Nigerian Stock Exchange Receives Members Approval To List Shares

Nigerian Stock Exchange (NSE) Logo.

Members of the Nigerian Stock Exchange (NSE) on Wednesday November 18, 2020, voted for the listing of the Exchange on after its conversion to a public limited liability company.

At the 59th annual general meeting (AGM), which is expected to be the last before the conversion to a shareholders-owned company, members of the NSE overwhelmingly voted for the listing of the Nigerian Exchange Group Plc (NGXG) on the Nigerian Exchange Limited (NGX) once the demutualisation of the NSE is completed.

Under the resolution passed by the AGM, subject to the receipt of requisite approvals of relevant regulatory authorities, following the conversion and re-registration of NGXG, the group is authorised to undertake a listing by introduction of its shares on NGX. Consequently, the NSE will no longer be wholly owned by its dealing and non-dealing members.

Also, following the conversion and re-registration of the Exchange as Nigerian Exchange Group Plc, the powers of the National Council of the Exchange will be devolved upon the board of directors of the group.

Otunba Abimbola Ogunbanjo was also re-elected as a member of the National Council of NSE. President, Nigerian Stock Exchange (NSE), Otunba Abimbola Ogunbanjo said resolution cleared the way for the listing of NGXG and for a new structure that would enable the Exchange to realise its vision of becoming Africa’s leading exchange hub.

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