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NSE discloses plans to change name to Nigerian Exchange Group Plc

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THE Nigerian Stock Exchange (NSE) has urged brokers to merge or buy dormant licenses as it plans to change its name to Nigerian Exchange Group Plc.

The development was disclosed in an email by the NSE where it stated that: “Going into 2020, the NSE is committed to completing the proposed demutualization.

The NSE said, “(This) will further provide avenues to diversify our operations and evolve into a more competitive, robust and liberalized stock market.”

The exchange encouraged stockbrokers to buy dormant licenses, merge or combine with other operators rather than apply for new ones as the bourse prepares to go public.

“The exchange stopped issuing licenses as it progresses with its intention to demutualise,” NSE said.

Members of the exchange have scheduled to vote on March 3 to convert from a member-owned mutual organization into a public limited-liability company.

The NSE explained that the demutualization follows a 20 per cent increase in the value of the fixed-income segment of the Exchange in 2019, which helped to compensate for a decline in equity volumes and income.

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Its shares would be listed on the floor of the NSE as part of the efforts to complete demutualisation process in 2020.

After the process is completed, the public can buy the portfolio.

Demutualisation is the process through which any member-owned organisation becomes a shareholder-owned company. this company could either be listed on a stock exchange or closely held by its shareholders.

President Muhammadu Buhari on August 29, 2018, signed the demutualisation of the Nigerian Stock Exchange Bill into law to conform with prevalent international practice and standards.

 

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