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Issuers
Skip Navigation LinksHome > Regulation > Issuers > Issuers Rules
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​Issuers Rules
 
​Admissions

Companies wishing to be admitted to the official list of The Nigerian Stock Exchange 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 act made pursuant thereof and other relevant statutory requirements.

The Nigerian Stock Exchange has recently embarked on a number of new initiatives, including paying more attention to rule drafting and interpretation for market participants. The admission rules have been reviewed to provide three alternative options for listing on the main board of The NSE using quantitative qualifying criteria which allows for flexibility of requirements to accommodate companies in different segments of the economy. Other significant changes include:

Main Board 

Profit Rule

Introduction of Profit Rule

· N300 million over 3 years – Option 1

· N600 million in 1 or 2 years – Option 2

Shareholders Equity Rule

Introduction of Shareholders Equity Rule – N3 billion in options 1 & 2

Market Capitalisation Rule

Introduction of Market Capitalisation Rule – N4 billion in Option 3 and N28 billion for Dual Listings

Financial Track Record

Amendment of financial track record rule for companies to 3 years from 5 years (option 1) with provision to substitute with evidence of strong technical partner with substantial equity and involvement in management (option 2 & 3)

Operating Track Record

Amendment of operating track record rule for companies to 3 years from 5 years (option 1) with provision to substitute with core investors’ operating track record in option 2 & 3

Public float

Amendment of public float rule to minimum of 20% from 25% for main board and 10% for Dual Listings

Accounting Standard

Amendment of accounting standard for main board and foreign listings to IFRS


Alternative Securities Market

  • Amendment of financials and operating track record rule for companies on ASeM to 2 years from 3 years for ASeM 
  • Amendment of accounting standard for ASeM to Financial Reporting Council requirements
  • Amendment of continuing obligation of ASeM to include quarterly financial statements
  • Amendment of the application and annual fees to a flat rate to be advised by The Exchange​
  • Adoption of the designated adviser model for ASeM

*The NSE retains the right to grant a listing to an applicant that does not meet all its requirements or refuse a listing to an applicant that does comply with its listings requirements, on the grounds that, in the NSE’s opinion, the grant or refusal of the listing is in the interests of the investing public.

All current requirements are detailed in The Nigerian Stock Exchange's Listing Requirements (Green Book) publication. To view or download publication, amendments and requirements, follow the links below:

* Please note that live data feeds and graphs presented on the website incur a 3 minutes delay

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