By Ade Jacobs
The Nigerian Stock Exchange (NSE) has charged the five man panel set up last year to resolve disputes arising from its demutualization, to discharge its duties without fear or favour.
The panel was inaugurated last December under the leadership of George Etomi, a renowned lawyer. Other members of the panel include Seni Adio (SAN), Abatcha Bulama, Paul Ananaba and Prince Aghatise Erediauwa.
The NSE said in a statement on Friday, January 8, 2921, that the members of the panel are distinguished individuals with the required expertise and extensive track records of integrity, excellence, and achievements in their respective fields of specialisation.
The Exchange said the panel is in line with the Nigerian Stock Exchange Act 2018 and will serve “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 i.e. Nigerian Exchange Group Plc (“HoldCo”).
“The Panel 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.
The statement further said that “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.
NSE President Otunba Abimbola Ogunbanjo, said 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.