
areas of cooperation with NGX and we look forward to a continued mutually
beneficial partnership that will contribute to the inclusive growth of the
Nigerian economy.”
The
courtesy visit is also coming on the first anniversary of the completion of its
landmark public offer in Nigeria, which was completed on January 31st, 2022. Widely applauded as the first public offer to be conducted via a
digital platform in Nigeria, the request expanded MTN Nigeria’s domestic
shareholder base to include 126,720 retail investors alongside a range of
institutional investors, including Nigerian pension funds representing
approximately 6.5 million Nigerian contributors.
