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ARTICLE · 11 JANUARY 2023

Exploring The NGX Tech Board And How It Can Impact On The Tech Startups

AELEX
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They further indicated they would develop a board tailored after the National Association of Securities Dealers Automated Quotation

NigeriaFinance and Banking
Davidson Oturu
Davidson Oturu
Akintunde Agunbiade
Akintunde Agunbiade
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Background

In a bid to attract tech companies operating in Nigeria to list on the Nigerian Stock Exchange, the Nigerian Exchange Group (NGX), operators of the Nigerian bourse, announced in February 2022 that they intend to revise listing rules to make them startup-friendly. They further indicated they would develop a board tailored after the National Association of Securities Dealers Automated Quotation (NASDAQ)1.

Currently, the NSE Rulebook 2015 broadly requires that companies must have broken even; that is, achieved parity between profits and operating costs, before they can be listed. Listing on the Main Board for example, requires amongst other things, a pre-tax profit of N300 million to N600 million cumulatively2 for one to three previous fiscal years,3 depending on the listing standard.

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