DEMUTUALISATION NIGERIAN STOCK EXCHANGE PDF

The Nigerian Stock Exchange (NSE) has finally crossed a major hurdle in its demutualization processes as President Muhammadu Buhari has. The Nigerian Stock Exchange (NSE or The Exchange) is pleased to announce that its members have approved the demutualisation scheme of the Exchange. The Nigerian Stock Exchange (NSE or The Exchange) is pleased to announce that its members have approved the demutualisation.

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The Nigerian Stock Exchange NSE has finally crossed a demutkalisation hurdle in its demutualization processes as President Muhammadu Buhari has finally signed the bill into law that will transmute the Lagos based bourse from a mutual association of exchange members to a limited liability company which is accountable to shareholders.

Members Approved NSE Demutualisation Process

The President assented to the bill on the 29th of Augustaccording to documents seen by BusinessDay. Deumtualisation demutualised NSE will allow the stock exchange become a company limited by shares; having share capital or shareholders, a board of directors, management that is separate and independent from the board and subject to rules and regulations of company operations in Nigeria.

According to the Explanatory Memorandum seen by BusinessDay, the act facilitates the expeditious conversion and registration of NSE from a company limited by guarantee to a public company limited by share in order to adopt and efficiently implement the global practice of the demutualization of stock exchanges. The members of the exchange, upon the conversion and re-registration of the exchange to a public company limited by shares, may only be liable to pay tax on dividends declared by the exchange.

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The stoc, further stated that upon the conversion and registration of the exchange from a company limited by guarantee to a public company limited by shares, all income, assets, property and liability of the exchange srock prior to the commencement of the act shall continue, without any limitation, inhibition or restriction to the income, assets, property and liabilities of the exchange as a public limited by shares. According to the Act, NSE will establish a Claims Review Panel made up of a chairman and four other members which will review and determine any assertion by any person to any right in the share of the exchange as such assertion having been made anytime between the niggerian into force of deutualisation act and six years after demuyualisation of the exchange from a company limited by guarantee to a public company limited by shares.

Also, a number of stock exchanges especially in emerging market jurisdictions have either demutualised or are in the process of demutualising including those of Malaysia and India.

In Nigeria, efforts to demutualize the Exchange achieved milestone following the appointment of a consortium of financial, legal and tax advisers on the demutualization initiative. According to data from the World Federation of Exchanges, more than 70 per cent of members have transformed their legal structure from non-profit mutual Exchanges into demutualized organizations. It was re-incorporated as a company limited by guarantee in December and has operated as such ever since.

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