Securities dealers under the auspices of the Association of Securities Dealing Houses of Nigeria have argued that the demutualisation of the Nigerian Stock Exchange would accelerate the transformation of the market as the investment destination of Nigeria.
The chairman, Association of Securities Dealing Houses of Nigeria Chief Onyenwechukwu Ezeagu, while appraising the current state of the Nigerian capital market, said efforts must be geared towards enhancing global competitiveness and the government must also play pivotal role in this regard. He said, “The Exchange can achieve a market capitalisation of about $200 billion in 2022 with its approved demutualisation. For the umpteenth time, we are calling on the federal government to deepen the Capital Market through liberalisation of moribund state assets and corporations to become profitable ventures.
“With its demutualisation, the Nigerian Stock Exchange has joined the ranks of all demutualised markets globally. The process has taken our market several years and I commend all the stakeholders in the Capital Market ecosystem. Opportunities are there for demutualised exchanges in Africa to collaborate and and operate as a single hub to attract capital and investment,” said Ezeagu.
Under the demutualisation of the Exchange, a new non-operating holding company, the Nigerian Exchange Group Plc has been created. The Group has three operating subsidiaries, Nigerian Exchange Limited , the operating Exchange; NGX Regulation Limited , the independent regulatory company; and NGX Real Estate Limited , the real estate company. The entities have been duly registered at the Corporate Affairs Commission .