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SEC approves NGX technology board listing rules

. As NGX tasks brokers on ethics, continuous learning

Nigerian Exchange Limited (NGX), says the Securities and Exchange Commission (SEC), approved the Rules for Listing on NGX Technology Board on December, 15.

The NGX Technology Board is a specialised platform for technology-based companies to list and raise capital on The Exchange.

Through the Board, NGX aims to encourage investments in indigenous technologically inclined companies and others across Africa, provide greater visibility to these companies and ultimately deepen the Nigerian capital market.

Securities listed on NGX Technology Board will be accessible to qualified institutional investors, retail investors, and high-net-worth investors, the Exchange said in a statement yesterday.

Commenting on the approval of the Rules, the Chief Executive Officer of NGX, Temi Popoola, was quoted as saying: “This is a landmark achievement that will position the Exchange as an attractive destination for capital formation by companies within the Technology sector.

“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.”

Similarly, the CEO of NGX RegCo, Ms Tinuade Awe, said: “The approval comes 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.

“We are much obliged to the SEC for its quality input and approval of 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.

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.

Ethics, continuous learning

In another development, NGX has encouraged its newly-inducted brokers to continue to uphold high standards of ethics in the capital market, and embrace a culture of continuous learning to keep up with the fast pace of developments and innovation in the financial space.

At the induction for the 91 newly Authorised Dealing Clerks held at the Exchange on Thursday, Popoola in his opening remarks, advised the brokers to be advocates of integrity and impeccable character, with the penchant to place the market first in their decision making.

Stating that NGX has enforceable rules, he noted that the Exchange has signed a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC), to implement its zero-tolerance policy on infractions.

Emphasising NGX’s technological drive, Popoola said: “Technology is increasingly going to drive our business operations and activities going forward. Over the years, The Exchange has demonstrated its readiness for the digital transformation as evinced by our seamless transition to virtual trading following the incursion of the COVID-19 pandemic.

“Our trading platform and real-time data service remains a game changer in the capital market. Through these platforms, we have improved market order flow, sustained increase in the number of trades, provided high availability and enabled direct market access and remote trading.”

He urged the inductees to embrace a culture of continuous learning and take advantage of NGX’s specialised learning platform, X-Academy to gain more knowledge and maximise opportunities to stay up to date on market developments.

The Doyen of the market, Rasheed Yusuf, congratulated the ADC’s, highlighting that their induction was coming at a time of significant volatility and uncertainty in global markets and the world’s economy.

“I will urge you all to be innovative, creative and ethical as the market is in need of your skills to increase its contribution to the economy. The Exchange and the capital market constitute a platform to turnaround the fortunes of the Nigerian economy and I encourage you to leverage every channel available to create impact,” he said.

The Chairman, Governing Council of Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, and President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers (CIS), Oluwole Adeosun, underscored the importance of keeping to the rules and regulations of the market to the new brokers and strive to make contributions to the development of the market.

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