•NASD private placement records 89% subscription
The Securities and Exchange Commission (SEC) on Thursday inaugurated a 21-member committee to advise the commission on demutualisation.
Inaugurating the members, Udoma Udo Udoma, chairman, Securities and Exchange Commission said: “This is not an implementation committee. It is simply to advice SEC on demutualisation, then we will take off from their advice.”
The committee, which is to be headed by Asuelime Ighodalo, a renowned practitioner of commercial law, was presented to the Capital Market Committee (CMC) at its third quarter meeting held yesterday at the SEC office in Lagos.
The 21-member committee includes lawyers, accountants, investment bankers, stockbrokers, and academicians. The NSE council members including the CEO of the Nigerian Stock Exchange are in the committee. Also on the committee is the dean of the Lagos Business School, Enase Okonedo.
According to Udoma, the next big challenge for SEC is to ensure that the NSE is demutualised with the highest level of fairness and transparency.
He said the technical committee has three months to complete its work, which includes the review of the current ownership structure of the NSE; review of various demutualisation models across the globe; and recommend steps which are necessary for demutualisation of the NSE.
In his response, Ighodalo said: “This is a difficult task for us within a short time frame, but I am sure with the caliber of people on the committee, we will do our very best to meet the three months time frame set for us. The work is deep and important.
“We will contribute our quota in making sure that we achieve the objective of SEC in making this a very transparent and fair process,” Ighodalo said.
Meanwhile, the report on NASD Limited’s activities up till September 2011 made available at the capital market committee meeting, shows that its capital fund raising transaction, the private placement, closed in September 2011, with over 40 subscribers and at a subscription level of 89 percent. “The company therefore has achieved a paid up capital level of N409million. Certificates will be issued before December 31, 2011,” the capital market committee said in the report.
Oscar Onyema CEO, Nigerian Stock Exchange, Abdul Muhtar MD, Abuja Investment; Yemisi Ayeni, Chairperson Demutualisation Committee, NSE Council and MD, Shell Nigeria CPFA Ltd, Tola Mobolurin ,Vice Chairman & CEO, Crusader Investments.
Others are 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, Nsikan Ekure, former MD of First Trustees limited, Ike Chioke MD, Afrinvest Nigeria limited.
Also are 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, SEC Nigeria and Edosa Aigbekaen Director, Legal and Secretary to the Commission, SEC Nigeria.
