Capital Market | |
Capital Market | |
763 VIEWS | |
![]() | |
PROSHARE | |
PROSHARE |
Friday, January 08, 2021 / 1:32 PM / By
NSE / Header Image Credit: Getty Images
In
preparation for its imminent demutualisation, the Nigerian Stock Exchange ("The
Exchange") inaugurated its Claims Review Panel (the Panel) on 21 December 2020,
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 i.e.
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. 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 is pleased to announce the appointment of the
following members of the Panel:
At the Panel's inauguration on 21 December 2020,
Otunba 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.
Related News