“NGX Group Makes Strategic Investment in Ethiopian Securities Exchange, Bolstering African Capital Markets”

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The Nigerian Exchange Group Plc (NGX Group), renowned as a leading integrated market infrastructure group in Africa, has made a substantial investment in the Ethiopian Securities Exchange (ESX), marking its foray into East Africa and solidifying its commitment to catalyzing growth and innovation within African capital markets.


Joining a consortium of top institutional investors including FSD Africa, a UK-backed non-profit financial institution, and the Trade and Development Bank Group (TDB), NGX Group’s investment underscores its vision to become the primary foreign institutional investor in ESX, strategically positioning itself to leverage the burgeoning opportunities in Ethiopia’s rapidly expanding economy and capital market.


This significant investment reflects NGX Group’s confidence in Ethiopia’s economic potential and its dedication to nurturing a vibrant financial ecosystem in the region, aimed at enhancing investor participation and fostering capital formation.


By partnering with ESX, NGX Group aims to bolster regulatory frameworks and promote best practices within Ethiopia’s capital market, while providing technical assistance and capability enhancements to support the exchange’s operations and growth.


Alhaji Umaru Kwairanga, Chairman of NGX Group, commended ESX’s successful capital raise and expressed pride in the partnership, emphasizing NGX 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 Ethiopia’s burgeoning economy, envisioning a dynamic capital market fostered by NGX Group’s expertise and experience.


Tilahun Esmael Kassahun, CEO of ESX, welcomed NGX Group as a strategic partner, emphasizing the confidence of investors in Ethiopia’s economic landscape and the exchange’s prospects.

As part of the investment, Temi Popoola will join ESX’s board as NGX Group’s nominee, reflecting NGX Group’s dedication to driving regional integration and collaboration within African capital markets.


ESX surpassed its initial fundraising target, securing approximately 1.3 billion Ethiopian Birr (ETB) from the private sector, signaling robust confidence in Ethiopia’s capital market and economic trajectory. The Government of Ethiopia will retain a 25% stake in the exchange, while private sector players hold the remaining 75%.


Investors interested in NGX Group’s activities can access the dedicated investors’ portal on its corporate website or reach out to the Investors’ Relations Department for inquiries regarding investment opportunities.

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