Connect with us

News

NGX Targets $20bn ICT Sector with Specialized Listing Board

Published

on

Kindly share this post

Following its bid to strengthen the diversity of the capital market by redefining it as an attractive destination for technology companies, the Nigerian Exchange Limited (NGX) has said that it is targeting $20billion technology sector with specialised listing board on the bourse.

The African tech sector is fast growing with start-ups raising over $4 billion between 2015 and 2021 with combined valuations surpassing $20 billion according to a Disrupt Africa report.

The NGX recently held a NGX Technology Board Webinar to drive comprehensive discussions and cogent actions to develop African technology.

The event with a theme, “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.

Opening the event with his remarks, the Chairman of NGX, Abubakar Mahmoud, represented by NGX board member, Erelu Angela Adebayo, said 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.”

Mr Lamido Yuguda, Director General, Securities Exchange Commission (SEC), represented by Dayo Obisan, Executive Commissioner, Operations, SEC, 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.

According to him, “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, Mr Temi Popoola, the Chief executive Officer, NGX, said, “The Exchange in conjunction with other major stakeholders including the SEC, Central Bank of Nigeria (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.”

Giving the keynote address, the Deputy Governor, Financial Systems Stability Directorate, CBN, Mrs Aisha Ahmad noted that tech had grown from an enabler of business to a fully-fledged sector as some of the largest companies in the world like Meta and Google.

“Africa is a $2.7trn economy and for this growth to translate into broader economic impacts, we need more local investor participation and I’m particularly excited about the NGX’s Technology Board plan which will help grow the listings of Nigerian and Africa tech companies. It will aid price discovery of tech industry valuations, and channel capital to tech and other sectors, ”she said.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

NITDA Supports CAC AI Driven Transformation

Published

on

Kindly share this post

By Oluwole Alao

Kashifu Inuwa CCIE, the Director General of the National Information Technology Development Agency (NITDA), has pledged the Agency’s full support for the Corporate Affairs Commission’s (CAC) artificial intelligence–driven transformation as the Commission marked its 35th anniversary in Abuja.

Delivering a goodwill message at the celebration, which was held at the Ladi Kwali hall of the Abuja Continental Hotel, Inuwa commended CAC for its uncommon consistency and resilience, noting that while many organisations rise and fall after initial success, CAC has continued on a steady growth trajectory.

“We know organisations go up and come down, but some will keep thriving, thriving, and thriving, and today, this is what we are witnessing for CAC,” he said.

Reflecting on his early engagement with the Commission, the NITDA boss recalled that the Registrar General made organisational transformation a priority from the very start of his leadership, particularly in embracing digital innovation.

According to Inuwa, the current era demands more than basic digitisation, stressing that meaningful transformation can only be achieved through the integration of artificial intelligence into core operations.

“We are in the AI era, and the only way to transform today is to embrace and integrate AI into your operations. This is exactly what the Registrar General is doing,” he stated.

He assured CAC of NITDA’s commitment to working closely with the Commission to embed AI across its numerous processes, explaining that the technology would infuse intelligence into workflows, simplify company registration and business management, and strengthen cybersecurity.

“We will make sure you integrate AI into CAC processes. With AI, it will infuse intelligence in everything you do and make things easy for Nigerians to register companies and manage businesses,” Inuwa averred.

The NITDA DG added that deploying advanced AI tools would help CAC staff stay ahead of fraudsters and curb hacking and fraudulent alterations of company records, while also safeguarding the system through responsible deployment.

“At NITDA, we will make sure you deploy ethical and responsible AI in your operations, with the right guardrails in place,” he assured.

He further described CAC’s digital reforms as bold and impactful, noting that the Commission has reduced company registration timelines from several months to as little as 24 hours. He added that further integration of AI would enhance name search and reservation, automate filings, improve corporate governance, and significantly reduce fraud.

He also highlighted NITDA’s ongoing role in reviewing CAC’s digital and AI transformation roadmaps, providing guidelines, standards, training support, and safeguards to ensure sustainable, people-centred, and secure digital services.

The NITDA DG congratulated CAC management, staff, and members of the National Assembly for their support, expressing confidence that the partnership would further strengthen Nigeria’s digital business environment in the years ahead.

 


Kindly share this post
Continue Reading

News

U.S. Slams Nigerians: Overstays Jeopardize All Visas

Published

on

Kindly share this post

The United States has warned Nigerians that overstaying their visas could jeopardise travel opportunities for other citizens seeking to visit the US for education, business, or family purposes.

U.S. Slams Nigerians: Overstays Jeopardize All Visas

The warning came amid ongoing immigration crackdowns and tighter travel restrictions under the administration of President Donald Trump.

In a statement posted on X on Monday, Feb. 9, the U.S. Mission in Nigeria stressed that compliance with visa rules is essential to protecting access for Nigerians who travel responsibly.

“Visa overstays by Nigerian travellers can affect opportunities for their fellow citizens,” the Mission said. “Strengthening compliance helps protect access for students, business travellers and families who travel responsibly.”

The Mission also urged Nigerians to report cases of visa fraud to [email protected] or [email protected]


Kindly share this post
Continue Reading

News

CAC Pushes Single National Register to Curb Corruption Loopholes

Published

on

Kindly share this post

Nigeria’s Corporate Affairs Commission (CAC) has urged creation of a unified national beneficial ownership register to bolster anti-corruption efforts and corporate transparency.

CAC Pushes Single National Register to Curb Corruption Loopholes

CAC

CAC Registrar-General highlighted how fragmented sectoral registers breed duplication, inconsistencies, and regulatory gaps during the Commission’s 35th anniversary Anti-Corruption Day in Abuja.

ICPC Chairman Dr. Musa Aliyu, via representative Demola Bakare, praised CAC’s role in fostering accountable business environments that drive sustainable growth.

Global evidence links transparent institutions to stronger economies, with clear rules, accessible data, and open operations as key pillars.

CAC’s oversight on company registration, disclosure, and compliance directly builds investor trust and national integrity, closing avenues for illicit financial flows.


Kindly share this post
Continue Reading

Trending