Listing Rules for New Company Admission

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November 9, 2012 / NSE

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


Alternative Securities Market

Ø  Amendment of financials and operating track record rule for companies on ASeM to 2 years from 3 years for ASeM

Ø  Amendment of accounting standard for ASeM to Financial Reporting Council requirements

Ø  Amendment of continuing obligation of ASeM to include quarterly financial statements

Ø  Amendment of the application and annual fees to a flat rate to be advised by The Exchange​

Ø  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:

NSE Greenbook

NSE Listing Requirements

Summary Requirements


Pre-Listing Checklist

Nine Stages of Public Quotation

Delisting Process




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