The President, Nigerian Stock Exchange, Abimbola Ogunbanjo has said that the successful completion of demutualisation of the Exchange will ultimately position capital market as significant driver of socio-economic development.
Ogunbanjo who made this statement in Lagos at the NSE annual general meeting said that the council of the Exchange has made a significant progress with the demutualisation process, with the signing of the bills into law and assented to by the President.
He said that the 2018 AGM would mark the end of NSE as a private company limited by guarantee, adding that it would now transit from a mutual association of members to a limited liability company accountable to shareholders.
The Chief Executive of the NSE, Mr Oscar Onyema said passing of the bill by National Assembly has propelled the initiative into the final stage of demutualisation process as the council has started engaging with key stakeholders in the financial industry.
Listing some of the benefits of the intended demutualisation of the NSE, he said it would improve governance, by reducing conflict of interest in the shareholder- owned entity, support agile and objective decision making.
The process according to the NSE will as well bring about greater management performance, transparency and accountability, due to the new board structure and broad experience of directors appointed to the demutualized NSE as well as positive shareholders activism
He expressed optimism that the conclusion of the project in 2019 would transform the competitiveness of the market.
