NSE approves demutualisation programme after “historic” vote
Press release
The Nigerian Stock Exchange (NSE) has approved the demutualisation programme of the Exchange.
Demutualisation is the process through which any member owned organisation becomes a shareholder-owned company. Demutualisation segregates ownership and management from the trading rights of the members of an exchange.
This decision was reached at the Extra-Ordinary General Meeting (EGM) of NSE members which held on Thursday at the Stock Exchange House, Lagos.
Scroll down for photo caption.
“The approval of the NSE demutualisation plan marks the achievement of an important milestone towards completion of the exercise,” NSE Council President, Aigboje Aig-Imoukhuede, noted after the meeting.
“The demutualization of the Exchange will bring the Nigerian capital market on a par with other international jurisdictions, result in enhanced governance, transparency and visibility whilst attracting strategic partners, investors and good quality issuers.
“These are historic times indeed,” he said.
Also commenting on development, the Chief Executive Officer, Oscar N. Onyema, noted that the move “will generate substantial motivation for the development of an agile Exchange thereby consolidating its innovativeness and strengthening its leadership both at local and international levels whilst also adding value to its stakeholders.
“As a demutualized entity that is profit-seeking, the NSE will be in a better stead to capitalize on new income opportunities, free from any limitations arising from conflicting member interests and existing laws and more importantly be able to better support the economic growth of Nigeria,” Onyema said.
Captions
Photo 1:
Alhaji Aliko Dangote, Ex-Officio, National Council, The Nigerian Stock Exchange (NSE);
Oscar N. Onyema, Chief Executive Officer, NSE;
Aigboje Aig-Imoukhuede, President, National Council, NSE and Mojisola Adeola, Council Secretary, NSE at the Nigerian Stock Exchange Extra-Ordinary General Meeting (EGM) today.
Photo 2:
Mr. Abimbola Ogunbanjo, First Vice President, National Council, The Nigerian Stock Exchange (NSE);
Oscar N. Onyema;
Aigboje Aig-Imoukhuede;
Aliko Dangote;
Mojisola Adeola, Council Secretary, NSE; Alhaji Umaru Kwairanga, National Council Member, NSE;
Mr. Oladipo Aina, National Council Member, NSE;
Mr. Dunama Balami, National Council Member, NSE
