Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) Thursday appointed a 21 Member Committee to demutualise the Nation’s Stock Exchange.
Senator Udoma Udoma, Chairman of Nigeria’s SEC at the inauguration said that the Committee was set up to advice the Commission and not that of implementation.
According to him, the demutualisation is the next process to improve the Nigerian Stock Exchange (NSE).
“The next big challenge in improving governance of the Exchange is that of ensuring that the Exchange is demutualised by a process that accords with the best global standards.
This must be a process that ensures fairness and openness, as well as the protection of the national interest. It is to assist the Commission to achieve this that the Securities and Exchange Commission is today inaugurating a Technical Committee to examine the processes for achieving demutualisation and make recommendations to the Commission on how it can best discharge its important supervisory role†Senator Udoma said.
He affirmed that the Committee has been given three (3) months to complete their assignment and present its report to SEC.
The 21 Member Committee will be Chaired by Asuerinme Ighodalo, Legal Practitioner. Experts in all the relevant disciplines, including Lawyers, Accountants, Investment Bankers, Stockbrokers, Market Operators, Regulators and from the Academia.
“We have also included a member from the Diaspora to draw on experience in more advanced Capital Markets. Importantly, amongst the members of the Committee, are members of the Council of the Stock Exchange, including the Chief Executive Officer (CEO) himself.
The Members include Enase Okonedo, Dean of Lagos Business School, Oscar Onyema, CEO, Nigerian Stock Exchange, Abdul Muhtar, Managing Director, Aso Savings and Loans Plc, Yemisi Ayeni, Chairperson, Demutualisation Committee, NSE Council and MD, Shell Nigeria CPFA Ltd.
Others are Tola Mobolurin, Vice Chairman and CEO, Crusader Investments, Ahmed Makele, Associate Director., Legal Risk Compliance, DTZ, Holdings Plc, Rotimi Oyekanmi, CEO, Renaissance Capital, Haruna Jalo-Waziri, MD, UBA Asset Management Company. Limited, Dimeji Saludeen, Partner, KPMG, Deji Alli, CEO, Asset Resource Management, Chuka Eseka, CEO, Vetiva, Femi Akingbe, CEO, Ventures & Trust and Nsikan Ekure, Former MD of First Trustees Limited.
Still on the list are Ike Chioke, MD, Afrinvest Nigeria Limited, Kemi Adewole, Vice President, Citibank Nigeria, Chike Obianwu, Templars Law Firm, Femi Akinsanya, CEO, Felicity Schemes Limited, Akeem Oyewale, CEO, Stanbic IBTC Stockbrokers, Yinka Edu, Secretary, Capital Markets Solicitors Association, Moses Isiaku, Director, Registration and Recognised Investment Exchanges Department and Edosa Aigbekaen, Director, Legal and Secretary to the Commission, both of Nigeria’s SEC.
On the Secretariat, we have Reginald Karawusa, Assistant Director, Enforcement and Compliance, SEC and Rachel Olenloa, Manager, Securities Investments Service also of Nigeria’s SEC.
According to Senator Udoma, the Committee has among their terms of Reference, a review of the current structure and ownership of The NSE; examine regulatory, ownership, management, operational, governance and financial issues in demutualisation of Exchanges.
Other references are the review of various demutualisation models and experience including;valuation model for demutualisation, recommend best demutualisation model for the Nigerian Market and recommend practical timeline for the completion of the demutualisation of the Nigeria’s Exchange.
Apart from these, the Committee will also recommend steps which are necessary and appropriate for the demutualisation of the NSE, examine potential conflict of interest and measures to deal with them, in the demutualisation of the Exchange and to examine any other issue necessary for the demutualisation.
