SOON YOU CAN OWN PART OF NIGERIAN STOCK EXCHANGE

For those who are interested, soon you may be able to own part of the Nigerian Stock Exchange by buying its shares openly at the capital market.
How soon? Well that may take a while but the process has taken off in earnest as the NSE authorities announced the formal appointment of  financial advisers who will husband the Exchange through the process called demutualisation.
Do not be fooled by the mouthful technical word because it simply means that an organisation owned by a group of people who came together by mutual consent for non-profit reasons  changes into a profit- driven publicly owned company.
According to the announcement, the NSE has appointed Rand Merchant Bank and Chapel Hill Denham as financial advisers to prepare the ground for the exchange itself to become a publicly quoted company.
The road to today started on March 11, 2014 according to NSE chief executive Mr Oscar Onyema, when the exchange asked for Proposals  from any interested consortium that must include and international and a Nigerian investment bank with experience in the field as lead advisers.
In all 13 proposals were received with three making it  to the final stage of a rigorous process of selection.
By this move, says Onyema in a statement, the NSE "affirms its commitment to achieving demutualisation ..... in a methodical and transparent fashion"
In the same statement, Mr Larbie, the managing director of Rand Merchant Bank was quoted as saying that the bank "believes demutualisation will further strengthen the Nigerian Stock Exchange position as a leading exchange in Africa."

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