NGX Group, a prominent integrated market infrastructure Organisation in Africa, has made a strategic investment in the Ethiopian Securities Exchange (ESX).
This investment, alongside FSD Africa and Trade and Development Bank Group, highlights NGX Group’s commitment to driving growth and innovation in African capital markets.
The decision to invest in the Ethiopian Stock Exchange reflects NGX Group’s confidence in Ethiopia’s rapidly growing economy and capital market.
By partnering with ESX, NGX Group aims to support the development of a vibrant financial ecosystem in Ethiopia, encouraging increased investor participation and capital formation.
Through this investment, NGX Group plans to enhance regulatory frameworks and promote best practices within the ESX ecosystem.
The Group said it is dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of ESX.
Umaru Kwairanga, Chairman of NGX Group, commends ESX on its successful capital raise and emphasized the Group’s commitment to promoting economic development and exemplary corporate governance standards.
Temi Popoola, Group Managing Director/CEO of NGX Group, highlighted the significance of the investment in the Ethiopian Stock Exchange as a milestone in the Group’s expansion strategy.
Tilahun Esmael Kassahun, CEO of ESX, welcomed NGX Group as a strategic partner and acknowledged the confidence of investors in Ethiopia’s economic landscape.
With this investment, Temi Popoola will join the board of ESX as a nominee of NGX Group, further demonstrating NGX Group’s commitment to regional integration and collaboration within African capital markets.
ESX exceeded its initial target by raising close to 1.3 billion Ethiopian Birr from the private sector, reflecting strong investor confidence in Ethiopia’s capital market and economic prospects.
The Government of Ethiopia will retain 25% of the exchange, while private sector players will hold 75%. This investment by NGX Group aims to facilitate cross-border investment flows, enhance liquidity, and promote economic development across the continent.
Comment here