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.”
more recommended stories
Experts to Discuss Challenges, Opportunities for Nigerian Investors
By Modupe Gbadeyanka The first in.
FG to Launch National Gas Expansion Programme
By Adedapo Adesanya The federal government.
Naira Reaches N500/$1 at Black Market
By Dipo Olowookere The value of.
Fidelity Bank, Stanbic IBTC Directors, Others Barred from Trading Shares
By Dipo Olowookere Some highly placed.
Share Price of UPDC REIT Gains 32.53% in One Week
By Dipo Olowookere UPDC Real Estate.
Investors Resume Trading FTN Cocoa Stocks After Suspension
By Dipo Olowookere The suspension earlier.
Ellah Lakes Gets Land in Ondo to Cultivate Cassava, Oil Palm
By Dipo Olowookere The expansion strategy.
NSE to Migrate 4 Firms to Growth Board
By Dipo Olowookere Four companies will.