​​​​​​​​​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​ ​​​Growth BoardMain Board ​​ ​​Dual Listing
Entry StandardStandard AStandard BStandard C
Pre-tax profitsNo requirementNo requirementCumulative 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 yearsCumulative pre-tax profits from continuing operations of not less than NGN600 million over the last 1 or 2 yearsNo requirementNo specific requirement

Market

capitalization

Not less than NGN50 million at the time of listing (based on the

issue price and issued share capital)

Not less than NGN500 million at the time of listing (based on the

issue price and issued share capital)

No requirement

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

issue price and issued share capital)

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

capital

Operating

track record

2 years minimum operating track record OR;

 a new business that can provide evidence of investment in it by:

A core investor or a strong technical partner that has a minimum of two (2) years' operating track record, or

A majority shareholder who is either a High Net Worth individual or is a director of a listed company

2 years minimum operating track record OR;

a new business that can provide evidence of investment in it by:

A core investor or a strong technical partner who has a minimum of four (4) years' operating track record, or

A majority shareholder who is a High Net Worth individual

3 years of minimum operating track record3 years minimum operating track record; or evidence of 3 years minimum operating track record of a core investorCompany must have been in operation for at least 2 years
Financials

2 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 2 years' operating track record

and financial statements

2 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 4 years' operating track record

and financial statements

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

Minimum of 2 years financials (date of last audited accounts must not be more than 9 months)
Public floatThe public shall hold a minimum of 10% of each class of equity securitiesThe public shall hold a minimum of 15% of each class of equity securitiesThe public shall hold a minimum of 20% of each class of equity securitiesThe public shall hold a minimum of 10% of each class of equity securities
Shareholders' equityNo specific requirementNo specific requirementNot less than NGN3 billion. No requirementNo specific requirement
IPO Lock-Up PeriodPromoters and Directors to retain 5O% of shares for 12 months from the date of listingPromoters and Directors to retain 5O% of shares for 12 months from the date of listingPromoters and Directors to retain 5O% of shares Pre-IPO for 12 months from the date of listingNo specific requirement
Public shareholders

The number of public

shareholders shall not be less than 21 (for equity shares

The number of public

shareholders shall not be less than 51 (for equity shares

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

The number of public

shareholders shall not be less than 51 (for equity shares

Annual listing feesFixed flat rates as prescribed by the NSE (currently set at a total fee of NGN450 thousand for a new listing (i.e. Application fee for a new or additional listing of NGN250,000(50% Discount on application fees for the first 24months from the launch date of the board); and an Annual fee of NGN200,000)

Based on market capitalization; subject to a maximum amount as prescribed by the NSE fee schedule

(Application fee  for a new or additional listing is 0.1% of the value (50% Discount on application fees for the first 24months from the launch date of the board)

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

 

Subject to the 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

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 standardInternational Financial Reporting Standards (IFRS); in line with SEC regulations
AllotmentSecurities 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.

Companies must retain a

Designated Adviser for as long as they are listed

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

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

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.
  
  
Checklist for corporate bond.pdf
  
Checklist for Cross Border Secondary Listing (Main Board).pdf
  
Checklist for Cross Border Secondary Listing (Premium Board).pdf
  
Checklist for employee share based payment.pdf
  
Checklist for Initial Listing by Introduction (Main Board).pdf
  
Checklist for Initial Listing by IPO and OFS (Main Board).pdf
  
Checklist for Initial Listing by IPO and OFS (Premium Board).pdf
  
Checklist for listing government bonds.pdf
  
Checklist for mergers and acquisition.pdf
  
Checklist for supplementary listing of shares by offer for subscription.pdf
  
Checklist for supplementary listing of shares by placing.pdf
  
Checklist for supplementary listing via Rights Issue.pdf
  
Checklist on block divestment.pdf
  
Sample checklist for Capital Reconstruction.pdf
  
Sample checklist for conversion of debt instruments.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 formal application for listing-Merger.pdf
  
​​

Thinking of listing your company? 
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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​​​