SEC approves NGX technology board listing rules

The Securities and Exchange Commission (SEC) has approved the rules for listing on NGX Technology Board.

This was announced by the Nigerian Exchange Limited (NGX) on Sunday.

The NGX Technology Board is a specialised platform for technology-based companies to list and raise capital on The Exchange.

Through the Board, NGX aims to encourage investments in indigenous technologically inclined companies and others across Africa, provide greater visibility to these companies and ultimately deepen the Nigerian capital market. Securities listed on NGX Technology Board will be accessible to qualified institutional investors, retail investors, and high-net-worth investors, the Exchange said in a statement.

Commenting on the approval, Chief Executive Officer of NGX, Mr. Temi Popoola sai:, “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.”

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.”