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Home Business News

Why NSE is advising stockbrokers to stop applying for new licenses 

Emmanuel Abara Benson by Emmanuel Abara Benson
February 7, 2020
in Business News, Company News
onyema, Market data, CEO NSE, NSE lifts suspension on Omatek Ventures’ shares, NSE launches Comic Book to boost financial literacy, NSE goes public with 2.5 billion ordinary shares in unanimous vote by the members, NSE commemorates 2020 International Women’s Day and rings the bell for gender equality, COVID-19: NSE extends time for submission of financial statements, NSE PUBLISHES GUIDANCE TO FACILITATE EFFECTIVE VIRTUAL MEETINGS FOR STAKEHOLDERS AMIDST COVID-19, NSE Hosts First-Ever Digital Closing Gong Ceremony, NSE set to host financial leaders at upcoming webinar, NSE commemorates world investor week 2020, Agricultural sector can be a game changer for generating forex- Onyema, NGX GMG

Oscar Onyema, Group Managing Director and CEO, Nigerian Exchange Group Plc

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Nigerian stockbrokers have been advised by the Nigerian Stock Exchange (NSE) to take up dormant licenses or merge with other operators, instead of applying for fresh licenses. This is coming as the NSE’s plans to demutualise and become a quoted company is expected to take effect soon.

Come early March of 2020, representatives of the NSE’s 252 dealing members will vote on whether or not to finally transform the Nigerian bourse from a member-owned exchange to a public company. The vote is expected to be unanimous and the NSE will finally change its name to Nigerian Exchange Group Plc.

In a statement, the Nigerian bourse stated that it stopped issuing new licenses to stockbroking firms as part of the demutualisation process. It also provided further explanation as to why it is committed to the demutualisation effort.

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“Interested parties have been advised to purchase existing licenses. The exchange stopped issuing licenses as it progresses with its intention to demutualize.” 

“Going into 2020, the NSE is committed to completing the proposed demutualisation. This will further provide avenues to diversify our operations and evolve into a more competitive, robust and liberalized stock market.” 

In 2019, the NSE recorded its lowest equity trading year since 2011. Nairametrics reported that the All-Share Index ended the year with a 14.6% decline. Luckily for the NSE, it was able to compensate for this decline thanks a 20% surge in its fixed income segment. What this shows, therefore, is that the NSE’s efforts to demutualise and further diversify its operations is a move in the right direction.

[READ FURTHER: Fidson Healthcare returns to profitability after 2018 loss]

Recall that the NSE initially planned that the demutualisation process will be finalised in 2019. Nairametrics quoted the CEO, Oscar Onyema, in March last year as saying that “We are shooting for this year for the demutualisation to be completed.” This followed an earlier signing of a bill by President Muhammadu Buhari, which amended the law establishing the NSE, thereby making it possible for the bourse to become a public limited liability company.


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Tags: Nigerian Stock ExchangeNSE DemutualisationStockbroking firms
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

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