The Nigerian Stock Exchange NSE has gotten the Securities and Exchange Commission, SEC’s final clearance to proceed to the final stages that will transform the Exchange to a public entity, otherwise known as demutualisation process.
Mr. Oscar Onyema, Chief Executive Officer, NSE, disclosed on Monday during the presentation of 2019 stock market recap and 2020 outlook, stressing that the Exchange is committed to demutualisation process in order to comply to the global best practice. He also disclosed that the Exchange facilitated restitution and recoveries of N1.436 billion worth of shares for investors in 2019.
Onyema also stated that the NSE will work closely with the SEC and Economic, Financial Crime Commission, EFCC to fight unethical conduct of market operators that is meant to tarnish market confidence of investors.
He said: “the NSE has received No objection from SEC just recently. Having met the necessary requirements of the SEC, the Exchange has obtained a letter if No Objection to enable us proceed to the final stages of the demutualisation process.
“We will pursue the remaining process vigorously as all stakeholders would be involved. We will continue to sensitise stakeholders and its effects. There will be a court ordered meeting and many other things as we proceed.”
Continuing, he said:” In terms of market surveillance we will work closely with SEC and EFCC to ensure we prosecute erring operators in order to sanitise and increase market confidence.”