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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Nigerian Stock Exchange becomes public company after 11 years in the works
The shift makes the NSE the 57th exchange in the world to embrace such a transformation since Sweden’s Stockholm Stock Exchange piloted the move in 1993.
The
Nigerian Stock Exchange (NSE) will henceforth run as a public company limited by shares, rather than a private company limited by guarantee of owners or members after consummating a demutualisation process that spanned
The shift makes the NSE the 57th exchange in the world to embrace such a transformation since Sweden’s Stockholm Stock Exchange piloted the move in 1993.
The exchange is at liberty to list its own shares and trade them on the bourse like every other quoted firm now that approvals from market watchdog Securities and Exchange Commission (SEC), and Corporate Affairs Commission (CAC) are now in the bag.