NSE Demutualisation Receives Boost as Court Sanctions Scheme of Arrangement

Proshare

Monday, May 18, 2020 / 8:10 PM / by NSE / Header Image Credit: African-markets

 

The Nigerian Stock Exchange ("NSE" or "The Exchange") is pleased to announce that the Federal High Court, Lagos has now granted an order sanctioning the Scheme of Arrangement for the demutualisation of NSE.


Proshare Nigeria Pvt. Ltd.

 

Commenting on this development, the Chief Executive Officer of NSE, Oscar N. Onyema, said: "The NSE demutualisation process is moving ahead in line with the expected sequence of events, following the conclusion of its Extraordinary General Meeting and Court Ordered Meeting (COM) in March 2020. Understandably, in current circumstances, some of the legal and regulatory steps required have taken a little longer than originally expected, but today we have received court sanction for the results of the EGM, in particular, the Scheme of Arrangement and we are looking to secu​re the reregistration of the Exchange as well as the approval of the Securities and Exchange Commission within the coming months."

 

Members of the NSE had approved the demutualisation scheme of The Exchange at an EGM in March 2017. This was followed by the signing of the Demutualisation of The Nigerian Stock Exchange Bill into law in August 2018. In December 2019, the Securities and Exchange Commission of Nigeria in a No Objection letter, gave its consent to the NSE to hold the COM and EGM that would facilitate its conversion from a not-for-profit entity limited by guarantee into a profit-making, public limited liability company owned by shareholders. 


Proshare Nigeria Pvt. Ltd.

 

Related News

  1. Demutualization Will Unlock Opportunities In Nigeria's Capital Market - Patrick Ezeagu, ASHON
  2. NSE Demutualization Will Promote Better Corporate Governance - Aigboje Aig-Imoukhuede
  3. Stakeholders List Benefits Of NSE Demutualization
  4. NSE Members Assent to Demutualisation Resolutions at COM and EGM
  5. NSE Set to Hold Strategic Meetings As Demutualization Nears Completion
  6. Proposed Scheme Of Arrangement Between The Nigerian Stock Exchange And Its Members
  7. NSE Notifies of Court Ordered Meeting By FHC Lagos
  8. NSE to Hold EGM on March 3rd 2020; Reveals Names of Inaugural Board Members Post-Demutualization
  9. Nigeria Stock Exchange (NSE) Prepares For Demutualisation, Advises Brokers To "Combine"
  10. NSE Demutualisation Crosses Major Hurdle As Buhari Signs Bill
  11. An Insight to the Regulatory Issue Arising from the Demutualisation of the NSE
  12. Members Approved NSE Demutualisation Process
  13. NSE Announces Financial Advisers for Demutualisation​
  14. Brokers call on SEC board to publish guidelines for demutualisation
  15. Demutualisation of NSE may begin in Q2
  16. SEC Inaugurates NSE's Demutualisation Committee
  17. SEC goes ahead with NSE demutualisation
  18. ASHON writes SEC on Council Members, Demutualisation
  19. NSE restructures ahead of demutualisation plans
  20. NSE Demutualisation to be Concluded in 2012
  21. Why a return to demutualisation would be a great relief
  22. Demutualisation: Nobody will hijack NSE, Onyiuke
  23. NSE DG leaves office November 2010, suspends demutualisation
  24. Shareholder leader query NSEs proposed demutualisation

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP