According to Nigerian Exchange Limited, the Securities and Exchange Commission (SEC) approved the Rules for Listing on the NGX Technology Board on December 15, 2022.
The NGX Technology Board is a specialized platform for technology-based companies to list on The Exchange and raise capital. NGX’s Board of Directors aims to encourage investments in indigenous technologically inclined companies and others across Africa, increase visibility for these companies, and ultimately deepen the Nigerian capital market. Securities trading on the NGX Technology Board will be available to qualify institutional investors, retail investors, and high-net-worth individuals.
Commenting on the approval of the Rules, the Chief Executive Officer of NGX, Mr. Temi Popoola, said, “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 demonstrates NGX’s commitment to expanding the Nigerian capital market.
On behalf of the NGX Board of Directors and Management, I would like to thank the SEC for approving the Rules. I’d also like to thank the NGX Board of Directors for their invaluable assistance. We are confident that the NGX Technology Board will encourage start-ups, both Nigerian and from other African countries, to list on the Exchange as they seek financing.”
“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, followed by subsequent submission to and approval by the Board of NGX RegCo,” said Ms Tinuade Awe, CEO of NGX RegCo. We are grateful to the SEC for its valuable input and approval of the NGX Technology Board Rules.”
NGX, the sustainable exchange championing Africa’s growth, is dedicated to promoting capital market technological transformation and the development of Africa’s technology sector.
