BY Chris Paul
On the cusp of its 60years anniversary of incorporation and trading, The Nigerian Stock Exchange is now restructured via the process of demutualisation, into the Nigerian Exchange Group Plc (NGXGRP). The Group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent securities regulator for NGX; and NGX Real Estate Limited (NGX RELCO), the real estate company. The structure has been approved by the Securities and Exchange Commission of Nigeria (SEC) and the entities duly registered at the Corporate Affairs Commission (CAC).
Subsequent to this approval, the Group Chairman of NGXGRP, Otunba Abimbola Ogunbanjo, had said: “Successful demutualisation was one of my fundamental objectives when I assumed the Presidency of The Exchange. The SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that ha
Nigerian SEC Approves Appointment Of CEOs Of Demutualised Entities Of The Nigerian Stock Exchange - Mr Onyema, Mr Popoola And Ms Awe To Lead Group Companies mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.
Boosting local industries could help reduce demand for dollars
Faced with bond yields coming off record lows and a hard-to-trade equity market, Nigeria’s biggest pension-fund manager wants the flexibility to invest directly in large local projects.
Financing the development of domestic industries with naira will also ease pressure on the nation’s currency by reducing demand for dollars, said Stanbic IBTC Pension Managers Ltd. Chief Executive Officer Eric Fajemisin. Once up and running, local plants can help cut imports, further benefiting the naira and easing pressure on inflation that’s been decimating returns, he said.
Domestic retirement funds overseeing the equivalent of $30 billion are looking for new places to invest. That’s after yields on government debt that account for the bulk of their investments plunged because too much cash flooded into the system. The lack of enough high quality stocks, few options by way of derivative products and small corporate debt issua