By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Asuerinme Ighodalo’s Committee set up four months ago by Nigeria’s Securities & Exchange Commission (SEC) to help advice the Commission on the demutualisation of the Nigerian Stock Exchange (NSE) is working on its final draft.

Oscar Onyema, Chief Executive Officer (CEO) of the Nigeria’s Exchange and a Member of the Committee Monday made this affirmation in a Question and Answer Session at a World Press Conference to review the Nigerian Capital Market (NCM) in 2011 and outlook for year 2012.

“A technical Committee that SEC formed to advice it on the demutualisation of the Exchange, that Committee has been meeting and I know they are working on the final draft of their Report” he said.

According to Onyema, the Committee is working on different aspects of the guidelines which Nigeria’s SEC needs; under which the NSE can embark on its demutualisation. “The Committee is working on the different aspects of the guidelines to make sure that they can present a credible Report to SEC; which I think will come out soon” Onyema said.

On September 22 2012, Senator Udoma Udoma, Chairman of Nigeria’s SEC inaugurated a 21 member Committee Chaired by Asuerinme Ighodalo, Legal Practitioner to help advice on the demutualisation of the Nigeria’s Exchange.

Udoma said the Committee was set up to advice the Commission and not that of implementation.

The Committee was given three months upon which to submit their Report to SEC, however, the work has entered its fourth month.

The 21 Member Committee consist of Experts in all the relevant disciplines, including Lawyers, Accountants, Investment Bankers, Stockbrokers, Market Operators, Regulators and from the Academia.

A member from the Diaspora was selected in order to draw on the experience in more advanced Capital Markets. Amongst the members of the Committee, are members of the Council of the Stock Exchange, including the CEO of the NSE.

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.

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.

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