As revealed in its 2024 audited financial statements, the financial performance was driven by strategic cost optimisation, revenue growth, and increased market participation.

The Group’s gross earnings surged by 103.2%, reaching N24 billion, up from N11.8 billion in 2023. This resulted from increases across key revenue streams:

• Transaction fees: Up 64% to N7.9 billion (from N4.8 billion)
• Listing fees: Skyrocketed 397.1% to N5.4 billion (from N1.1 billion)
• Technology-related income: Increased by 105%
• Other fees: Rose 174.8% to N273.3 million (from N99.4 million)
• Market data revenue: Grew 100.5%, contributing to a 102.6% rise in other income, now accounting for 29.6% of total earnings

In addition, NGX Group recorded:

• Profit after tax:9 billion, up 88.9% (from N5.2 billion)
• Operating profit:1 billion, surging 1,791% (from N433 million)
• Earnings per share: 50, up from 2.43
• Total assets: N68 billion, reflecting a 13.7% increase (from N59.8 billion)
• Liabilities: Reduced by 4.34% to N19.4 billion (from N20.3 billion)

Dividend Declaration and Shareholder Returns

NGX Group has declared a dividend of N2 per ordinary share (0.50 kobo each), subject to withholding tax and shareholder approval.

The dividend will be paid to shareholders whose names appear in the Register of Members as of Thursday, March 13, 2025.

Speaking on the performance, Alhaji Dr Umaru Kwairanga, group chairman, said:

“These results mark a pivotal moment in NGX Group’s post-demutualisation journey, reinforcing investor confidence in our long-term vision. The approval of a record N4.4 billion dividend underscores our commitment to rewarding shareholders while positioning NGX Group as a key driver of capital market development. As we continue to invest in market infrastructure and innovation, we remain focused on creating sustainable value for all stakeholders.”

Mr Temi Popoola, managing director/CEO, added:

“NGX Group’s remarkable 2024 performance reflects our strategic focus on execution, operational excellence, and innovation. The 157.3% increase in profit before tax underscores the strength of our execution strategy and the dedication of our team. By leveraging technology, expanding market data solutions, and strengthening our partnerships, we have built a more resilient and diversified business model that positions us for sustained growth.”

NGX Group seeks to scale up its drive for capital market development in Nigeria and across Africa, leveraging a strong capital base, diversified revenue streams, and a focus on innovation.

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More than 40 staff members of NGX Group were affected, with top shots in the organization asked to go.

The overhaul was led by PricewaterhouseCoopers (PwC), a multinational professional services firm.

The PwC carried out a staff audit and made recommendations to Mr Temi Popoola, the group managing director/chief executive officer of Nigerian Exchange Group (NGX), who implemented the downsizing, a source said.

The affected staff members, according to sources, include regulatory officers, compliance managers, audit managers, the investment team, the chief finance officer, and the general counsel of NGX, among others.

According to source, “Mr Popoola knew that he was in a position to be the next Group CEO when Oscar Onyema (former NGX Group CEO) left. So, as soon as he assumed office, he contracted PwC to overhaul NGX Group,” an affected senior staff member said

“However, several times, PwC asked about job responsibilities from the Human Resources (HR) Department. In preparation for the AGM, as Holdco managers, we were in charge of organizing the AGM and we did a lot of leg work to ensure that we got enough proxy shareholders so as to secure enough percentage required to rectify Popoola as GMD.”

The ex-staffer said after the AGM, same day around 5 pm, a virtual meeting was held with all staff members of the group, where the Group Managing Director said that he had got feedback from PwC and that he was going to scrap offices and allow staff members that were no longer relevant to the organization to go.

Mr Popoola noted that he was going to send termination letters to affected staff the same day and have their emails blocked for access, the ex-staff member said.

“He didn’t give the affected people the opportunity to ask questions. He said consultants did a transparent job but he did not show the results of the review to anybody,” another affected ex-staff member said.

“We didn’t know the criteria that were used to come to the conclusion of the sacks. That aside, we have a high staff attrition rate, not to forget that the payout to the board level is extremely high.”

Another affected staff member said the decision of the NGX to downsize was greeted with pessimism, noting that there were no clear criteria for the dismissal.

Currently, the affected staff members are demanding reinstatement, emphasizing their contributions and lack of justification for their terminations.

Recall that on April 8, the Central Bank of Nigeria (CBN) sacked five to eight directors. Those affected were in Trade and Exchange Department, Securities Department, Development Finance Department, as well as Purchasing and Support Services Department, including the Public Affairs Department.

The regulator equally retrenched 32 staff members the same day, striking fear in the staff. So far, the apex bank has sacked 117 staff members across its 27 departments, multiple sources said.

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The Gender Leader Awards, which is being implemented under the Nigeria2Equal (N2E) program, is designed to recognize, and celebrate private sector companies leading the way in Gender Equality Performance across a broad range of indices.

Ecobank Nigeria was an awardee in the Gender Diversity in Supply Chain category at the high-level event by priivate sector company chief executives, business leaders and dignitaries including the Lagos State Governor, Babajide Sanwo-Olu.

Speaking during the award ceremony, Ms. Dahlia Khalifa, IFC’s Regional Director, Central Africa, Liberia, Nigeria and Sierra Leone, commended the progress of Nigeria2Equal’s participating companies in advancing the role of women in their organizations.

Khalifa said;

“As we celebrate the accomplishments of these organizations who have shown outstanding leadership in closing the gender gaps within their own organizations, we acknowledge the power of collaboration and the transformative impact that specific, measurable, and time-bound commitments can have on achieving gender parity in Nigeria’s private sector. IFC remains resolute in our commitment to sustain the momentum and support the private sector to scale up its efforts for a more gender-balanced, prosperous future.”

Receiving the award, Carol Oyedeji, Deputy Managing Director, Ecobank Nigeria, said Ecobank has policies and structures in place that promote gender balance in its employment, stressing that the recognitions are a testament of Ecobank Nigeria’s significant contributions to advancing gender equality within the organization and by extension, in Nigeria’s private sector.

She disclosed that the bank also has many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Nigeria such as ‘Ellevate’ and ‘Ecobank Female Entrepreneurs Initiative (EFEI)’, which are designed to empower and support female owned small-scale businesses. According to her;

“Across Ecobank, we are intent on ensuring that all women can reach their full potential and always have equal opportunities to men in advancing their careers and achieving promotion. Female staff are holding strategic leadership and management positions in the organization. We are committed to creating a society and workplace that is free of bias and gender-based discrimination”.

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