This one is huge and will arrive just as 2022 closes. Yes, the Securities and Exchange Commission has approved the rules for listing on the new Nigerian Exchange Board of Technology. With this playbook, companies like Flutterwave, Interswitch, Touch and Pay, etc. they can have a clear destination in the public market without buying plane tickets to London and New York.
Of course, the main problem, besides the opportunity, is the investors: how would they value these companies? In fact, when I see that eTranzact International Plc is valued at $53 million, I conclude that NGX retail investors need more lessons on technology and opportunity.
However, this is a step in the right direction: we need to have our own NASDAQ in Nigeria. In a world with Omatek Plc, Courteville Business Solutions Plc, NCR Plc, Chams Plc, Computer Warehouse Group (CWG) Plc,
Tripple Gee & Company Plc, Airtel Africa and MTN Nigeria, we can add new species there.
- Register for Tekedia Mini-MBA (February 6 to May 6, 2023) here. With discount the price is N60,000 or $140 for January 21; the price goes up afterwards.
- Get in Tekedia Capital Union and own a share of the best startups in Africa here.
Nigerian Exchange Limited (“NGX or “The Exchange”) is pleased to announce that the Securities and Exchange Commission (SEC) has approved NGX Technology Board Listing Rules on December 15, 2022.
NGX Technology Board is a specialized platform for technology-based companies to list and raise capital on The Exchange. Through the Board, NGX aims to encourage investments in tech-inclined indigenous and other companies in Africa, bring greater visibility to these companies, and ultimately deepen the Nigerian capital market. Securities listed on the NGX Technology Board will be accessible to qualified institutional investors, retail investors and high net worth investors.
Commenting on the approval of the Rules, NGX Chief Executive 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 Sector. of technology. It also attests to NGX’s dedication to deepening the Nigerian capital market. On behalf of the NGX Board and Management, I would like to express our appreciation to the SEC for approving the Rules. I would also like to thank the NGX Board for their invaluable contribution during this process. We are confident that the NGX Technology Board will encourage start-ups, both of Nigerian origin and from other African countries, to go public as they work to meet their financial needs.”
NGX RegCo Chief Executive Ms Tinuade Awe said: “The approval comes after deliberation on the draft Rules by the NGX RegCo Regulation and New Business Committee (RNBC) and the Consideration of stakeholder comments on the exposed draft rules. followed by subsequent submission and approval by the NGX RegCo Board. We are very grateful to the SEC for their quality input and approval of the 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.