In preparation for its imminent demutualisation, the Nigerian Stock Exchange (NSE) has inaugurated its Claims Review Panel (the Panel), pursuant to the provisions of the Demutualisation of The Nigerian Stock Exchange Act 2018 (the Act).

The Panel serves as an independent alternative dispute resolution mechanism for the review and determination of Claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised Exchange –that is Nigerian Exchange Group Plc (HoldCo).

The Panel will sit in an appellate capacity and review Claims from Claimants’ who are dissatisfied with any decision of the National Council of The Exchange on a Claim pre-demutualisation, or the Board of Directors of the HoldCo, post demutualisation of The Exchange.

As part of the demutualisation process, The Exchange (which is currently a company limited by guarantee) would be converted into and re-registered as a public company limited by shares. Consequently, current Members of The Exchange will be allocated shares in the HoldCo.

Read Also: See the stocks that were exited or added as NSE reviewed its market indices

Related News

The securities exchange license of the current Exchange would be transferred to Nigerian Exchange Limited, a wholly owned subsidiary of the HoldCo, which would carry on the securities exchange business. Another wholly owned subsidiary, NGX Regulation Limited, would be licensed by the Securities and Exchange Commission (SEC), to carry out regulatory services.

To safeguard the independence of the Panel, and following a diligent search for distinguished individuals with the required expertise and extensive track records of integrity, excellence and achievements in their respective fields of specialisation, The Exchange appointed the following members of the Panel: George Etomi (Chairman), Seni Adio (SAN), Abatcha Bulama, Paul Anababa (SAN), and Aghatise Erediauwa.

At the Panel’s inauguration on December 21, 2020, Abimbola Ogunbanjo, president, The Nigerian Stock Exchange, said he “expected members of the Panel to discharge their responsibilities without any fear or favour in an objective and dispassionate manner, being guided by principles of fair hearing, equity and natural justice”.

He expressed optimism that the Panel would diligently carry out its functions and responsibilities under the Act and that each member would bring to bear their respective experience and expertise to enrich deliberations and decisions.

More from our Markets Column
Read Next
Stock investors lose N13bn as market records first dip this week

These stocks steered NSE to the red zone in first trading week

By Iheanyi Nwachukwu • January 8, 2021

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp