NGX Group Declares 25 Kobo Interim Dividend

Kayode Tokede

Following the emergency meeting of the Board of Directors, Nigerian Exchange Group Plc (NGX Group) yesterday announced an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half of financial year 2023.

This dividend, which is the first since the demutualisation of the Nigerian Stock Exchange will be paid to shareholders whose names appear in the Shareholders’ Register as of the close of business Monday, July 31, 2023.

Payment will be remitted electronically to qualified shareholders on Thursday, August 31, 2023. The dividend announcement comes as a resolution of the Board following the request from shareholders at the recently held Annual General Meeting (AGM) on July 14, 2023.

Commenting on the dividend announcement, the Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga in a statement said, “The announcement of the dividend will send a signal to our shareholders that the Company has a listening and responsive Board following the request at the last annual general meeting.

“We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term.”

The Group Chief Executive Officer, NGX Group, Mr Oscar Onyema, also in a statement stated, “The proposed payment will not significantly impact the cash position and retained earnings of the Company and will further position the company as investible for a wider class of investors in the capital market.

“We will continue to focus on maximising value for shareholders just as we champion the development of Africa’s financial markets.”

Rida Obtains Licence to Officially Operate in Lagos

Rida, the set-your-price ride-hailing service has received its official licence to operate in the city of Lagos.

The company said in a statement that in what is set to change the transportation landscape in Lagos, the Nigerian ride-hailing firm  has displayed its adherence to high standards of operation, commitment to excellent service, and rigorous compliance with regulatory guidelines to achieve this significant milestone.

According to the company, attaining the official authorisation is a testament to the company’s adherence to high operational standards, commitment to providing excellent service, and robust compliance with regulatory guidelines.

“The platform satisfies all the criteria required by the Lagos state government in terms of safety, security, and reliability, making Rida one of a few legally-grounded digital transport services in the city. The further expansion of Rida in Lagos promises a refreshing, efficient, safe, and affordable transportation solution for the city’s residents. With a focus on providing fair trips via negotiation features for driver and rider, Rida also places a high value on safety and reliability, adhering to strict procedures, including comprehensive background checks and intensive training for all their drivers,” it said.

Commenting, the Chief Executive Officer of Rida, Osi Oguah, said: “Receiving this licence is a strong validation of our operational practices and unwavering commitment to providing top-notch services. “We eagerly look forward to delivering our trusted ride-hailing services to the people of Lagos, ensuring a convenient, safe, and affordable solution for their daily commuting needs.”

According to him,  Rida is also keen on expanding to other cities of Nigeria.

“It is currently operating in Lagos and Abuja, but plans to open the service in Kano, Benin and Port Harcourt shortly. It is anticipated to contribute positively to the city’s economy, creating employment opportunities for thousands of people and paving the way for a new income avenue for car owners,” the company added.

Rida Nigeria is a pioneering set-your-price ride-hailing service dedicated to providing seamless and cost-effective transportation solutions in Nigeria. With a strong focus on customer satisfaction, driver empowerment and safety, Rida Nigeria is revolutionizing the ride-hailing industry through innovative technology and user-centric features.