The Nigerian Stock Exchange (NSE) has received final approval of its demutualization plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively, signalling the completion of the demutualization process. Under the plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created. Wike mocks Amaechi, says […]
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Oluwatosin Omojuyigbe
The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, on Wednesday testified before the Lagos State High Court in Ikeja in an alleged N1.4bn subsidy fraud suit against an oil company, Nadabo Energy.
The EFCC had accused Abubakar Peters and his company, Nadabo Energy, of allegedly using forged documents to obtain N1,464,961,978.24 from the Federal Government as an oil subsidy after allegedly inflating the quantity of premium motor spirit purportedly supplied to 14,000M.
Bawa, before he was appointed the EFCC chairman, testified before the court where he identified two documents as email correspondence between him and Ullrich Afini Awani of Global Commodities Africa and the Certificate of Identification.
By Goddy Egene
Stakeholders in the capital market have hailed the final approval given by the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC) for the demutualisation of the Nigerian Stock Exchange (NSE), saying it will lead to the growth of the market and the economy.
The approval by SEC and CAC has led to the completion of the demutualisation process of the exchange, transforming it into a profit-making and limited liability company.
With the demutualisation, a new non-operating holding company, the Nigerian Exchange Group Plc (NGX Group), has been created with three operating subsidiaries.
The subsidiaries are: Nigerian Exchange Limited (NGX Limited), which will be the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company.
By Peter Egwuatu
CAPITAL MARKET
Stock market investments have depreci ated by N209 billion in the three trading days of this week following renewed adverse sentiments on the heels of weak earnings results of some companies.
In another development in the stock market, the Nigerian Stock Exchange, NSE, holding company, HOLDCO, structure has formally commenced as both the Securities and Exchange Commission, SEC and the Corporate Affairs Commission, CAC, gave final approval yesterday.
Specifically, the equity market capitalisation which represents investors’ worth on the Exchange, Wednesday declined to N20.369 trillion from N20.578 trillion it opened on Monday.
The All Share Index, ASI, declined by 400.36 points or 1.02 per cent to close Wednesday at 38931.25 points from 39331.61 points on Friday.