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NameNigerian Exchange (NGX)
Number of listed companies174
Domestic market capitalization86,163 million US$
SSE Partner ExchangeYes
Has annual sustainability reportYes
ESG reporting required as a listing ruleYes
  • Effective January 2019, for all issuers on the Premium Board of the exchange.
  • SEC Approved Rules here.
Has written guidance on ESG reportingYes

Offers ESG related trainingYes

Market covered by sustainability-related indexNo
Has sustainability bond listing segmentYes

Has SME listing platformYes

Women on boards mandatory minimum ruleNo
Additional information
  • Admitted to Gold Community of the Global Reporting Initiative.
  • Reported the NSE Sustainability Report in line with the GRI G4 Guidelines.
  • Celebrated the 2017 International Womens Day with a half day symposium, playing host to over 200 business and thought leaders and participated in the Ring the Bell for Gender Equality program.
  • Celebrated International Women's Day in March 2016 with over 150 business and thought leaders. Participated in the Ring the Bell for Gender Equality program.

Organizational model of stock exchange
  • Not For profit, limited by guarantee with no shareholding structure. (In discussions to demutualize).

Regulatory bodies

Regulatory model

Limited Exchange Self-Regulatory Organization (SRO) Model.

  • Pursuant to the Investment and Securities Act 2007, the Securities and Exchange Commission of Nigeria (SEC) engages in registration, inspection, surveillance, investigation, enforcement and rulemaking activities. The Investment and Securities Act 2007, the SEC Consolidated Rules and Regulations 2013, and the license issued to The Nigerian Stock Exchange (The Exchange) by the SEC empowers The Exchange to engage in registration, inspection, surveillance, enforcement and rule making activities in respect of its dealing members and listed companies. The rules of The Exchange however need to be approved by the SEC before they can become operational.

About the stock exchange

Location: Lagos, Nigeria.

  • The Nigerian Stock Exchange (NSE or the Exchange) was founded in 1960 and today services the second largest financial center in sub-Saharan Africa. The NSE is licensed under the Investments and Securities Act (ISA), and is registered and regulated by the Securities and Exchange Commission (SEC) of Nigeria. The Exchange is a founding member and executive committee member of the African Securities Exchanges Association (ASEA), a member of the Intermarket Surveillance Group (ISG), an affiliate member of the World Federation of Exchanges (WFE), and an affiliate member of the International Organization of Securities Commissions (IOSCO).The NSE continues to evolve to meet the needs of its valued customers, and to achieve the highest level of competitiveness. Along with securities listing and trading services, the Exchange offers market data dissemination services, market indices, ancillary technology services and much more. The Nigerian Stock Exchange also offers electronic clearing, settlement and delivery (CSD) services through Central Securities Clearing Systems Plc (CSCS), an associate company of the NSE. With over 250 listed securities and 223 active brokers, the Exchange operates a fair, orderly and transparent market that brings together the best of African enterprises, and the local and global investor communities. The Nigerian Stock Exchange is poised to champion the acceleration of Africa's economic development, and to become the Gateway to African Markets. (Source).