One of the characteristics that differentiates NGX from other African stock exchanges is the enormous variety of industries listed on the Nigerian Exchange Limited, airlines, oil companies, banks, cement manufacturers, sugar refineries, telecommunications, insurance, breweries, real estate,… This makes it very attractive to the investing public. Another characteristic is that the companies listed on NGX are usually national companies and not subsidiaries unlike other stock exchanges. Even so, it is true that many companies, and especially technology companies, prefer to list abroad, but now with the newly created NGX Technology Board, it is likely that many companies will decide to list on NGX Exchange, that is why in this article I will mention you several companies that are likely to be listed on NGX Exchange.
Konga Online Shopping Limited
Konga Online Shopping Limited is a Nigerian-based e-commerce company founded in 2012 by Sim Shagaya, a Nigerian entrepreneur. Since then, it has grown to become one of the leading e-commerce companies in Nigeria. With the acquisition of Konga by Zinox Technologies Limited, a Nigerian company based in Nigeria, it was a turning point for Konga as through that, the company was able to raise more capital.
On the other hand, it is worth mentioning that The Sun Nigeria newspaper published an article that Konga intended to list on the NGX Exchange in 2027. If Konga were to list on the NGX Technology Board in 2027, it would make it the first company to list on that board.
Ethiopia Securities Exchange
Until not very recently, Ethiopia was one of the large economies in Africa without a stock exchange. Now, with the newly created Ethiopia Securities Exchange promoted by the Ethiopian Government, the aim is to improve the country’s financial infrastructure by allowing Ethiopian companies to raise capital through a stock exchange.
This stock exchange has aroused the interest of many investors, since Ethiopia is one of the largest economies in Africa, for this reason, in a strategic move NGX Exchange Group Plc. acquired a stake in the ESX. With this acquisition, NGX will have influence on the board of directors, and could recommend that ESX be listed on the NGX Exchange.
Interswitch Limited
And exclusively with the American media Bloomberg, the founder and CEO of Interswitch Limited, Mitchell Elegbe, confirmed that they are studying the possibility of Interswitch, a Nigerian company based in Lagos, carrying out an initial public offering (IPO). And although Elegbe did not confirm in the interview which stock exchange they were thinking of carrying out an IPO, 4 possibilities arise. One is on the NGX Exchange, within the NGX Technology Board. Another possibility would be listing on NASDAQ, an American stock exchange focused on the technological environment. Third, it would be the New York Stock Exchange. And finally, the London Stock Exchange.
It should be remembered that Interswitch Limited is a Nigerian company that is mainly dedicated to the issuance of debit and prepaid cards, the distribution of platforms for online payments, among others.
Tekedia Capital LLC
Tekedia Capital LLC is an American investment firm headquartered at 30 N Gould St Ste R, Sheridan, WY 82801, United States. This firm is mainly dedicated to investing in companies with operations on the African continent, regardless of whether or not they are legally domiciled in any African country. An example of a company in which Tekedia has interests is Egoras Tecnologies Limited, a Nigerian company based in Port Harcourt that is dedicated to the production of electric vehicles, production of generators, assembly of televisions, exchange of cryptocurrencies, development of blockchain etc.
Some time ago, Tekedia Chairman, Ndubuisi Ekekwe, stated on his blog that he intended for Tekedia Capital to be listed on either the NGX Exchange, NASDAQ or the New York Stock Exchange. If Tekedia Capital LLC were listed on the NGX Exchange, it would become the third foreign company to be listed on the NGX Exchange.
Nigerian National Petroleum Company Limited
The recent proposal by former Vice President of Nigeria, Atiku Abubakar, to list the Nigerian National Petroleum Company (NNPC) Limited on the NGX Exchange has reignited the debate on the partial privatisation of state-owned enterprises in the country. This move, if carried out, would have profound implications for the Nigerian economy, corporate governance and transparency in the energy sector.
By listing, NNPC Limited would be required to comply with rigorous accounting and disclosure standards, thereby increasing transparency in its operations and reducing opportunities for corruption.
Given all of the above, it is likely that NNPC Limited will be listed on the NGX Exchange in the near future.
NGX Exchange will play a key role in the Nigerian economy
Established companies, technology companies and startups alike are showing keen interest in listing on the exchange, reflecting the economic transformation Nigeria is undergoing. As the country strives to diversify its economy and reduce its dependence on oil, the NGX Exchange will play a pivotal role in funding these new sectors.
