The Nigerian Stock Exchange (NSE) has completed its demutualisation process to a public limited liability company.
This follows final approvals by the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC).
The demutualization will pave the way for the public listing and trading of the shares of the Exchange in the nearest future.
Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created.
The Group will have three operating subsidiaries: Nigerian Exchange Limited (NGX Limited), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company. All the entities have been duly registered at the CAC.
President, Nigerian Stock Exchange (NSE), Otunba Abimbola Ogunbanjo, said the successful demutualisation was one of his fundamental objectives when he assumed the presidency of the Exchange, noting that SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that included the passage of the Demutualisation Act through the National Assembly.
