NSE Demutualisation Will Strengthen Investors’ Confidence in Capital Market—FIRS

By Dipo Olowookere

The demutualisation of the Nigerian Stock Exchange (NSE) has been described as a step in the right direction because it will in the long run benefit the capital market in general.

This was the view of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Muhammad Mamman Nami.

The nation’s tax chief, thereafter, commended the leadership of the exchange for doing everything possible within its powers to push for the unbundling of the bourse.

Last Friday, the FIRS boss had an engagement with the capital market community through the NSE and he was honoured with the digital closing gong ceremony.

During his remarks, he said, “The FIRS has been keenly following the activities and the developments at The Exchange which bear mutual benefits to both institutions.

“Noteworthy is the demutualisation of the NSE which will undoubtedly promote access to diverse investment opportunities and strengthen investors’ confidence in the capital market.

“Furthermore, there is clear evidence that the policies being put in place by the management of the exchange are yielding positive results given the impressive performance of the equities market in 2020 despite the COVID-19 pandemic and harsh social and economic conditions.

“I assure you that the FIRS will continue to support the positive initiatives of the NSE to improve its operations, achieve its goals and deliver on its mandate.”

On his part, the CEO of the NSE, Mr Oscar Onyema, noted thus, “I am delighted to welcome the Executive Chairman of the FIRS, Mr Muhammad Mamman Nami, to this digital closing gong ceremony.

“The FIRS is saddled with the very important task of assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

“I must, therefore, commend the FIRS for its internal revenue assessment and collection efforts for the benefit of our economy, even in these challenging times.

“As responsible corporate citizens, we at the NSE are proud to be associated with the FIRS and will continue to strengthen our relationship even as we look ahead to our post-demutualisation phase.”