Nothing excites me more than backing a winning team in a derby
Not too long ago, the NGX was the whipping boy of a galloping Capital Market.
Its colleagues were delivering results that would make Fortune 500 companies cringe with fear while the NGX was delivering results that even my local bakery would be ashamed of.
Then the turbulence that gave birth to Alhaji Kwairanga’s team happened
Their emergence was not as easy as expected, but they were a determined team. Led by Alhaji and comprising such market superstars like Mohammed Garuba, Nonso Okpala and the indefatigable Temi Popoola took the helm at the place.
Robust reforms were fostered, courageous but determined positions were taken, loopholes blocked, transparency remerged as a corporate watchword and voila the dark hue that hovered around the NGX making them a whipping boy began to ease off.
Just look at this result recently announced and you will understand my effucive glee this morning.
For the year ended 31 December 2024, they announced a record-breaking PBT of N13. 6b throwing up an impressive 157.3% yoy growth.
According to the report personally sent to me by the charismatic Alh Kwairanga, its Chairman, the reasons for this wonderful result were firmly placed on – revenue expansion, strategic cost optimization and increased market participation.
This is true, do you remember the role they played during the market re-capitalisation push where they had launched an online platform that Banks like FCMB used very excellently to reach the retail market, raising billions of Naira?
That singular initiative moved the NGX from a greying old castrated Elephant to a charging Bull, which is today what we all dreamt of in an Exchange of such capacity.
But wait, let me finish with the results –
Gross earnings surged by 103% to N24b in FY 2024 up from N11. 8b. Transaction fees rose by 64%, driven by heightened market activity, buoyed by increasing stakeholder confidence in Temi and his team’s super exciting approach to their business.
One remarkable thing to note in this result is the fact that technology-related income grew by 105% signposting a new dawn at the Exchange.
Its helmsman, Temi Popoola is obsessed with the huge possibilities for the Exchange that comes with technology.
In private sessions with him, he has spoken so eloquently about these possibilities and his engagements with them.
Recently, he mentioned the very strong possibility of deploying AI, which is a coming overwhelming force in business and life, and I know for a fact that he has been consulting very strenuously in that area.
Another area the leadership reforms impacted very positively is Market data revenue, which grew exponentially by 100.5%, contributing to a 102.6% rise in other income, allowing the Group to declare the highest ever Dividend in its history.
A final Dividend of N4. 4b translating to N2. 00 per share the highest ever has been declared.
Its no wonder its hard-working and ebullient image maker Clifford reached out with superfluous excitement – Edgar have you seen our result?
Yes, I saw it and have not stopped going on my knees in utter amazement and in celebratory jubilation at such a brilliant outing.
The work has just started, guys; the market is evolving really fast, and we must also look very seriously at growing listings, pulling in tech-driven businesses and tapping into the booming Media and entertainment space.
I hear the fintech giant – Flutterwave is looking towards the Exchange,, and if this materializes, it may open up a new vista for the Exchange and for the markets as it would once again push a relatable engagement between the NGX and the high-growth segment.
Anyways, let me powerfully send my deep-felt congratulations to Alh Umaru Kwairanga and his team at the NGX for showing Nigerians that if we manage to put round pegs in round holes, amazing things can and will happen – this just happened.
Well done Guys.
Joseph Edgar
Founder
Barnaby and Edgar
www.barnabyandedgar. com
