By Nkiruka Nnorom
THE Nigerian Stock Exchange (NSE), yesterday, launched its X-PO, an online platform for public offerings (POs) following the “No Objection” letter received from the Securities and Exchange Commission (SEC) on the initiative.
The X-PO, the first end-to-end online public offer platform in Africa, is designed to enhance the experiences of stakeholders in the public offerings value chain by providing a smarter and efficient way to manage public offers in the Nigerian capital market.
Oscar Onyema, Chief Executive Officer, NSE, speaking on the development, said the launch of the X-PO platform reinforces the Exchange’s commitment to revolutionise stakeholders’ experience in the Nigerian capital market leveraging technology.
He stated: “The X-PO has been designed to enhance the efficiency of PO subscription process and operational work-flow to support issuers in raising capital and enhance the reach of POs while promoting financial inclusion and retail investors’ participation in the market.”
“Furthermore, X-PO will accelerate the reconciliation and allotment process for POs, as well as reduce the incidence of unclaimed dividends, thereby boosting investor confidence in the capital market.
“The launch of the X-PO is particularly timely given the new normal occasioned by the COVID-19 pandemic. The platform’s sustainable approach affirms NSE’s commitment to deploying environmentally friendly business practices and promoting paperless public offer subscriptions. We have also taken into consideration the vital need for privacy and data protection, deploying the highest levels of security to ensure that stakeholders can enjoy a safe and secure digital public offering experience.”