By Adedapo Adesanya
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has expressed confidence that a demutualised bourse will enable it diversify its operations to evolve into a more robust and competitive stock market.
Mr Onyema expressed this view ahead of a mandatory Court-Ordered Meeting (COM) of members expected to pass the requisite resolutions for the demutualisation alongside an Extraordinary General Meeting (EGM) of the bourse.
The exchange will hold the EGM to pass the resolutions for the appointment of inaugural board members of Nigerian Exchange Group Plc, the new identity the NSE will assume post demutualisation.
According to Mr Onyema, “Our effort at seeing the demutualisation to completion is fuelled by our commitment to develop a more agile Exchange that is better able to support the economic growth of Nigeria.”
“We are confident that post-demutualisation, the NSE will be better equipped to diversify our operations and evolve into a more competitive, robust and liberalised stock market,” he added.
In March 2017, members of the NSE had approved for the Exchange to embark on the demutualisation scheme which was soon followed by the signing of the demutualisation of the Nigerian Stock Exchange Bill into law in July 2018.
In December 2019, the Securities and Exchange Commission of Nigeria (SEC) in a No Objection letter gave its consent to the NSE’s planned conversion from a not-for-profit entity limited by guarantee into a profit-making, public limited liability company owned by shareholders.
This consent granted by the SEC allowed NSE to proceed with the COM and EGM which are both scheduled to hold on Tuesday, March 3, 2020 at the Grand Banquet Hall of Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.
It has been said that after the process is completed, a new company to regulate the stock market called NGX Regulation Limited will be established, while the Nigerian Exchange Group Plc will become a publicly listed firm at the stock market.
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