By Cynthia Ezekwe

 The Securities and Exchange Commission (SEC) has approved the rules for listing on the Nigerian Exchange’s technology board, to enhance  indigenous technology-oriented businesses,and expand the Nigerian capital market.

According to NGX , the new  technology board is a specialised platform for technology-based companies to list and raise capital on the Exchange, and an avenue for the companies to become prominent.

NGX  said it is committed to promoting  investments in indigenous technologically inclined companies and others across Africa, through the tech  board. The Exchange also disclosed that Securities listed on NGX technology board will be accessible to qualified institutional investors, retail investors, and high-net-worth investors.

Speaking  on the approval of the rules, Temi Popoola,  the chief executive officer of NGX,described it as a landmark achievement that will position the Exchange as an attractive destination for capital formation by companies within the technology sector.

Popoola added that 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 the 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,” Popoola said.

Also speaking, Tinuade Awe,the CEO of NGX RegCo, disclosed that the approval came 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. She also commended the SEC for its quality input and approval of NGX Technology Board Rules.