Consistent with its bid to strengthen the diversity of the capital market by redefining it as an attractive destination for technology companies, Nigerian Exchange Limited (NGX) said the next wave of growth for home-bred technology companies needs to be anchored on sustainability, agility, collaboration and digital innovation and these are elements that NGX represents”.
The NGX stated this during the NGX Technology Board Webinar which was designed to drive comprehensive discussions and cogent actions to develop African technology.
The theme of the event tagged “Enabling the Next Wave of Growth for Technology Companies in Africa”, had astute professionals in both the public and private sectors express optimism about the proposed launch of NGX Technology Board to encourage more Tech listings and contribute substantially to the proliferation of opportunities for African technology firms.
Speaking at the programme virtually, the Chairman of NGX, Abubakar Mahmoud, SAN, OON, represented by NGX board member, Erelu Angela Adebayo, said that Nigeria is home to several unicorns like Flutterwave, Andela, Jumia, Opay which have valuations surpassing $1 billion. He said, “As a sustainable exchange championing Africa’s growth, NGX is positioned to support the growth of the next wave of technology companies. It is stimulating the capital market, providing a tailored platform for tech companies in Nigeria and wider Africa to access growth capital whilst providing exit opportunities for all investors. The next wave of growth for home-bred technology companies needs to be anchored on sustainability, agility, collaboration and digital innovation and these are elements that NGX represents”.
The Director General, Securities Exchange Commission (SEC), Mr Lamido Yuguda, while delivering his goodwill message noted that with the several developments recorded in the technology space, Africa remains a continent with the highest potential when it comes to tech and innovations and as such, its ability to determine its future digitally must be accelerated by strengthening its technological capabilities. Yuguda who was represented by Dayo Obisan, Executive Commissioner, Operations, SEC, said “Africa has the potential to grow into a technological giant with the right enablement and SEC will support laudable initiatives aimed at improving on the capacity of our market to develop a robust ecosystem for the Nigerian capital market”.
In his opening remarks, the Chief executive Officer, NGX, Mr Temi Popoola speaking on the proposed NGX Technology Board said “The Exchange in conjunction with other major stakeholders including SEC, CBN, Central Securities Clearing Systems (CSCS) and Pension Fund Operations Association of Nigeria (PenOp) are working tirelessly to launch and on-board a new asset class. “The Specialised Technology Board aims to encourage the listing of companies in the Technology space, provide increased transparency, and visibility on foreign investment activities in tech companies and local tech startups.
