How Your Business Can Benefit From The Nigerian Stock Exchange’s Growth Board

1. Help medium-sized businesses raise capital and maintain liquidity.
2. Allow businesses from a broad spectrum of sectors to get listed.
3. Provide a pool of potential companies that may get listed on the NSE.

1. Value-added services such as investor relations and corporate governance.
2. Access to cheap long term capital and greater visibility.
3. A broader investor base for medium-sized businesses, attracting both local and international investors.
4. Lower NSE fees. 
5. An exit option for core or private equity investors.

1. Should be listed on the Main or Alternative Securities Boards of the Nigerian Stock Exchange.
2. Must have been in operation for at least two years.
3. Has audited financial records that comply with International Financial Reporting Standards (IFRS).
4. Must have grown its revenues at least 20% cumulatively in over the last two years. 

• They must have a core investor or technical partner with at least two years’ operating experience. 
• A majority shareholder that is a High Net-worth Individual. 
• The market capitalization of at least ₦50 million on the day that the NSE receives the issuing business’s application.
• A minimum of 25 shareholders.

1. After your company has decided to list on the Growth Board, you may contact a Designated Adviser of the NSE to inform them of the decision to list. 
2. Your company’s board passes resolutions regarding the impending listing and mandates the Designated Adviser (DA) to submit your application to the NSE.
3. The DA submits your application along with a cover letter and the NSE application fees. The application should include a prospectus, which contains such details as historical financials, financial forecasts, application forms, application instructions, and contact information, among others.  
4. Convene a Completion Board Meeting, with all parties to the listing in attendance. At the end of the meeting, all parties, including the company’s directors, will sign the prospectus.
5. Submit copies of applications (50 summarized copies and 25 hardcover copies) to the NSE; the exchange will distribute these to its branches and council members. 
6. Your company signs a declaration of compliance with post-listing requirements.
7. Your company’s shares will now be admitted into the Daily Official List for trading. This completes the listing process.     

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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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