According to the Securities and Exchange Commission (SEC), the Nigerian Exchange (NGX) Limited, the rules for listing on the NGX Technology Board have been approved.
Technology-based businesses can list and raise capital in a special section of the Exchange called the NGX Technology Board.
The board was established by NGX with the goals of boosting investor interest, bolstering the Nigerian financial system, and raising the prominence of African and Nigerian businesses with an emphasis on technology. The securities listed on the NGX Technology Board will be accessible to high-net-worth individuals, retail investors, and qualified institutional investors.
The ratification of the standards, according to Mr Temi Popoola, CEO of NGX, is "a milestone achievement" that will make the Exchange a popular venue for technology businesses to acquire capital.
“It also attests to NGX’s dedication to deepening the Nigerian capital market. On behalf of the Board and Management of NGX, I would like to thank the SEC for approving the Rules. I would also thank the Board of NGX for their invaluable contribution during this process. We are confident that NGX Technology Board will encourage start-ups, both Nigerian-founded and from other African countries, to list on the Exchange as they work towards meeting their financing needs.”
“The approval comes after deliberation on the draft Rules by the Regulation and New Business Committee (RNBC) of NGX RegCo and consideration of stakeholders’ comments on the exposed draft rules,” said Ms Tinuade Awe, CEO of NGX RegCo. “We are much obliged to the SEC for its quality input and approval of NGX Technology Board Rules.”
The NGX is the sustainable Exchange leading the charge for Africa’s economic growth. It is dedicated to fostering the technological transformation of the capital market and the expansion of Africa’s technology sector.