Shareholder Chief lauds NSE’s Demutualisation

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The President of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okeke has lauded the plan by The Nigerian Stock Exchange to list itself as part of the long-term plan under its  demutualisation.

He said for the NSE to go public would not only deepen the market but it to have the features of a modern company.

Okezie noted that the company would now have the majority and minority shareholders like every profit-oriented organization.

“Scheduled meetings can be held, where the firm’s performance will be scrutinised publicly, either on yearly or quarterly basis.

“The economy will get a boost as the company becomes more profit-driven, and the government will make money through taxes. The firm can be engaged in more corporate social responsibility, as its own contribution to the growth of the society,” he said.

He stated that though the idea was novel to our environment, it was a usual practice in other climes, to strengthen the economy.

The Nigerian Stock Exchange (NSE) had received final approvals of its demutualisation from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively.

Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created.

The group has 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.

 

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