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.
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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.
NSE Council President, Otunba Abimbola Ogunbanjo, said: “We are elated that this milestone has been achieved as we celebrate the 60th anniversary of the commencement of trading at the Exchange and now look forward to the future public listing of its shares on NGX Limited.”
The new Group CEO of NGX Group Plc, Oscar N. Onyema, said “The Nigerian capital market should play a role commensurate with Nigeria’s status as Africa’s largest economy. At the Nigerian Stock Exchange, we have a vision that the new group will become the premier exchange hub for Nigerian businesses and for the African economy.
