The Securities and Exchange Commission (SEC) has accepted the guidelines for listing on the NGX Technology Board, according to Nigerian Exchange Limited (NGX).
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 significant achievement that will position the Exchange as an appealing destination for capital formation.”
“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,” he said.
“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 the subsequent submission to and approval by the Board of NGX RegCo,” 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,” she said.