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 TheNigeriaLawyer.

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.

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