National Economy
Friday, September 19, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

Equities Market Reverses Losses As NSE Becomes Plc

by
6 years ago
in Business, News
Reading Time: 5 mins read
Share on FacebookShare on TwitterShare on Telegram

You May Like

FG Sets Dec. 31 Deadline For Mining Firms On Community Development Agreements

NGX: Market Rebounds As Capitalisation Crosses N90trn

The Nigerian domestic equities market on Tuesday rebounded by 1.70 percent on renewed investors’ interest in high yield dividend stocks.

Specifically, the All-Share Index, which opened at 25,816.57, inched 438.54 points or 1.70 percent to close at 26,255.11. Consequently, the Month-to-Date return (+0.15%) turned positive, while Year-to-Date losses moderated to -2.19%.

Also, the market capitalisation rose by N232 billion to close at N13.681 trillion compared with N13.449 trillion posted on Monday. The Chief Operating Officer, InvestData Ltd., Ambrose Omordion, attributed the rise to low price attraction and buying interest in high yield dividend stocks.

Meanwhile, members of the Nigerian Stock Exchange (NSE) yesterday passed requisite resolutions for the demutualisation of the Exchange at a Court-Ordered Meeting (COM) and an Extraordinary General Meeting (EGM), making the Exchange, a public liability company (Plc).

Also, the members approved the allotment of 1.964 billion ordinary shares to Dealing Members and Ordinary Members on the basis of a ratio of 78:22, respectively.

The members at the COM, in Lagos, voted and assented to the re-registration of the Exchange as Nigerian Exchange Group Plc; the transfer of its securities exchange license and other assets required to carry out the securities function to Nigerian Exchange Limited and the establishment of a separate subsidiary company to be charged with the regulatory functions of the Exchange post-demutualisation to be called NGX Regulation Limited.

Others are the total share capital being N1.250 billion comprising 2.500 billion ordinary shares of 50 kobo each to be registered with the Corporate Affairs Commission (CAC) and the provision of Claims Review Shares totaling 40.084 million ordinary shares, representing two percent of the issued shares of Nigerian Exchange Group, will be set aside for allotment to parties who are adjudged as being entitled to shares in the demutualised Exchange and the transfer of the assets of NSE Consult Limited, NSE Nominees Limited and Coral Properties Limited existing subsidiaries of the NSE  to the Nigerian Exchange Group Plc.

During the meeting, directors were nominated and appointed as Mr Abimbola Ogunbanjo, the chairman and non-executive director, Oscar Onyema, the CEO/managing director, among others.

Speaking at the EGM, president of the National Council, NSE, Otunba Abimbola Ogunbanjo, said, “In telling the story of how we have achieved this milestone, we recognize the efforts of several actors involved in this project including the management and staff of the Exchange, our members, professional advisers, the federal government, the Securities and Exchange Commission (SEC) and other capital market stakeholders without whom it could not have become a reality.”

Speaking on the successful outcomes at the meetings, chief executive officer, NSE, Oscar Onyema, said, “Today’s meetings move the demutualization process significantly forward and the positive outcomes affirm the great interest from members to support the pivotal restructuring of the exchange to become globally competitive.”

He added that “In furtherance of our plans, we will move to file the necessary resolutions from the COM and all other required documents at the CAC and SEC, obtain the Court Order sanctioning of the Scheme, complete all necessary registrations and seek the final approval from the SEC to ultimately demutualise.”

Members of the NSE had approved the demutualisation scheme of the Exchange at an Extraordinary General Meeting (EGM) in March 2017. This was followed by the signing of the Demutualisation of the Nigerian Stock Exchange Bill into law in August 2018. In December 2019, the Securities and Exchange Commission of Nigeria (SEC) in a No Objection letter gave its consent to the NSE to hold the COM and EGM that would facilitate its conversion from a not-for-profit entity limited by guarantee into a profit-making, public limited liability company owned by shareholders.

The Nigerian domestic equities market on Tuesday rebounded by 1.70 percent on renewed investors’ interest in high yield dividend stocks.

Specifically, the All-Share Index, which opened at 25,816.57, inched 438.54 points or 1.70 percent to close at 26,255.11. Consequently, the Month-to-Date return (+0.15%) turned positive, while Year-to-Date losses moderated to -2.19%.

Also, the market capitalisation rose by N232 billion to close at N13.681 trillion compared with N13.449 trillion posted on Monday. The Chief Operating Officer, InvestData Ltd., Ambrose Omordion, attributed the rise to low price attraction and buying interest in high yield dividend stocks.

Meanwhile, members of the Nigerian Stock Exchange (NSE) yesterday passed requisite resolutions for the demutualisation of the Exchange at a Court-Ordered Meeting (COM) and an Extraordinary General Meeting (EGM), making the Exchange, a public liability company (Plc).

Also, the members approved the allotment of 1.964 billion ordinary shares to Dealing Members and Ordinary Members on the basis of a ratio of 78:22, respectively.

