NGX Group Shareholders Demand Market Discipline at AGM

During the 65th Annual General Meeting (AGM) of NGX Group held in Lagos on April 29, shareholders called for sustained performance and tighter market surveillance to curb price manipulation. Chairman Umaru Kwairanga and Group Managing Director/CEO Temi Popoola outlined the company's strategic focus on reassuring investors through value creation and regulatory vigilance.

Shareholders expressed concerns regarding the rise in share prices not being backed by fundamentals, urging for stronger surveillance to maintain market credibility and warning that speculative trading could erode investor confidence if not properly addressed. Despite these concerns, shareholders approved key resolutions, including a final dividend of N2.00 per share and the issuance of three bonus shares to increase share capital, reflecting continued confidence in the group's financial strength.

The meeting highlighted revenue growth and improved cost management, although concerns remained regarding the performance of subsidiaries and the quality of governance disclosures.