NGX Technology Board SEC Approved Listing Rules

The rules for listing on the NGX Technology Board of the Nigerian Exchange (NGX) Limited have been approved by the Securities and Exchange Commission (SEC).

The approval, according to a statement from the exchange, was obtained on Thursday, December 15, 2022, with the exchange’s CEO, Mr. Temi Popoola, describing it as “a historic achievement that will position the exchange as an attractive destination for capital formation by companies in the technology sector. It also attests to NGX’s dedication to deepening the Nigerian capital market.”

“On behalf of the NGX board and management, I would like to express our thanks to the SEC for approving the rules.

“I would also thank the NGX board for their invaluable input during this process. We are confident that the NGX Technology Board will encourage start-ups, both of Nigerian origin and from other African countries, to go public as they work to meet their financial needs,” he added.

Also commenting, NGX RegCo CEO Ms Tinuade Awe said: “The approval comes after deliberation on the draft rules by the NGX RegCo regulation and New Business Committee (RNBC) and Consideration of stakeholder comments on the exposed draft rules. , followed by subsequent submission and approval by the NGX RegCo board. We are very grateful to the SEC for their quality input and approval of the NGX Technology Board Rules.”

NGX Technology Board is a specialized platform for technology-based companies to list and raise capital on the stock exchange.

Through this platform, NGX aims to encourage investments in indigenous and other tech-inclined companies in Africa, bring greater visibility to these companies, and ultimately deepen the Nigerian capital market.

Securities listed on the NGX Technology Board will be accessible to qualified institutional investors, retail investors and high net worth investors.

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