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February 27, 2024

Demutualisation: NSE inaugurates ‘Claims Review Panel’

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By Itohan Abara-Laserian

Ahead of its demutualisation, the Nigerian Stock Exchange (NSE) has inaugurated a ‘Claims Review Panel’, pursuant to the provisions of the NSE Demutualisation Act 2018.

Otunba Abimbola Ogunbanjo, NSE President, said this in a statement made available to the News Agency of Nigeria (NAN) on Friday in Lagos.

Ogunbanjo said the panel inaugurated on Dec. 21, 2020, was set up in preparation for the imminent demutualisation.

He listed the members of the panel as, Mr George Etomi (Chairman), Mr Seni Adio (SAN), Mr Abatcha Bulama, Dr Paul Anababa (SAN) and Prince Aghatise Erediauwa.

Ogunbanjo said the panel was expected to diligently carry out its functions and responsibilities under the Act.

According to him, each member will bring to bear, their respective experiences and expertise to enrich deliberations and decisions.

“We expect 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 said.

He said that the panel served 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 Nigerian Exchange Group Plc.

“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,” he said.

As part of the demutualisation process, he said 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 licence of the current exchange will be transferred to Nigerian Exchange Ltd., a wholly owned subsidiary of the HoldCo, which will carry on the securities exchange business.

“Another wholly owned subsidiary, NGX Regulation Ltd., will be licensed by the Securities and Exchange Commission to carry out regulatory services.

“To safeguard the independence of the panel, the NSE embarked on 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,” he added. (NAN)

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