Members of The Nigerian Stock Exchange (NSE or The Exchange) voted overwhelmingly today at its 59th Annual General Meeting (AGM) to support the listing of the Nigerian Exchange Group Plc (NGXG) on the Nigerian Exchange Limited (NGX).
The meeting is expected to be its last as a mutual entity, once the demutualization of the NSE is completed.
Consequently, the NSE will no longer be wholly owned by its dealing and non-dealing members.
The AGM was convened to consider ordinary and special business as outlined in the widely published notice of the meeting.
Otunba Abimbola Ogunbanjo, President of the National Council of The Nigerian Stock Exchange said, “The National Council welcomes the strong endorsement by the members of The Exchange for our listing plans.”
Mr. Oscar N. Onyema, the Chief Executive Officer (CEO) of the NSE who is the Group CEO of NGXG Plc Designate for the new structure, said: “This marks the beginning of The Exchange’s transformation into a listed company with flexibility to raise additional equity and/ or debt capital.
“We believe we can become a financial hub for Africa and with the backing of our stakeholders and their continued use of our services this objective can become a reality.”
NSE’s demutualization was unanimously approved by its members at its court ordered meeting held in March 2020. It is subject to the approval of the Securities and Exchange (SEC) expected soon.
