NSE Council, Other Stakeholders To Decide On Demutualization Take Off

The Nigerian Stock Exchange, NSE has disclosed that the much awaited demutualization Bill has been accented to and signed into law by the President Muhammadu Buhari as the Council and all other stakeholders now have to decide on the take off. 

The Exchange also stated that it will continue to protect investors in the market but admitted that it cannot stop the Central Bank of Nigeria, CBN from carry out regulatory actions with regards to winding up of banks or taking over banks that are listed on the NSE. 

The Chief Executive Officer, Oscar Onyema stated this, while presenting 2018 market recap and 2019 outlook to the capital market community in Lagos. 

A demutualized NSE will allow the stock exchange become a company limited by shares; having share capital or shareholders, a board of directors, management that is separate and independent from the board and subject to rules and regulations of company operations in Nigeria. Onyema said a total of 5.42 million was paid to 62 claimants in 2018 as part of its investors ‘protection initiative.

(vanguard)