Roma Green Finance LtdROMA

Roma Green Finance Ltd (ticker: ROMA) is a Nigerian-listed equity that floated on the main board of the Nigerian Stock Exchange in March 2025 at a price of ₦10.00 per share, raising ₦12.3 billion (≈ $12.3 million at the time) via an initial public offering. The company describes itself as a provider of sustainability strategy, ESG reporting, and enterprise risk management services to corporate clients, with a website that showcases stock photos of consultants around laptops and checklists. The IPO documentation promised that proceeds would fund working capital and growth initiatives across Nigeria’s fast-expanding ESG advisory market.

What the IPO did not promise was a break-even P&L; in the fiscal year ended 31 March 2025, Roma reported revenue of $1.6 million against a net loss attributable to parent of $3.6 million. Operating loss was $3.7 million, and the company burned $1.6 million of net cash in operating activities. Cash and cash equivalents at year-end stood at $2.7 million against total assets of $6.5 million, while liabilities were a modest $260k, leaving shareholders’ equity at $6.2 million. Diluted earnings per share came in at -$0.26 on 13.6 million diluted shares outstanding.

The 20-F filing for the year to 31 March 2025 is the single best source for the company’s financials and states that Roma intends to reinvest future earnings to finance business operations rather than return cash to shareholders. The 424B5 prospectus dated 15 June 2026 repeats the same language, adding that the company does not anticipate any cash dividends in the foreseeable future. Roma’s latest 6-K, filed on 23 June 2026, formally updates the market on the status of IPO proceeds and confirms the company is holding the cash pending deployment into working capital and growth initiatives. There is no segment-level breakdown in the filings, so it is not possible to see which service lines are contributing to the $1.6 million of revenue.

Roma’s product rail is presented on its official site under three headings: Enterprise Risk Management, ESG & Sustainability Reporting, and Sustainability Strategy Advisory. Each page displays a stock photo of a consultant gesturing at a laptop in an airy office; the pages do not include customer case studies, contract sizes, client names, or audited metrics of impact. The company’s investor relations page carries a single dated headline announcing the closing of the IPO and the pricing of the public offering; thereafter it is a news archive without updates on revenues, order intake, or client wins. The absence of named clients, contract values, or verified KPIs in the public domain limits visibility into the company’s ability to scale its advisory revenues beyond the single-digit million range.

For readers who like to pair narrative with numbers, the company’s own site is the place to start: Enterprise Risk Management services, ESG & Sustainability Reporting services, and Sustainability Strategy Advisory services. The 20-F, 6-K, 424B5, and ownership filings can be traced through the SEC EDGAR index for CIK 1945240 (SEC EDGAR CIK 1945240). The company’s latest 6-K confirms the cash position and operating burn but does not provide segment or geographic revenue breakdowns, so investors cannot verify which service lines are contributing to the $1.6 million of revenue reported for the year to 31 March 2025. The 20-F shows $2.7 million of cash and cash equivalents at year-end, against $6.5 million of total assets, and a net cash outflow from operating activities of $1.6 million.