NSE inaugurate claim review panel

The Nigerian Stock Exchange (NSE) has announced the inauguration of its claims review panel in preparation for its demutualisation.

According to a statement by the exchange, 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.

According to the statement, “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: Mr. George Etomi (Chairman), Mr. Seni Adio, SAN, Mr. Abatcha Bulama, Dr. Paul Anababa and Prince Aghatise Erediauwa.”

It explained that the panel would sit in an appellate capacity to 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.

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.