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SEC Approves Nigerian Exchange to List Tech Startups

The Nigerian Exchange (NGX) Technology Board has been approved by the Securities and Exchange Commission (SEC) to list tech startups. The board is a platform on the NGX for technology companies to raise capital and aims to increase investments in African tech businesses, increase their visibility, and expand the Nigerian capital market. It is accessible to qualified institutional investors, retail investors, and high-net-worth investors.

The listing rules outline the requirements for issuers, sponsors, investors, and their advisors, including registration with the SEC, the presence of technical partners or core investors, and a minimum of 12 months of operations. In addition, issuers must have an estimated minimum market capitalization of at least N420 million but not more than N42 billion. For the Big Tech Segment, the requirements are similar, but the minimum capitalization is around N2 billion and there is a minimum free float requirement of 10% of the share capital.

NGX CEO Temi Popoola stated that the approval will make the exchange an attractive location for tech sector capital formation and support the listing of startups on the exchange as they seek financing. The approval comes as the Nigerian Exchange seeks to tap into the growing Nigerian startup market, which has produced five unicorns and established Nigeria as a tech hub in Africa.

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Patrick Ndifon

MD at CallyValley.com | Founder & ED at PSIFON.Org ✅ Product Manager ✅ Quantic EMBA '22 Candidate ✅ Startup & SME Trainer & Coach ✅ Tech & Entrepreneurial Ecosystem Builder

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