Lagos, Nigeria – TLP Advisory, a leading venture and technology law firm, has published a new ecosystem report titled “Rethinking Funding & Exits: Nigeria’s Missing IPOs and the NGX.” The report, released after months of research and industry engagement, examines why Nigerian startups rarely pursue initial public offerings (IPOs) on the Nigerian Exchange (NGX) and outlines strategic solutions to strengthen local exit pathways.
Odunoluwa Longe, Co-Founder of TLP Advisory, announced the publication while reflecting on the firm’s 12-year contribution to Nigeria’s technology and entrepreneurship ecosystem. According to Longe, the rapid expansion of Nigeria’s tech sector highlights the need for credible, local liquidity and exit options that enable founders, early employees, and investors to retain value within the country.
Longe warned that without viable domestic exit structures, the wealth generated by Nigerian startups will increasingly shift offshore once companies mature or seek liquidity events. She emphasized that Nigeria risks missing a major wealth creation opportunity unless urgent reforms are pursued.
The report identifies several misconceptions about the NGX and captures insights from stakeholders across capital markets, regulatory bodies, and institutional investors. Longe noted that although she was initially skeptical about the NGX’s suitability for tech IPOs, the research process—and direct engagement with NGX leadership—demonstrated that the exchange is more strategically aligned with startups than many founders assume.
The study proposes four interconnected solutions aimed at enabling high-growth, venture-backed companies to consider the NGX as a viable exit route. The recommendations include increasing education and awareness among founders, simplifying regulatory processes to reflect the realities of tech companies, strengthening market liquidity by broadening investor participation, and addressing currency mismatches that discourage naira-denominated exits.
The report highlights key data points from its survey, such as the finding that more than half of Nigerian founders do not understand the NGX listing process. It also details concerns from pension fund administrators, gathered through interviews with industry experts including Efe Omoduemuke, Executive Director of Investments at Stanbic IBTC Pension Managers. Additionally, the report features discussions with NGX CEO Jude Chiemeka and insights shared by NGX Group GMD/CEO Temi Popoola at the Africa Prosperity Summit, where the report was launched.
TLP Advisory subsequently convened major stakeholders to review the findings, challenge assumptions, and explore actionable next steps. Longe expressed optimism about the collaborative momentum and thanked founders, investors, regulators, and contributors who participated in the research.
The report is available for download via the firm’s official link.
