Popoola commends CWG for leveraging to increase its engagement with capital market in community
By Philemon Adedeji
The Chief Executive Officer (CEO) of Nigerian Exchange Limited, Mr. Temi Popoola who was represented by Divisional Head Capital Market of Nigerian Exchange Limited (NGX), Jude Chiemeka have commended the Board and Management of Computer Warehouse Group (CWG) Plc for leveraging the platform to increase its engagement with the capital market community.
He made the statement during facts behind the figures presentation of CWG held at the NGX head office in Lagos yesterday
According to him, “We are delighted that CWG has chosen to use this forum to communicate its financial performance, strategic and operational developments to the investment community. Given that accurate, accessible and timely information is essential to stimulate market activity, your continued interaction with investors and the capital market ecosystem is important to ensure reasonable flow of relevant information to the market. We anticipate that today’s interaction will be fruitful, encourage transparency, price discovery, and positively impact the overall performance of your stocks.”
He added that since the incorporation of CWG on September 26, 1991, and its subsequent listing on the Exchange in 2013, CWG has over the years continued to build its brand as a market leader in the African IT industry.CWG Plc, as we are aware is committed to creating excellent service culture and delivering its operations through global best practices using its ISO9001 certification process across the group.
Popoola explained further that CWG Plc recorded N476.8 million Profit Before Tax in its results for the full year 2022. The result was an improvement from N449.6 million PBT recorded during same period in 2021. This achievement is a result of the hard work and resilience displayed by the management team. They continue to strengthen the company’s financial performance, maintaining a growth trajectory in revenue by 21 per cent from N11.7 billion in 2021 to N14.2billion in the period under consideration.
“At the NGX, we remain committed to helping issuers derive great value from their interactions with the market. By positioning ourselves as the African Exchange of choice, we will continue to adopt rules aimed at improving the corporate governance of our listed firms and offer products and services that are tailored to the needs of investors in a fair and orderly market.
“With the fast-changing macroeconomic environment in Nigeria and globally, we encourage CWG Plc to continue to strive for sustainability by adhering to higher standards of corporate governance, deeper social impact, higher regulatory compliance, and greater returns for shareholders.
“The Exchange provides an efficient, liquid, and multi-asset securities platform, that offers investors varied options including Equities, Fixed Income, Derivatives, and other Exchanged Traded Products (‘ETPs’) including Mutual Funds and Exchange Traded Funds (‘ETFs’). We are committed to developing the Nigerian capital market by providing a market that thrives on innovation and responds to the needs of stakeholders in accessing and using capital.
“Our market continues to be resilient in providing stakeholders with a platform to raise capital and invest. Year to date, NGX has facilitated needed financing of over N3.85 trillion in capital raised by governments and corporates across various asset classes. The market capitalization of the NGX as at close of trading on Friday, April 28, 2022, stood at N28.4 trillion with the Year-to-Date (YtD) returns at 1.56 per cent along with an increase of 985 points or 1.92 per cent of the NGX All-share index (ASI) since the beginning of 2023.
“Furthermore, we have continued our advocacy efforts with the Nigerian government on behalf of our listed corporates on tax reforms, prioritization of foreign exchange allocation and stakeholder engagement on behalf of our listed corporates. We have also continued to support our listed companies by increasing awareness around the benefits to investors and their customers on the extra confidence they can have in listed companies.
“More recently, we have made several capital investments into the Exchange’s technology ensuring that we have had no downtime in over five (5) years, allowing investors a seamless ability to transact on the Exchange. These engagements support the NGX’s efforts in ensuring positive impact to our listed companies.”
He concluded by encouraging CWG Plc and all viewers to leverage the various benefits of listing on the Exchange, including improved access to capital, increased global profile and access to liquidity.
The General Manager of CWG, Adewale Adepiyo described CWG as a Pan-African systems solutions company which specialises in a wide array of IT services including: communications, and integration services, infrastructure services, managed and support services, cloud services, and software with headquarter located in Lagos
He added that CWG plc is a leading provider of IT services across Africa, CWG operates a firmly established partnership network which connects businesses, enterprises, governments, customers, and consumers, utilizing value-added services
He said, “We are largely working with major telecommunication company and providing services based on what those telecommunication provides.”
He added that, “In 1994 we established a network of our own business which we called DCC, in 1998 we established a software that we called esportage because of the foot print and leverage that we have in business we went into services leading to an extension of business that will provide organisation which already delivered a hardwork too, this make alot of them coming back and requesting for exploit services by keeping the service leading to our strategic change for moving.”
Mr Sam Natada who gave closing remarks said within himself he has confident in the company and other peoples have noticed that in the company. He said the company has a potential to grow based on the results delivered in 2023, we can try as much as possible to make sure the company continue to grow the way it supposed to grow.
