Obehi Ikhaghe has been appointed as the company secretary to the Nigerian Exchange Group (NGX), having played the same role in acting capacity for six months, Oscar Onyema, group managing director and chief executive officer of NGX, announced through a notice sent to the investing and general public.
“Ms. Ikhaghe was appointed as the acting Company Secretary in January 2023 following the exit of the former Company Secretary, Mrs. Mojisola Adeola. Ms. Ikhaghe is a lawyer with over 14 years of professional experience spanning Company Secretarial, Corporate Governance, Corporate Law, Compliance and General Legal Practice.
“Prior to joining Nigerian Exchange Group Plc, Ms. Ikhaghe had worked at Lafarge Africa Plc as Legal Counsel and Company Secretary of its Ready Mix and Aggregates Division. She holds a Bachelor of Laws (LL.B.) from the University of Lagos and a Master of Laws (LL.M.) from the same institution,” Onyema added.
Nigerian Exchange Group, formerly, the Nigerian Stock Exchange was incorporated on 15 September 1960 but became a public and listed company in October 2021. It currently has 1,964,115,918 shares outstanding and having closed at N28 per share on July 22, its market capitalisation is N54.99 billion.
At the end of the first quarter of 2023, NGX realised N1.33 billion as revenue, lower than N1.68 billion made in similar period in 2022. NGX’s revenue was generated from treasury investment, dividend income, transaction fees, listing fees, rental income and other fees.
“Treasury investment income includes income from Bonds, Treasury bills and fixed deposits. The Group and Company earns interest income from investment in treasury bills, fixed deposits with commercial banks and bonds. The interest income is recognised using the effective interest method. Other fees represent rent of trading floor, annual charges from brokers, dealing license and membership fees earned by the Group. Other operating income is made up of sundry income, other sublease income and penalty fees,” NGX stated.
First quarter profit after tax was N309.98 million, higher than N148.3 million realised in the same period in 2022, on account of lower finance cost and personnel expenses.
