The Nigerian Stock Exchange has received final approvals for its ongoing conversion from a mutual, member-owned company to a public limited liability company, paving the way for the public listing and trading of the shares of the Exchange in the nearest future.
The Group will have three operating subsidiaries: Nigerian Exchange Limited , the operating exchange; NGX Regulation Limited , the independent regulation company; and NGX Real Estate Limited , the real estate company. All the entities have been duly registered at the CAC.
The transition plan will also see the inauguration of Boards for each of the new entities, staff reallocation to their respective functions within the operating subsidiaries, operationalisation of business plans and budgets, technology systems transfer, and the requisite arm’s length agreements between the entities. Upon Operational Launch, the Group’s new brands, including a new website, will be unveiled and the Group will be in position to execute on its strategic vision.
Chief Executive Officer, Nigerian Stock Exchange , Mr Oscar Onyema, said the Nigerian capital markets should play a role commensurate with Nigeria’s status as Africa’s largest economy.
This is great news.