The Nigerian Stock Exchange will convene a mandatory Court Ordered Meeting (COM) of its members to pass requisite resolutions for the demutualisation of the Exchange.
A press statement from The Exchange on Wednesday also added that The Exchange will hold an Extraordinary General Meeting (EGM) to pass the resolutions for the appointment of inaugural board members of Nigerian Exchange Group Plc., post demutualisation of The Nigerian Stock Exchange.
Both meetings (COM and EGM) will hold on March 3, 2020 at the Grand Banquet Hall of Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos, the statement explained.
Commenting on The Exchange’s quest to demutualise, Chief Executive Officer of NSE, Mr Oscar N. Onyema, said, “Our effort at seeing the demutualisation to completion is fuelled by our commitment to develop a more agile Exchange that is better able to support the economic growth of Nigeria. We are confident that post-demutualisation, the NSE will be better equipped to diversify our operations and evolve into a more competitive, robust and liberalised stock market.”
Members of the NSE had approved for the Exchange to embark on the demutualisation scheme at an Extraordinary General Meeting (EGM) in March 2017. This was followed by the signing of the Demutualisation of The Nigerian Stock Exchange Bill into law in July 2018.