The Securities and Exchange Commission (SEC) has authorised the Rules for Listing on the NGX Technology Board on December 15, 2022, according to Nigerian Exchange Limited (“NGX” or “The Exchange”).
The NGX Technology Board is a specialised platform for technology-based enterprises to list on The Exchange and raise funding. NGX’s Board of Directors aspires to stimulate 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 eligible 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 attests to NGX’s dedication to deepening the Nigerian capital market. On behalf of the Board and Management of NGX, I would like to express our appreciation to 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.”
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The CEO of NGX RegCo, Ms Tinuade Awe on her part said, “The approval comes after deliberation on the draft Rules by the Regulation and New Business Committee (RNBC) 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.”
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.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.