The guidelines for listing on the NGX Technology Board have been authorised by the Securities and Exchange Commission (SEC), according to the Nigerian Exchange (NGX) Limited.
The NGX Technology Board is a special place on the Exchange where technology-based companies can get listed and raise money.
NGX created the board to boost the profile of Nigerian and African enterprises with a focus on technology, attract investors, and strengthen the Nigerian financial system. Qualified institutional investors, retail investors, and high-net-worth individuals will all have access to the securities listed on the NGX Technology Board.
Mr Temi Popoola, CEO of NGX, commented on the acceptance of the guidelines, calling it “a landmark achievement” that will make the Exchange a desirable place for companies in the technology industry to raise funds.
“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.