Stakeholders laud SEC over tech board approval


Stakeholders have lauded the Securities and Exchange Commission for approving the listing of start-ups and big tech companies on the Nigerian Exchange’s Technology Board.

The PUNCH reports that the NGX Technology Board is a specialised listing and capital-raising platform for technology firms.

Market observers who spoke with The PUNCH described the new board as a platform that would promote investments in African and indigenous tech firms that would position them for expansion.

Speaking with The PUNCH on Tuesday, David Adonri of Highcap Securities said the approval heeded the various clamour of the operators in the technology and digital space industry to raise development and expansion capital locally.

“Ordinary, any company that is Plc and meets the listing requirements of the NGX can list either on the main board or the emerging market board.

“But the tech companies made a special case that the listing requirements on the existing boards were too stringent for them, thereby, made a passionate bid that a special consideration should be given to them by setting up a special board with more lenient requirements,” he explained.

He noted that the approval was a win-win for both the NGX as well as the tech firms, adding that the platform to raise capital was available locally for both big and start-up tech companies.

Ayodele Oni, a capital market analyst, said the approval would provide tech firms with a wider reach to raise capital for growth, expansion, and development.

Ayodele said, “It gives tech companies a wider net to raise funds. It also improves the integrity of fundraising and ensures that would-be investors are protected.”

According to him, the approval will position the exchange to become more attractive internationally.

The Chairman of the Independent Shareholders Association of Nigeria, Prince Anthony Omojola, said the approval would have a tremendous impact on the development of Nigeria’s economy, especially the tech and digital industry.

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