The Main Board primarily features shares of large (e.g., blue chip) companies. Issuers admitted to this board can access an unlimited amount in funds from the public. Three important criteria for admission are as follows: at least 20% of share capital must be offered to the public (secondary dual listings require that at least 10% of share capital be offered to the Nigerian public); the number of shareholders of the company must not be less than 300; and the issuer is required to pay an annual listing fee based on market capitalization.
This board features companies operating in 12 Industry Sectors: Agriculture, Construction/Real Estate, Consumer Goods, Financial Services, Healthcare, Industrial Goods, Information & Communications Technology (ICT), Natural Resources, Oil & Gas, Services, Utilities and Conglomerates.
The following rules (requirements) are applicable for listing securities on the Main Board:
- The company must be registered as a Public Limited Liability Co. under the provisions of the Companies & Allied Matters Act 2004.
- The company must submit accounts (financial statements) for 3 years prior.
- The date of the company’s last audited accounts (financial statements) must not exceed 9 months.
- The amount of capital that can be raised from the public is unlimited, depending on the borrowing power of the directors.
- Annual listing fees are based on market capitalization.
- At least 20% of share capital must be offered to the public.
- The number of shareholders must not be less than 300.
- After listing, the company must submit quarterly, half-yearly and annual accounts (financial statements).
- Securities must be fully paid up at the time of allotment.