The Nigerian Stock Exchange has announced the inauguration of a
five-man claims review panel in preparation for the Exchange’s
imminent demutualisation.
![image](/2020/10/lawreport.jpg")
This is contained in a Notice made by the NSE (The Exchange)
through their verified website, Sighted by Nairalaw
![image](/2020/10/NWLRland.jpg")
The panel was constituted pursuant to the provisions of the
Demutualization of the Nigerian Stock Exchange Act 2018.
Members of the Panel who were inaugurated on December 21, 2020,
according to the notice, are Mr. George Etomi (Chairman);
Mr. Seni Adio, SAN; Mr. Abatcha Bulama; Dr. Paul Anababa, SAN; and
Prince Aghatise Erediauwa. The Exchange said the panelists
are “individuals with the required expertise and extensive track
records of integrity, excellence, and achievements in their
respective fields of specialization.”
On functions of the panel, the Notice reads, “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
(“HoldCo”).”
In addition, the Panel will perform an adjudicatory role by
acting in an appellate capacity for dissatisfied claimants who
objects any decision of the National Council of the Exchange on a
claim pre-demutualization or the Board of Directors of the HoldCo
after the demutualization process.
“The Panel will sit in an appellate capacity and review Claims
from Claimants’ who are dissatisfied with any decision of the
National Council of The Exchange on a Claim pre-demutualization, or
the Board of Directors of the HoldCo , post demutualisation of The
Exchange.” the Notice further reads
Etomi is the founder and principal partner of George Etomi
Partners, a full-service commercial law firm providing turnkey
legal services to clients in diverse sectors of the Nigerian
economy, with an unmatched reputation for attention to detail and
client satisfaction. He is a director of the Eko Electricity
Distribution Company Limited.
Adio is the managing partner of Copley Partners and director at
Oodu’a Group; while Bulama, a one-time senior manager at the SEC,
is a council member of the Chartered Institute of Bankers of
Nigeria (CIBN).
Also, Dr. Ananaba is the Principal Partner at Paul C Ananaba &
Co., Prince Erediauwa, a lawyer who was general manager at the NSE,
retired December 8, 2020, from the Nigeria Deposit Insurance
Corporation (NDIC), where he was Executive Director (Operations),
after serving two five-year terms.
Otunba Abimbola Ogunbanjo, President, The Nigerian Stock
Exchange, said he “expected members of the Panel to discharge their
responsibilities without any fear or favour in an objective and
dispassionate manner, being guided by principles of fair hearing,
equity and natural justice”. He expressed optimism that the Panel
would diligently carry out its functions and responsibilities under
the Act and that each member would bring to bear their respective
experience and expertise to enrich deliberations and decisions.
The Nigerian Stock Exchange has announced the inauguration of a
five-man claims review panel in preparation for the Exchange’s
imminent demutualisation.
This is contained in a Notice made by the NSE (The Exchange)
through their verified website, Sighted by Nairalaw
The panel was constituted pursuant to the provisions of the
Demutualization of the Nigerian Stock Exchange Act 2018.
Members of the Panel who were inaugurated on December 21, 2020,
according to the notice, are Mr. George Etomi (Chairman);
Mr. Seni Adio, SAN; Mr. Abatcha Bulama; Dr. Paul Anababa, SAN; and
Prince Aghatise Erediauwa. The Exchange said the panelists
are “individuals with the required expertise and extensive track
records of integrity, excellence, and achievements in their
respective fields of specialization.”
On functions of the panel, the Notice reads, “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
(“HoldCo”).”
In addition, the Panel will perform an adjudicatory role by
acting in an appellate capacity for dissatisfied claimants who
objects any decision of the National Council of the Exchange on a
claim pre-demutualization or the Board of Directors of the HoldCo
after the demutualization process.
“The Panel will sit in an appellate capacity and review Claims
from Claimants’ who are dissatisfied with any decision of the
National Council of The Exchange on a Claim pre-demutualization, or
the Board of Directors of the HoldCo , post demutualisation of The
Exchange.” the Notice further reads
Etomi is the founder and principal partner of George Etomi
Partners, a full-service commercial law firm providing turnkey
legal services to clients in diverse sectors of the Nigerian
economy, with an unmatched reputation for attention to detail and
client satisfaction. He is a director of the Eko Electricity
Distribution Company Limited.
Adio is the managing partner of Copley Partners and director at
Oodu’a Group; while Bulama, a one-time senior manager at the SEC,
is a council member of the Chartered Institute of Bankers of
Nigeria (CIBN).
Also, Dr. Ananaba is the Principal Partner at Paul C Ananaba &
Co., Prince Erediauwa, a lawyer who was general manager at the NSE,
retired December 8, 2020, from the Nigeria Deposit Insurance
Corporation (NDIC), where he was Executive Director (Operations),
after serving two five-year terms.
Otunba Abimbola Ogunbanjo, President, The Nigerian Stock
Exchange, said he “expected members of the Panel to discharge their
responsibilities without any fear or favour in an objective and
dispassionate manner, being guided by principles of fair hearing,
equity and natural justice”. He expressed optimism that the Panel
would diligently carry out its functions and responsibilities under
the Act and that each member would bring to bear their respective
experience and expertise to enrich deliberations and decisions.