The Rules for Listing on the NGX Technology Board were approved by the Securities and Exchange Commission (SEC) on December 15, 2022. With the help of the board, NGX intends to increase the visibility of investments in African and indigenous technology-based companies and so broaden the Nigerian capital market. The securities listed on the NGX Technology Board will be accessible to qualified institutional investors, individual investors, and high-net-worth investors.
With this approval from SEC, Tech firms and startups in Nigeria and African can now be listed on the exchange providing them wider opportunities to raise funding
The NGX Technology Board is a specialized listing and capital-raising platform for technology-based businesses on The Exchange. Through the Board, NGX hopes to promote investments in local businesses with a technical bent as well as other businesses in Africa, give these businesses more attention, and ultimately expand the Nigerian capital market. Qualified institutional investors, retail investors, and high-net-worth investors will all have access to the securities listed on the NGX Technology Board.
Temi Popoola, the chief executive officer of NGX, commented on the acceptance of the Rules, calling it a landmark achievement that will position the Exchange as an alluring location for capital formation by businesses in the technology sector. Additionally, it demonstrates NGX’s commitment to expanding the Nigerian capital market.
Temi Popoola thanked SEC for approving the Rules on behalf of the board and management of NGX and the NGX Board for their crucial assistance throughout this process. He further stated that as tech firms endeavor to satisfy their funding needs, the NGX Technology Board will encourage start-ups, both those created in Nigeria and those from other African nations, to list on the Exchange.
The approval of the listing rules 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 the subsequent submission to and approval by the Board of NGX RegCo
NGX is dedicated to fostering the technological revolution of the capital market and the expansion of Africa’s technology sector. NGX is the sustainable exchange advocating Africa’s growth.