BY Chris Paul
On the cusp of its 60years anniversary of incorporation and trading, The Nigerian Stock Exchange is now restructured via the process of demutualisation, into the Nigerian Exchange Group Plc (NGXGRP). The Group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent securities regulator for NGX; and NGX Real Estate Limited (NGX RELCO), the real estate company. The structure has been approved by the Securities and Exchange Commission of Nigeria (SEC) and the entities duly registered at the Corporate Affairs Commission (CAC).
Subsequent to this approval, the Group Chairman of NGXGRP, Otunba Abimbola Ogunbanjo, had said: “Successful demutualisation was one of my fundamental objectives when I assumed the Presidency of The Exchange. The SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that ha
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The African Development Bank Group has signed a $400,000 grant agreement with the Securities and Exchange Commission of Nigeria to strengthen securities market regulation and broaden market instruments.
The bank said in a statement on Friday that the funds would go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and building capacity for green finance.
It added that the grant, sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the bank, was aligned with the priorities of the AfDB’s country strategy for Nigeria.
According to the bank, this strategy envisages measures to stimulate capital market development to unlock financial resources for productive sector investments, infrastructure development and private sector growth.
The African Development Bank Group (www.AfDB.org) today signed a $400,000 grant agreement with the Securities and Exchange Commission of Nigeria to strengthen securities market regulation and broaden market instruments. The funds will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be…