MTN’s Group Chief Executive Officer, Mr. Ralph Mupita, has lauded the Nigerian Exchange Ltd. (NGX) for democratising access to financial securities, thereby empowering more Nigerians.
He said this in recognition of the importance of the partnership between MTN and NGX when he paid a courtesy visit to the management of the Exchange, led by its CEO, Mr Temi Popoola, on Tuesday in Lagos.
To mark the occasion, Mupita was given the honour of sounding the closing gong.
The News Agency of Nigeria (NAN) reports that in February 2022, 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 Popoola and the CEO, 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.
It will also promote capacity development and eliminate barriers to retail participation in the capital market.
Commenting on the partnership, Popoola commended MTN for its unwavering efforts in advancing Nigeria’s technology landscape through substantial investments in infrastructure and digital transformation.
Popoola said: “We are proud to acknowledge the advancements made through the successful public offering in 2021 and the MoU signed last year.
“These initiatives have successfully 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 specially acknowledge the efforts of the financial advisers 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 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 democratising access to financial securities, and thereby empowering more Nigerians,” said Mupita.
On his own part, Toriola said, “We will continue to identify other areas of cooperation with NGX and we look forward to a continuous mutually beneficial partnership that will contribute to the inclusive growth of the Nigerian economy.”
The courtesy visit coincided with the first anniversary of its public offer in Nigeria, which was completed on Jan. 31, 2022.
It is the first public offer to be conducted via a digital platform in Nigeria.
The offer 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.