​​​​​​LISTING REQUIREMENTS

Dynamic Market Place​​
Companies seeking admission to the Official List of the NSE must, in addition to complying with The Exchange's rules governing listing, comply with the relevant provisions of the Companies and Allied Matters Act 2004, Investment and Securities Act 2007 and the Securities and Exchange Commission rules and regulations, as well as any other relevant statutory requirements.​

The NSE Rule Book​​ sets out the requirements for listing on The Nigerian Stock Exchange. The table below provides a summary of the key listing requirements for the NSE's Main Board and ASeM Board, as well as criteria for a dual listing.  For details of the listing requirements, please refer to the NSE Green Book.​​

Criteria​​​

Main Board

ASEM

Dual Listing

Standard A

Standard B

Standard C

Pre-tax profits

Cumulative pre-tax profits from continuing operations of not less

than NGN300 million over the last 3 years, with at least NGN100 million pre-tax profit in 2 of these years

Cumulative pre-tax profits from continuing operations of not less than NGN600 million over the last 1 or 2 years

No requirement

Requirement for a comprehensive business plan (not less than 2 years)

No specific requirement

Market

capitalization

No requirement

Not less than NGN4 billion at the time of listing (based on the

issue price and issued share capital)

No requirement

At least N28 billion or equivalent at the time of listing, based on the issue price and issued share

capital

Operating

track record

3 years minimum operating track record

3 years minimum operating track record; or evidence of 3 years minimum operating track record of a core investor

2 years minimum operating track

record

Company must have been in operation for at-least 2 years

Financials

3 years' financial statements; with the most recent of which must not be more than 9 months old at the time of submission of the listing application

3 years financials (date of last audited accounts must not be more than 9 months); or evidence of a strong technical partner with substantial equity holding and involvement in the Issuers' management, who has a minimum of 3 years’ operating track record

and financial statements

Required to have financial statements (date of last audited

accounts must not be more than 9 months)

Minimum of 2 years financials (date of last audited accounts must not be more than 9 months)

Public float

The public shall hold a minimum of 20% of each class of equity securities

The public shall hold a minimum of 15% of each class of equity securities

The public shall hold a minimum of 10% of each class of equity securities

Shareholders’ equity

Not less than NGN3 billion.

No requirement

No requirement

No specific requirement

IPO Lock Up Period

Promoters and Directors to retain SO% of shares Pre-IPO for 12 months from the date of listing

Promoters and Directors to retain SO% of shares Pre-IPO for 12 months from the date of listing

No specific requirement

Public shareholders

The number of the public shareholders shall not be less than 300 (for equity shares)

The number of the public

shareholders shall not be less than 51 (for equity shares

The number of the public

shareholders shall not be less than 51 (for equity shares

Annual listing fees

Based on market capitalization; subject to a maximum amount as prescribed by the NSE fee schedule (currently NGN4.2 million)

Fixed flat rates as prescribed by the NSE (currently set at a total fee of NGN300 thousand for a new listing (i.e. Application fee for a new or additional listing of NGN100,000; and an Annual fee of NGN200,000)

Subject to applicable listing Board fee schedule

Business operations

Company must be registered as a Public Limited Liability Company under the provisions of the Companies & Allied Matters Act

Company must be registered as a

Public Limited Liability Company under the provisions of the

Companies & Allied Matters Act

Company must be registered as a

Public Limited Liability Company under the provisions of the

Companies & Allied Matters Act

Company must be registered as a

Public Limited Liability Company under the provisions of the

Companies & Allied Matters Act

No requirement for operations in Nigeria

Accounting standard

International Financial Reporting Standards (IFRS); in line with SEC regulations

Allotment

Securities to be fully paid up at time of allotment in line with SEC requirements for minimum threshold for a successful offer

Continuing obligation

requirements of the NSE's Listing,

Disclosure &

Transparency Rules

Submission of quarterly, semi— annual and annual statements. Annual certification on adherence to corporate governance required.

Submission of quarterly, semi-annual and annual statements. Annual certification on

adherence to corporate

governance required.

Companies must retain a

Designated Adviser for as long as they are listed

Waived from having to comply with continuing listing obligations if listed on another foreign stock exchange with WFE

status. Companies require a resident nominated representative for as long as they are listed.

Premium Board r​equirements​ ​​ ​​Companies seeking admission to the NSE Premium Board are required to satisfy one set of Listing Standards (i.e. Standard A or B or C) for the NSE Main Board, as well as comply with the following:
  1. The company must meet the minimum market capitalization requirement of NGN200 billion on the date The Exchange receives its application (or at the ti​me of listing – for new listings)
  2. The company must be evaluated under the NSE's Corporate Governance Rating System (CGRS) and achieve a minimum rating score of 70%
  3. The company must satisfy either:
    1. a minimum free float requirement of 20% of its issued share capital, OR
    2. the value of its free float shares is equal to or above NGN40 billion on the date the Exchange receives its application to list.
  
  
General Requirements.pdf
  
Initial Listing by Introduction (ASeM).pdf
  
Initial Listing by Introduction (Main Board).pdf
  
Initial Listing by IPO and OFS (ASeM).pdf
  
Initial Listing by IPO and OFS (Main Board).pdf
  
Nine stages of listing.pdf
  
sample checklist block divestment.pdf
  
sample checklist conversion of preference shares to ordinary shares.pdf
  
sample checklist corporate bond.pdf
  
sample checklist employee share based payment.pdf
  
Sample checklist for Final Delisting.pdf
  
Sample checklist for migration to premium board.pdf
  
Sample checklist for voluntary delisting.pdf
  
sample checklist formal application for listing.pdf
  
sample checklist government bonds.pdf
  
sample checklist mergers and acquisition.pdf
  
sample checklist mutual funds and ETFs.pdf
  
sample checklist supplementary listing of shares by Offer for Subscription.pdf
  
sample checklist supplementary listing of shares by placing.pdf
  
sample checklist supplementary listing of shares by Rights Issue.pdf
  
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Thinking of listing your company? 
Talk to us about your options, we are happy to help.
Domestic Primary Market Department​
The Nigerian Stock Exchange
2-4 Customs Street, Lagos​
Tel: +234-1-4489363, +234-1-4489373 ​
Call Center: 0700CALLNSE (07002255673) 
Email: listingsales@nse.com.ng​​​