Stockbrokers have expressed optimism that the completion of the long-awaited Demutualisation of the Nigerian Stock Exchange (NSE) would herald a new vista in the nation’s bourse.
The stockbrokers said this in an interviews with the News Agency of Nigeria (NAN) in Lagos, while reacting to the completion of the demutualisation after final approvals by the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC).
The president, Chartered Institute of Stockbrokers, Mr Olatunde Amolegbe, said the long-awaited approval would herald a new vista in the growth trajectory of the NSE.
“This is a process that already enjoys the support of all market stakeholders because of the immense benefits that we expect that it will bring to investors and the Nigerian economy at large.
“We expect increased innovation and growth among market participants to follow,” Amolegbe said.
Chief Onyewenchukwu Ezeagu, Chairman, Securities Dealing Association of Nigeria (ASHON) lauded the positive development.
“The development is one of my happiest moments as the chairman of ASHON, haven along with other critical stakeholders, delivered on the mandate to demutualise the NSE.
“Demutualisation will enhance the effective transformation of not only the NSE but also the entire securities ecosystem,” Ezeagu said.
NAN reports that the NSE had been given the final approval by SEC and CAC for its demutualisation exercise.
The NSE said in a statement on Wednesday that the demutualisation process had been completed with the final approvals.
It said all the entities had been duly registered at the CAC.
The approvals by the SEC and CAC signified that the NSE could activate its transition plan to a new operational structure and holding company. The transition taking the Group through to full operational launch covers legal and practical changes to enable the functioning of the new corporate structure, with no loss of service and a seamless transition for market participants