In recognition of the role Special Purpose Acquisition Companies (SPACs) play in catalysing economic growth through public markets Nigeria and Africa, Nigerian Exchange Limited (NGX), yesterday, hosted a webinar, themed, SPACs: An Alternative Route to Public Markets.
Speaking at the webinar, the Divisional Head, Listings Business, NGX, Olumide Bolumole, said: “In recent times, SPACs have experienced a steady rise in popularity across global markets due to the increased need for investors to explore opportunities in the capital market for diversifying investments and maximizing returns.
“At The Exchange, as we work towards becoming the preferred African Exchange hub, propelling innovation in a range of areas; we have identified SPACs as a timely solution to proffer an alternative route to increasing the number of listings whilst maximizing and protecting shareholders’ value.
“To that end, we are committed to consistent engagement with stakeholders to further deepen knowledge on SPACs for qualified investors and sponsors.”
We will all agree that the collaborative efforts of stakeholders is more critical than ever if we will provide an enabling framework that will not only spur the development of SPACs, but will also aid in growing and deepening the market whilst ensuring that investors are properly protected.
Earlier, the Executive Commissioner Operations, Securities and Exchange Commission (SEC), Dayo Obisan, represented by the Head, Securities and Investment Services, Alhassan Suleiman Sidi, in his goodwill remarks commented the NGX for organising the webinar.
He said this “highlights the opportunities available to the market to access financing through SPACs at a time when we need to deepen our markets.”
“We will all agree that the collaborative efforts of stakeholders is more critical than ever if we will provide an enabling framework that will not only spur the development of SPACs, but will also aid in growing and deepening the market whilst ensuring that investors are properly protected,” he assured.
The event featured two panel sessions, which focused on, Understanding SPACs: Lifecycle of a SPAC from Inception through Merger Consummation and as a Newly Public Operating Company, as well as, Legal and Regulatory Considerations for SPAC Merger Compliance.
The sessions featured commentaries from various industry stakeholders.
NGX reaffirms its commitment to the development of innovative capital market solutions to nurture and encourage new listings. It also leverages technology to optimize processes, improve time to market, create alternate routes to market, and further deepen liquidity within the Nigerian capital markets.