NIGERIAN STOCK EXCHANGE’S CLAIMS REVIEW PANEL REVIEWS 2022 ACTIVITIES, LOOKS AHEAD TO PRODUCTIVE 2023

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The Nigerian Stock Exchange Claims Review Panel (“Panel”) prides itself as a pillar of stability during this nascent stage of the Nigerian Exchange Group and its subsidiaries as a demutualized stock exchange, and is pleased to have recorded important milestones in its quasi-judicial mandate to the Exchange and its members during the year 2022.

Pursuant to its creation under the Nigeria Stock Exchange Demutualization Act 2018, the Panel comprising of Mr. George Etomi, Professor Paul Ananaba SAN, Mr. Seni Adio SAN, Alhaji Abatcha Bulama, and Prince Aghatise Erediauwa, as well as the Secretariat managed by the Law firm of Paul Usoro & Co.were inaugurated in 2021 as the adjudicating body of claims by registered members of the Exchange, and the determination of their entitlement to shares of the Demutualized Exchange. Since its constitution, the Panel has consistently resolved instituted claims along the spirit of the scheme of arrangement of the demutualization exercise, and in the interest of justice.

During the year in review, the Panel’s judicial obligations under the Demutualization Act were invoked on multiple occasions, most notable of which was the appeal of one of the Exchange’s prominent members against the decision of the Nigerian Exchange Group to the Company’s claims. In harnessing the benefits of the global digitalized state of affairs, the Panellargely conducted its functions virtually, including but not limited to the dissemination of notices of Panel sittings, noticesof appearance to parties, service of processes, and hearing of claims, in a bid to ensure prompt and efficient dispensation of justice.

Mindful of its significant status in the access to justice bymembers of the Exchange and the investing public, the Panel equally doubled down on its public relations activities by operationalizing its now fully functional and accessible website (www.nseclaimsreviewpanel.com) which comprises of information on the origin of the Panel, its composition, qualifications of panelists, as well as an avalanche of resources including regulations enabling the activities of the Panel, and the mode of instituting  claims which we hope will facilitate information about the Panel and access to the public.

However, as an outlook for year 2023, we are driven to build on these achievements, and strengthen our presence to ensure the continued development of the Nigerian Capital Market, while serving as a vanguard for the protection of the rights of the investing public and members of the Nigerian Exchange Group.

Mr. George Etomi

Chairman, Claims Review Panel.

1st of April 2023

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