By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) will on Thursday September 22 2011 inaugurate the Demutualisation Committee that will make recommendations towards implementing same on the Nigerian Stock Exchange (NSE).
This was contained in a Statement Wednesday by Ismaila Ville; Head, Corporate Affairs of Nigeria’s SEC and made available to www.investadvocateng.com in Lagos Nigeria.
“The SEC Nigeria, Apex Regulator of the Nigerian Capital Markets, has approved the constitution of a Demutualisation Committee. The Committee which was set up at the 61st meeting of the Board of the Commission which took place on 20th September 20, 2011 was mandated to make recommendations for the demutualisation of the Nigerian Stock Exchange (NSE)†the Statement said.
According to the Commission, Asuelime Ighodalo, a renowned practitioner of Commercial Law is the Chairman, and the Committee will be formally inaugurated at 2.00pm on Thursday, 22nd September 2011 at the auditorium of the SEC Nigeria’s Lagos Zonal Office.
According to Wikipedia, the free encyclopedia, Demutualisation is the process by which a customer-owned mutual organization (mutual) or co-operative changes legal form to a joint stock company.[1] It is sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a “windfall” payout, in the form of shares in the successor company, a cash payment, or a mixture of both.
