Nigerian Stock Exchange secures approval for demutualsation
The Nigerian Stock Exchange ( NSE) says it has secured approval from the Securities and Exchange Commission ( SEC) and the Corporate Affairs Commission (CAC) to demutualise.
A statement by the NSE on Wednesday, in Lagos, said the demutualsation process had been completed with the final approval.
The demutualsation exercise enables the creation of a new non- operating holding company- The Nigerian Exchange Group (NGX Group) , the group will have three operating subsidiaries,Nigerian Exchange Limited ( NGXLimited) , the operating exchange,NGX Regulation Limited ( NGXREGCO) the Independent regulation company and NGX Real Estate Limited ( NGX RELCO).
The statement said All the entities had been duly Registered at the CAC.
Speaking on the development, the NSE Council President, Otumba Abimbola Ogunbajo commended SEC for making his dream come true by approving the demutualsation as it was one of his fundamental objectives when he assumed the presidency.
He thanked all those who worked tirelessly to make the NSE become “a multi- faceted exchange that extends across various markets and geographical regions.”
