Nigerian Stock Exchange Completes Demutualisation - Nigerian Securities And Exchange Commission And Nigerian Corporate Affairs Commission Approve Date
10/03/2021
The Nigerian Stock Exchange (NSE) has received final approvals of its demutualisation plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively. With these approvals, The Exchange has now completed its demutualisation process.
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, namely: 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.
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Abdulrasheed Bawa
Mr Abdulrasheed Bawa, the newly-appointed Chairman of the Economic and Financial Crimes Commission (EFCC), on Wednesday appeared before an Ikeja High Court to testify as a prosecution witness in a N1.4 billion oil subsidy fraud case.
The 40-year-old Bawa, who was confirmed the EFCC Chairman by the Senate on Feb. 24, assumed office on March 5.
He was in court to testify in a case involving Nadabo Energy and its Chairman, Abubakar Peters.
The case is one of alleged fraud cases that Bawa investigated when he was an operative of the EFCC.
The anti-graft agency is prosecuting the defendants for allegedly obtaining N1.4 billion from the Federal Government as oil subsidy, using forged documents.