NSE’s Demutualisation Will Strengthen Investor Confidence – FIRS
The ongoing conversion of the Nigerian Stock Exchange (NSE) from a not-for-profit, member-owned, mutual organisation to a profit-based public limited liability company will create many benefits and improve investor’s confidence.
Executive Chairman, Federal Inland Revenue Service (FIRS), Alhaji Muhammad Nami, at the weekend, expressed support for the conversion, otherwise known as demutualisation, describing it as noteworthy development that is beneficial to the market.
He spoke at the weekend during engagement with the capital market community, during which he was honoured with the digital closing gong ceremony at the NSE.
According to him, the FIRS has been keenly following activities and the developments at the Exchange which bear mutual benefits to both institutions.
“Noteworthy is the demutualisation of the NSE which will undoubtedly promote access to diverse investment opportunities and strengthen investors’ confidence in the capital market,” Nami said.
He added that there was an evidence that the policies being put in place by the management of the Exchange were yielding positive results given the impressive performance of the equities market in 2020 despite the COVID-19 pandemic and harsh social and economic conditions.
“I assure you that the FIRS will continue to support the positive initiatives of the NSE to improve its operations, achieve its goals and deliver on its mandate,” Nami said.
Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema said the FIRS was saddled with assessing, collecting and accounting for tax and other revenue accruing to the Federal Government.
He commended the FIRS for its internal revenue assessment and collection efforts for the benefit of economy, even in these challenging times.
“As responsible corporate citizens, we at the NSE are proud to be associated with the FIRS and will continue to strengthen our relationship even as we look ahead to our post-demutualisation phase,” Onyema said.
He noted that the Exchange has remained resolute in its commitment to provide a platform for stakeholders to engage with the capital market community, pointing out that since the activation of its business continuity plan last March, which led to remote trading and working from home, the Exchange has transitioned many of its events to digital formats – including the closing gong ceremony – and continues to maintain seamless operations almost a year later.