Key Takeaways
- • Temi Popoola, Group Managing Director and CEO of NGX Group, called for a more integrated approach to capital formation across Africa at the Financial Times Africa Summit 2026 in London on Wednesday, October 21.
- • Popoola said capital markets have historically taken a top-down approach, targeting large, mature companies ready to list, while promising businesses often need several rounds of private financing first.
- • He linked the call to fewer new listings and rising delistings across several markets, arguing that exchanges must engage promising enterprises earlier in their development.
- • Popoola identified receivables and invoice financing as a tool to ease working-capital constraints for smaller businesses, and highlighted family-owned enterprises as "hidden champions."
- • In Nigeria, the NGX Growth Board offers small-cap and growth companies a route to long-term public capital with more flexible listing requirements, and NGX is working with the Bank of Industry on SME investment readiness.
Summary
Nigerian Exchange Group (NGX Group) has called for a more connected approach to capital formation across Africa, linking businesses with appropriate financing at each stage of growth so they can become globally competitive enterprises. Group Managing Director and CEO Temi Popoola made the case at the Financial Times Africa Summit 2026 in London on Wednesday, October 21, during a panel titled "Building African Champions – The Investment Case for Scaling SMEs."
Popoola noted that capital markets have traditionally focused on large, mature companies ready to go public. He said businesses typically progress from founder and friends-and-family funding to venture capital and private investment before reaching public markets, and that the traditional approach has been "top-down." He argued that the growing availability of private capital, alongside fewer new listings and more delistings across several markets, makes a more connected ecosystem necessary. Capital market institutions, in his view, must support promising enterprises earlier rather than waiting for them to mature.
Such an approach requires stronger links between public markets and private equity, venture capital and institutional investors. Popoola said these linkages can help companies access growth financing while giving private investors potential exit routes through public listings. He also described family-owned enterprises as "hidden champions" that could contribute significantly to African capital markets if supported to scale.
On SME funding constraints, Popoola pointed to receivables and invoice financing, which allows companies to leverage invoices, receivables and purchase orders linked to larger corporate customers to unlock working capital. In Nigeria, the NGX Growth Board provides small-cap and growth-oriented companies with a route to raise long-term capital, supported by more flexible listing requirements. The exchange is also working with the Bank of Industry to improve SME investment readiness through targeted engagements, capacity building and awareness of capital market financing options.
The remarks were presented as part of a broader discussion at the summit on investment opportunities and the conditions needed to support Africa's next generation of business champions. Popoola's position is that collaboration across public and private capital providers is needed to help promising African businesses transition into established enterprises, attract institutional investment and expand beyond domestic markets.
Popoola noted that capital markets have traditionally focused on large, mature companies ready to go public. He said businesses typically progress from founder and friends-and-family funding to venture capital and private investment before reaching public markets, and that the traditional approach has been "top-down." He argued that the growing availability of private capital, alongside fewer new listings and more delistings across several markets, makes a more connected ecosystem necessary. Capital market institutions, in his view, must support promising enterprises earlier rather than waiting for them to mature.
Such an approach requires stronger links between public markets and private equity, venture capital and institutional investors. Popoola said these linkages can help companies access growth financing while giving private investors potential exit routes through public listings. He also described family-owned enterprises as "hidden champions" that could contribute significantly to African capital markets if supported to scale.
On SME funding constraints, Popoola pointed to receivables and invoice financing, which allows companies to leverage invoices, receivables and purchase orders linked to larger corporate customers to unlock working capital. In Nigeria, the NGX Growth Board provides small-cap and growth-oriented companies with a route to raise long-term capital, supported by more flexible listing requirements. The exchange is also working with the Bank of Industry to improve SME investment readiness through targeted engagements, capacity building and awareness of capital market financing options.
The remarks were presented as part of a broader discussion at the summit on investment opportunities and the conditions needed to support Africa's next generation of business champions. Popoola's position is that collaboration across public and private capital providers is needed to help promising African businesses transition into established enterprises, attract institutional investment and expand beyond domestic markets.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.