Nigerian Bourse Shuts Alternative Securities Market 12 Years After Creation, Suspends Firm

The Nigerian Exchange Limited (NGX) announced on Friday that it has resolved to wind down the Alternative Securities Market (ASeM) Board created over 12 years ago, effective 1 July 2025. 

“In line with this decision, the eligible companies on the ASeM Board will be migrated to the Growth Board while the securities of the ineligible companies will be delisted and their names removed from the Daily Official List of NGX,” the bourse said in its weekly report. 

It said the NGX Regulation Limited has commenced the process of migrating the securities of Juli Plc to the entry segment of the Growth Board, while the securities of Smart Products Nigeria Plc will be delisted due to the closure of the ASeM Board and the failure of the company to meet the required criteria for migration to the Growth Board.

“Consequently, the securities of Smart Products Nigeria Plc have been suspended from trading on the facilities of NGX effective on Wednesday, 8 October 2025 pending the delisting of the company’s securities,” the NGX said. 

ASeM was launched in April 2013 as a specialised board on the Nigerian stock exchange where small to mid-sized companies can access the capital market under less stringent rules and requirements to raise long-term, low-cost capital.

On 28 January 2020, the bourse unveiled the Growth Board to encourage start-ups, small and medium enterprises (SMEs) , and companies in the fintech industry with high-growth potential to seize the opportunity of raising long-term capital and promote liquidity in the trading of their shares.

It was launched to assist SMEs and growth-oriented companies looking to raise capital and promote liquidity in the trading of their shares. It offers relaxed entry criteria with less stringent listing requirements, making it easier to attract capital flows along with reduced pre and post-listing obligations.