By John Austin Unachukwu
Pioneer Chairman of the Nigerian Bar Association (NBA) Section on Business Law (SBL) George Etomi has been inaugurated chairman of the five-man claims review of the Nigerian Stock Exchange (NSE) in preparation for the Exchange’s imminent demutualisation.
The panel was constituted pursuant to the provisions of the Demutualisation of the Nigerian Stock Exchange Act 2018.
Other members of the panel who were inaugurated alongside Mr. Etomi are: Immediate past chairman of the SBL, Mr. Seni Adio (SAN); Mr. Abatcha Bulama; Chairman of the NBA Section on Public Interest and Development Law (SPIDEL), Dr. Paul Anababa (SAN) and Prince Aghatise Erediauwa.
The Exchange described the panelists as “individuals with the required expertise and extensive track records of integrity, excellence, and achievements in their respective fields of specialisation.
The panel’s functions as contained in the circular include: “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 object to any decision of the National Council of the Exchange on a claim pre-demutualisation or the Board of Directors of the HoldCo after the demutualisation 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-demutualisation, or the Board of Directors of the HoldCo , post demutualisation of The Exchange,” the notice stated.
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