SEC reviews Nigerian Stock Exchange demutualisation scheme

The Securities and Exchange Commission (SEC) says it is reviewing the Nigerian Stock Exchange (NSE) demutualisation application.

The SEC acting Director-General, Ms Mary Uduk, disclosed this at the third quarter post-Capital Market Committee (CMC) meeting news conference held in Lagos on Friday.

Uduk assured stakeholders that the commission would ensure a transparent and equitable process in the exercise.

“We have the framework, properly put out framework for the registration of demutualisation for any exchange whatsoever, irrespective of the name it is called.

“What we are doing, we are reviewing the application that NSE has submitted; after the review, we will get back to them.

“The process is not a very simple process because we have to be thorough, this is very important in the milestone in the annals of the Nigerian capital market.

“That is what we are doing, to tell you how transparent we are, we just received a feedback from them just two days ago upon our letters to them regarding what we are reviewing.

“So, it is on course, be rest assured that SEC will do what it should do to come out with a transparent and equitable process,” she explained.

It would be recalled that the NSE in 2017 announced that its members had approved its demutualisation scheme which is the process through which any member-owned organisation becomes a shareholder-owned company.