The Chief Executive Officer of Nigerian Exchange Limited (NGX), Temi Popoola, has called on the Federal Government to leverage the capital market as a tool for economic transformation by listing stakes in strategic national assets like Indorama Eleme Petrochemicals Limited on the Nigerian Exchange.
Popoola spoke on the development when the board and management of NGX Group visited Tinubu at the State House in Abuja on Thursday.
He argued that public listings of major state-linked enterprises could deepen Nigeria’s capital market, broaden wealth creation opportunities, and unlock value for the economy.
According to him, previous government-backed initiatives played a significant role in the development of the Nigerian capital market and should serve as a model for future reforms.
Popoola said the government could boost market capitalization and investor participation by listing stakes in major enterprises such as Nigeria LNG Limited (NLNG), Indorama Eleme Petrochemicals Limited, and selected assets within the Nigerian National Petroleum Company (NNPC) Limited portfolio.
‘You would remember, sir, in the 70s, we had the indigenisation programme. Many of your Nestlé’s and Unilever’s and these companies only came to the markets as a result.
‘MTN, the big telecommunications company that we talk about today, which is a major part of the exchange, also only came as a result of government efforts.’
He added that several of the identified companies already have provisions that could support future listings, making them strong candidates for public offerings.
‘There are a few companies that we have identified, companies like Indorama Eleme Petrochemicals Limited and NLNG.
‘Some of them already have listing clauses, while others may require government support to bring them to market. We would like your support in this regard.’
Popoola argued that listing strategic assets would not only expand investment opportunities for Nigerians but also provide a new avenue for mobilizing long-term capital to support economic growth.
The NGX boss noted that landmark listings in the past, including MTN Nigeria, helped broaden market participation and significantly increased the depth and value of the Nigerian capital market.
Popoola also hinted that economic reforms under President Bola Tinubu have created an estimated 500,000 to 900,000 millionaires through gains in the capital market.
He said the wealth creation was linked to the strong performance of the Nigerian stock market since the president assumed office in 2023.
‘Mr. President, tied to all these is a lot of wealth that has been created for many people. We don’t have exact figures, but we estimate that about 500,000 to 900,000 millionaires have been created as a result of reforms,’ Popoola said.
The NGX CEO said the market’s rapid growth also attracted attention from other African countries, with some looking to Nigeria as a model for developing their capital markets.
According to Popoola, the total value of listed equities has risen from about N30 trillion in 2023 to N160 trillion, while the NGX all-share Index increased from 52,000 points to 244,000 points over the same period.
He said NGX expects the total value of listed stocks to rise to N230 trillion by the end of 2026, driven by new listings and continued market growth.
‘The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30 trillion. Today, Mr. President, that figure is N160 trillion.
‘By the end of this year – with the listing that we are seeing in our market – we expect that figure to rise to N230 trillion,’ he said.
He also highlighted the performance of the all-share index, saying the market had reached levels previously unfamiliar to investors.
‘When we reached 100,000, we didn’t know how to calculate it anymore because it is not something that we are used to seeing,’ he said.