The council of the Nigerian
Stock Exchange (NSE) yesterday stepped down proposed resolutions on
demutualisation with a view to further engage with key stakeholders on the ways
and processes for the smooth conversion of the Exchange from member-owned
entity into a company based on shareholdings.
At the annual general
meeting yesterday in Lagos, president, Nigerian Stock Exchange (NSE), Mr.
Aigboje Aig-Imoukhuede, said the resolutions on demutualisation were stepped
down because of the need for further consultation.
Stockbrokers, who form the
majority of member-owners of the NSE, said the decision to further engage in
consultation was in the best interest of the market noting that while they
wholeheartedly support the demutualisation, there are issues that require
further engagement with key stakeholders.
President, Chartered
Institute of Stockbrokers (CIS), Mr. Oluwaseyi Abe, said stockbrokers were
fully in support of the demutualisation but there is the need to fine-tune some
aspects of the process.
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