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Dealing members (Stockbrokers) on the Lagos floor of the Nigerian Stock Exchange (NSE) on Thursday at an Extra- Ordinary General Meeting (EGM) approved the demutualization programme of the Exchange.
Specifically at the meeting, Patrick Ezeagu, President Association of Stockbroking House of Nigeria (ASHON) moved the motion for the underlisted prayers to be taken as one and was supported by Emeka Madubuike, Past President of ASHON.
- That the National Council and Management be and are hereby authorised to proceed with the process leading up to the Demutualisation of The Exchange.
- That the engagement of financial advisers, legal advisers, tax advisers and any other adviser that may be required for the Demutualisation of The Exchange be and is hereby ratified and approved.
- That the National Council and Management be and are hereby authorized to do all such things and exercise all such powers as may be necessary or incidental to achieving the objective specified in I above, subject to applicable laws and regulations and obtaining the approvals of Members and the relevant regulatory authorities.
In his comment, the NSE Council President, Mr. Aigboje Aig-Imoukhuede, noted that “the approval of the NSE demutualisation plan marks the achievement of an important milestone towards completion of the exercise. The demutualization of the Exchange will bring the Nigerian capital market on a par with other international jurisdictions, result in enhanced governance, transparency and visibility whilst attracting strategic partners, investors and good quality issuers. These are historic times indeed”.
Photo Caption:
From Left: Alhaji Aliko Dangote, Ex-Officio, National Council, The Nigerian Stock Exchange (NSE); Oscar Onyema, Chief Executive Officer, NSE; Aigboje Aig-Imoukhuede, President, National Council, NSE and Mojisola Adeola, Council Secretary, NSE at the Nigerian Stock Exchange Extra-Ordinary General Meeting (EGM) on Thursday.
