George Etomi Chairs Nigerian Stock Exchange Claims Review Panel

By Dipo Olowookere

Pursuant to the provisions of the Demutualisation of the Nigerian Stock Exchange Act 2018, the exchange has inaugurated its Claims Review Panel.

The panel, which was formally set up on December 21, 2020, has a foremost legal practitioner and investor, Mr George Etomi as Chairman.

To make his job easier, he also has Mr Seni Adio (SAN), Mr Abatcha Bulama, Mr Paul Anababa (SAN) and Mr Aghatise Erediauwa on the panel.

A statement issued by the NSE explained that the team serves as an independent alternative dispute resolution mechanism for the review and determination of claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised exchange i.e. Nigerian Exchange Group Plc (HoldCo).

The panel will sit in an appellate capacity and review claims from claimants’ who are dissatisfied with any decision of the national council of the exchange on a claim pre-demutualisation, or the board of directors of the HoldCo, post demutualisation of the NSE.

According to the exchange, members of the team were diligently selected because of their expertise and extensive track records of integrity, excellence and achievements in their respective fields of specialisation. This route was followed in order to safeguard the independence of the panel.

Speaking at the inauguration of the panel, the president of the council of the exchange, Mr Abimbola Ogunbanjo, said he “expected members of the panel to discharge their responsibilities without any fear or favour in an objective and dispassionate manner, being guided by principles of fair hearing, equity and natural justice.”

He expressed optimism that the panel would diligently carry out its functions and responsibilities under the act and that each member would bring to bear their respective experience and expertise to enrich deliberations and decisions.

This move, according to the exchange, is part of its demutualisation process as the bourse, which is currently a company limited by guarantee, would be converted into and re-registered as a public company limited by shares.

The securities exchange license of the current structure would be transferred to Nigerian Exchange Limited, a wholly-owned subsidiary of the HoldCo, which would carry on the securities exchange business.

Another wholly-owned subsidiary, NGX Regulation Limited, would be licensed by the Securities and Exchange Commission (SEC), to carry out regulatory services.