Nigeria’s SEC okays listing rules for tech companies

Nigerian Exchange Limited (NGX) announced on Sunday that the Securities and Exchange Commission has approved the Rules for Listing on NGX Technology Board.

The NGX Technology Board is a specialised platform for technology-based companies to list and raise capital on the Exchange, according to a statement by the bourse.

Through the board, the NGX aims to encourage investments in indigenous technologically inclined companies and others across Africa, provide greater visibility to these companies and ultimately deepen the Nigerian capital market.

The NGX said securities listed on the board would be accessible to qualified institutional investors, retail investors, and high-net-worth investors.

“This is a landmark achievement that will position the Exchange as an attractive destination for capital formation by companies within the technology sector. It also attests to NGX’s dedication to deepening the Nigerian capital market,” the Chief Executive Officer of NGX, Mr Temi Popoola said.

He appreciated SEC for approving the rules and the board of NGX for their contribution during the 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 CEO of NGX RegCo, Ms Tinuade Awe, said the approval came after deliberation on the draft Rules by the Regulation and New Business Committee of NGX RegCo and the consideration of stakeholders’ comments on the exposed draft rules, followed by the subsequent submission to and approval by the Board of NGX RegCo.

“We are much obliged to the SEC for its quality input and approval of NGX Technology Board Rules,” she said.

NGX, the sustainable exchange championing Africa’s growth, is committed to stimulating the technological transformation of the capital market and the development of Africa’s technology sector, according to the statement.

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