EHIME ALEX, Lagos
The Nigerian Stock Exchange (NSE) has announced to convene a mandatory Court Ordered Meeting (COM) of its members to pass requisite resolutions for the demutualisation of the Exchange.
Also billed to hold is an Extraordinary General Meeting (EGM) to pass the resolutions for the appointment of inaugural board members of Nigerian Exchange Group Plc, post demutualisation of The Exchange.
According to a statement on Wednesday, both meetings (COM and EGM) have been set for March 3, 2020 at the Grand Banquet Hall of Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.
Commenting on The Exchange’s quest to demutualise, Chief Executive Officer of NSE, Mr Oscar Onyema, said, “Our effort at seeing the demutualisation to completion is fuelled by our commitment to develop a more agile Exchange that is better able to support the economic growth of Nigeria. We are confident that post-demutualisation, the NSE will be better equipped to diversify our operations and evolve into a more competitive, robust and liberalised stock market.”
It could be recalled that members of the NSE had approved for the Exchange to embark on the demutualisation scheme at an Extraordinary General Meeting (EGM) in March 2017, followed by the signing of the Demutualisation of The Nigerian Stock Exchange Bill into law in July 2018.
Also, in December 2019, the Securities and Exchange Commission of Nigeria (SEC) in a No Objection letter gave its consent to the NSE’s planned conversion from a not-for-profit entity limited by guarantee into a profit-making, public limited liability company owned by shareholders.
This important consent, the statement furthered, allows NSE to proceed to hold both the COM and EGM.