The members at the COM, in Lagos, voted and assented to the re-registration of the Exchange as Nigerian Exchange Group Plc; the transfer of its securities exchange licence and other assets required to carry out the securities function to Nigerian Exchange Limited and the establishment of a separate subsidiary company to be charged with the regulatory functions of the Exchange post-demutualisation to be called NGX Regulation Limited.

Others are the total share capital being N1.250 billion comprising 2.500 billion ordinary shares of 50 kobo each to be registered with the Corporate Affairs Commission (CAC) and the provision of Claims Review Shares totalling 40.084 million ordinary shares, representing two per cent of the issued shares of Nigerian Exchange Group, will be set aside for allotment to parties who are adjudged as being entitled to shares in the demutualised Exchange and the transfer of the assets of NSE Consult Limited, NSE Nominees Limited and Coral Properties Limited existing subsidiaries of the NSE  to the Nigerian Exchange Group Plc.

During the meeting, directors were nominated and appointed as Mr. Abimbola Ogunbanjo, the chairman and non-executive director, Oscar Onyema, the CEO/managing director, among others.

Speaking at the EGM, president of the National Council, NSE, Otunba Abimbola Ogunbanjo, said, “In telling the story of how we have achieved this milestone, we recognize the efforts of several actors involved in this project including the management and staff of the Exchange, our members, professional advisers, the federal government, the Securities and Exchange Commission (SEC) and other capital market stakeholders without whom it could not have become a reality.”

Speaking on the successful outcomes at the meetings, chief executive officer, NSE, Oscar Onyema, said, “Today’s meetings move the demutualization process significantly forward and the positive outcomes affirm the great interest from members to support the pivotal restructuring of the exchange to become globally competitive.”

He added that “In furtherance of our plans, we will move to file the necessary resolutions from the COM and all other required documents at the CAC and SEC, obtain the Court Order sanctioning of the Scheme, complete all necessary registrations and seek the final approval from the SEC to ultimately demutualise.”

Members of the NSE had approved the demutualisation scheme of the Exchange at an Extraordinary General Meeting (EGM) in March 2017. This was followed by the signing of the Demutualisation of the Nigerian Stock Exchange Bill into law in August 2018. In December 2019, the Securities and Exchange Commission of Nigeria (SEC) in a No Objection letter gave its consent to the NSE to hold the COM and EGM that would facilitate its conversion from a not-for-profit entity limited by guarantee into a profit-making, public limited liability company owned by shareholders.

Tags: NSE
ShareTweetShare
Previous Post

Why GenCos Fail To Generate 4,200 Megawatts

Next Post

Nigeria,Others Upbeat About OPEC Cut Lifting Price To $60pb

ANOTHER GOOD READ

Federal Gov’t Approves ₦142bn For Bus Terminals In 6 Geopolitical Zones
Business

FG Sets Dec. 31 Deadline For Mining Firms On Community Development Agreements

5 hours ago
NGX Records N22.9bn Turnover
News

NGX: Market Rebounds As Capitalisation Crosses N90trn

5 hours ago
Lagos Customs Command Adopts Digitisation To Ensure Real-time Transaction
News

Customs Tasks Promoted Officers On Revenue, Compliance

6 hours ago
Regulator Bars Insurtech From Insuring Oil & Gas Sector, Others
Business

NAICOM Commends Brokers On Compliance, Professionalism

6 hours ago
CBN Cautions Public On Impersonation , Fraud Risks
Business

CBN Reiterates Commitment To Inclusive Growth, Price Stability At Kaduna Fair

7 hours ago
Pension Operators Sensitise Young Professionals On Cancer Awareness
Business

FG Inaugurates Pension Council

13 hours ago
Next Post

Nigeria,Others Upbeat About OPEC Cut Lifting Price To $60pb

Most Recent

Federal Gov’t Approves ₦142bn For Bus Terminals In 6 Geopolitical Zones

FG Sets Dec. 31 Deadline For Mining Firms On Community Development Agreements

September 19, 2025
NGX Records N22.9bn Turnover

NGX: Market Rebounds As Capitalisation Crosses N90trn

September 19, 2025
Lagos Customs Command Adopts Digitisation To Ensure Real-time Transaction

Customs Tasks Promoted Officers On Revenue, Compliance

September 19, 2025
Regulator Bars Insurtech From Insuring Oil & Gas Sector, Others

NAICOM Commends Brokers On Compliance, Professionalism

September 18, 2025
CBN Cautions Public On Impersonation , Fraud Risks

CBN Reiterates Commitment To Inclusive Growth, Price Stability At Kaduna Fair

September 18, 2025
Pension Operators Sensitise Young Professionals On Cancer Awareness

FG Inaugurates Pension Council

September 18, 2025
Supreme Court Affirms Governor Aiyedatiwa’s Victory, Ends Prolonged Legal Battles

Supreme Court Affirms Governor Aiyedatiwa’s Victory, Ends Prolonged Legal Battles

September 18, 2025
Nigeria’s Energy Transition Gains Boost As Lighting Expo Opens In Lagos

Nigeria’s Energy Transition Gains Boost As Lighting Expo Opens In Lagos

September 18, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy