NSE sets up Claims Review Panel ahead of demutualisation
By Samuel Bankole
The Nigerian Stock Exchange (NSE) on Friday said it has empaneled its Claims Review Panel in preparation for its imminent demutualisation of the Exchange.
In a statement and, the NSE said the action, done on December 21, was in pursuant to the provisions of the Demutualisation of The Nigerian Stock Exchange Act 2018 (the “Act”).
It said the panel serves as an independent alternative dispute resolution mechanism for the review and determination of Claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised Exchange.
The Panel, the statement said will sit in an appellate capacity and review Claims from Claimants’ who are dissatisfied with any decision of the National Council of The Exchange on a Claim pre-demutualization, or the Board of Directors of the HoldCo, post demutualisation of The Exchange.
“As part of the demutualisation process, The Exchange (which is currently a company limited by guarantee) would be converted into and re-registered as a public company limited by shares. “Consequently, current Members of The Exchange will be allocated shares in the HoldCo. The securities exchange license of the current Exchange would be transferred to Nigerian Exchange Limited, a wholly-owned subsidiary of the HoldCo, which would carry on the securities exchange business.
“Another wholly-owned subsidiary, NGX Regulation Limited, would be licensed by the Securities and Exchange Commission (SEC), to carry out regulatory services.
“To safeguard the independence of the Panel, and following a diligent search for distinguished individuals with the required expertise and extensive track records of integrity, excellence, and achievements in their respective fields of specialisation,” the NSE stated.
Members of the panel are; George Etomi (Chairman), Seni Adio, Abatcha Bulama, Paul Anababa and Aghatise Erediauwa
Abimbola Ogunbanjo NSE President told the panel that he “expected members of the Panel to discharge their responsibilities without any fear or favour in an objective and dispassionate manner, being guided by principles of fair hearing, equity and natural justice”.
He expressed optimism that the Panel would diligently carry out its functions and responsibilities under the Act and that each member would bring to bear their respective experience and expertise to enrich deliberations and decisions.
Sign Up For Our Newsletter!