In a defining moment for Nigeria’s capital market, the Nigerian Exchange Group (NGX) Plc, yesterday has announced plans to list economic heavyweight such as the Dangote Refinery on the local bourse before the end of 2025.

Addressing shareholders at the Group’s 64th Annual General Meeting in Lagos, the NGX Group Chairman, Alhaji Dr. Umaru Kwairanga, projected a confident vision of strategic repositioning and market expansion, disclosing with confidence that Dangote Refinery is expected to list on the Exchange before the end of this year.

He revealed the NGX Group’s active pursuit of large-ticket listings to transform the bourse’s stature, citing strategic engagements with both the Dangote Group and the NNPC.

“Even if it’s 20per cent or 30per cent, let a part of NNPC be listed. This is the platform of transparency and innovation. It is time to democratise wealth and allow the Nigerian public to benefit from our national assets.”

He underscored the Group’s commitment to deepening market offering and credibility, boosting investor confidence, and aligning with President Bola Tinubu’s $1 trillion economy target.

“We will not shy away from taking the right decisions,” Kwairanga stated resolutely. “Where organisations no longer deliver value, we will act decisively—even if that means delisting. We must protect our integrity as Africa’s premier stock exchange.”

Kwairanga emphasized the Exchange’s alignment with the current administration’s economic reforms, stating, “No other institution has keyed into Tinubu’s economic agenda like NGX has. Our ambition is to double the gains from the ongoing banking recapitalisation and deliver on major listings that will redefine the capital market.”

Kwairanga concluded with a bold assurance: “We have the capacity. We have the people. We have your support. By year-end, you will witness a transformation led by landmark listings and strategic reforms. NGX is not just keeping pace—we are setting the pace.”

He noted that with major heavyweights listing, the market capitalization currently at over N65 trillion is expected to be doubled by the end of 2025

NGX Group had announced a record 157.3per cent year-on-year growth in profit before tax (PBT), reaching N13.6 billion for the financial year ended December 31, 2024. According to its audited financial statement, gross earnings soared by 103.2per cent to N24.0 billion, powered by a diversified surge in revenue channels: transaction fees climbed 64%, listing fees skyrocketed by 397.1per cent, and market data revenue doubled by 100.5%.

Other standout contributors include a 105 per cent rise in technology-related income and a 174.8per cent increase in other fees, affirming NGX Group’s strategic pivot toward innovation, digitalisation, and sustainable value creation.

In recognition of this historic performance, the Board approved a final dividend of N4.4 billion—translating to N2.00 per share—the highest payout in the Group’s history.

“These results mark a pivotal moment in NGX Group’s post-demutualisation journey,” said Kwairanga. “They reinforce investor confidence and our unwavering resolve to deliver value. Our strategy is built not just on numbers, but on transforming this market into an engine of prosperity.”

The Group’s remarkable 2024 performance was underpinned by targeted initiatives such as the launch of NGX Invest, which facilitated N1.845 trillion in capital raises for Nigeria’s banking sector, and a landmark investment in the Ethiopian Securities Exchange (ESX), signaling regional ambition.

The Group CEO, NGX Group, Mr. Temi Popoola noted, “Our 157.3per cent PBT growth reflects precision in execution, operational excellence, and technological innovation. With a more resilient and diversified business model, NGX is now positioned for sustained leadership in Africa’s financial markets.”

As Nigeria eyes a trillion-dollar economy, the NGX Group is emerging as a formidable enabler. With visionary leadership, a solid financial base, and renewed commitment to inclusive market growth, NGX is poised to not only deepen domestic participation but to anchor Nigeria’s ascent as a global investment hub. (THISDAY)