NSE to List Shares on NGX by Introduction

NSE 59th AGM

By Dipo Olowookere

Members of the public can now become a part-owner of the Nigerian Stock Exchange (NSE) following the approval given to the exchange to list its shares by introduction.

The authorisation was given on Wednesday during the 59th Annual General Meeting (AGM) of the local bourse held in Lagos.

At the gathering, which is expected to be its last as a mutual entity, members of the NSE voted overwhelmingly to support the listing of the Nigerian Exchange Group Plc (NGXG) on the Nigerian Exchange Limited (NGX) once the demutualization of the NSE is completed.

NGX is the new exchange to be established after the collapse of the NSE as a result of the demutualisation as the organisation’s equities will no longer be wholly owned by its dealing and non-dealing members.

The new structure and the listing of NGXG will enable the exchange to realise its vision of becoming Africa’s leading exchange hub. The NGXG Plc will be expected to realize all the benefits of demutualization for its stakeholders and the capital market at large.

“We would like to thank the membership of the exchange for their overwhelming support of the listing plans.

“This marks the beginning of the exchange’s transformation into a listed company with the flexibility to raise additional equity and/ or debt capital,” Mr Oscar Onyema, the CEO of the NSE and the Group CEO of NGXG Plc designate, stated.

He said further that, “It is our aim that under this new structure, the Nigerian capital markets will be able to play a role that is commensurate with Nigeria’s status as Africa’s biggest economy.

“We believe we can become a financial hub for Africa and with the backing of our stakeholders and their continued use of our services this objective can become a reality,” he added.

On his part, Mr Abimbola Ogunbanjo, President of the National Council of the NSE, who was re-elected at the AGM yesterday, stated that, “The exchange has made significant progress in pursuing its strategic development through listing and other steps.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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