The Nigerian Stock Exchange has inaugurated its Claims Review Panel in pursuant to the provisions of the demutualisation of the Exchange Act 2018.
The panel serves as an independent alternative dispute resolution mechanism for the review and determination of claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised Exchange i.e. Nigerian Exchange Group Plc.
The Exchange said in a statement that the panel would sit in an appellate capacity and review claims from claimants dissatisfied with any decision of the National Council of the Exchange on a claim pre-demutualisation, or the Board of Directors of the holding company, post-demutualisation of the Exchange.
As part of the demutualisation process, the Exchange (which is currently a company limited by guarantee) would be converted into and re-registered as a public company limited by shares.
Consequently, the current members of the Exchange will be allocated shares in the HoldCo. The securities exchange licence of the current Exchange would be transferred to the Nigerian Exchange Limited, a wholly owned subsidiary of the HoldCo, which would carry on the securities exchange business.