Mr Eazi eyes NGX listing, inspired by Dangote, Otedola

Musician and entrepreneur Mr Eazi is eyeing a listing on Nigeria's Nigerian Exchange (NGX), inspired by successful industrialists like Alhaji Aliko Dangote and his father-in-law Mr Femi Otedola. The call for major tech firms and unicorns to list locally has further motivated the 36-year-old to pursue this goal. Mr Eazi believes that Nigerian companies can grow into global enterprises while remaining headquartered in the country, and he wants to bring Nigerian investors on board to reap the benefits of their investments.

He aims to emulate successful business leaders by listing not only traditional brick-and-mortar businesses, but also those operating in the digital realm. Mr Eazi is currently expanding his portfolio, which includes entertainment, media, tech, gaming, and intellectual property. A crucial aspect of this strategy is relocating Choplife, his music streaming platform, to Itana, a digital-first economic zone backed by the Nigeria Export Processing Zones Authority.

This shift aligns with a growing trend among African tech founders, who are moving away from offshore holding structures and opting for domestic special economic zones to improve regulatory compliance and facilitate cross-border capital flows. Mr Eazi highlights the importance of local digital free zones over traditional offshore jurisdictions, stating that Itana offers an opportunity to centralise operations and leverage the continent's resources.

The Nigerian Exchange has seen a remarkable surge in recent years, with its total market capitalisation increasing by over 430 per cent from N30tn in 2023 to N160tn in 2026, with projections reaching N230tn by the end of the year. This growth is driven by structural reforms in the Nigerian financial sector, particularly under President Bola Tinubu's administration.

Investors, both local and foreign, are now showing interest in Nigeria's equity market, driven by anticipated mega-listings like the $5bn Dangote Petroleum Refinery Initial Public Offering.