The Nigerian Stock Exchange (NSE) has launched the X-PO, an online platform for the subscription of public offerings (POs) following the “No Objection” letter received from the Securities and Exchange Commission (SEC).
According to the NSE, the X-PO, the first end-to-end online public offerings platform in Africa, was 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.
As a self-service portal, X-PO allows investors to conveniently subscribe and make payments for public offers through the web and mobile (USSD), avoiding the hassle of physical completion and submission of public offering applications forms and visiting the bank for payment.
Speaking on the development, the CEO of NSE, Mr Oscar Onyema, noted that, “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 that the X-PO has been designed to enhance the efficiency of public offer (PO) subscription process and operational workflow to support Issuers in raising capital and enhance the reach of POs while promoting financial inclusion and retail investors’ participation in the market.
Onyema added that 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.
According to him, the Exchange will continue to innovate and adapt to new technologies that will not only help companies improve operational efficiency, but also enhance corporate governance which is paramount for sustainable business operations. “The launch of the X-PO is particularly timely given the new normal occasioned by the COVID-19 pandemic,” he pointed out.