The Nigerian Stock Exchange (NSE) has launched an online platform named, “X-PO” to ease the public offering process in the capital market after receiving a “no objection” letter from the Securities and Exchange Commission, the capital market regulator, said on the initiative.
The X-PO, which is the first end-to-end 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,” the NSE said on Tuesday in a website statement.
Oscar Onyema, the NSE chief executive, said the deployment of the electronic platform emphasised the commitment to transform stakeholders’ experience in the Nigerian capital market by deepening technology utilisation.
“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,” the NSE chief said.
“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,” he added.
The NSE said the platform would help achieve paperless public offer subscriptions, adding that it had taken into consideration the significance of privacy and data protection.
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