NSE’s Demutualisation will Strengthen Investor Confidence’

The Executive Chairman, Federal Inland Revenue Service (FIRS), Alhaji Muhammad Nami, has said the demutualisation of the Nigerian Stock Exchange (NSE) will promote access to diverse investment opportunities and strengthen investors’ confidence in the capital market.

Nami stated this when he performed the NSE digital Closing Gong Ceremony at the exchange last Friday, disclosing that the FIRS had been following the activities and developments at the exchange which bear mutual benefits to both institutions.

“The FIRS has been keenly following the activities and the developments at the exchange which bear mutual benefits to both institutions. “Noteworthy is the demutualization of the NSE which will undoubtedly promote access to diverse investment opportunities and strengthen investors’ confidence in the capital market.” He said.

Nami, stressed that there was clear evidence that the policies being put in place by the management of the NSE are 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,” he said.

On his part, the Chief Executive Officer, NSE, Mr. Oscar Onyema, commended the FIRS for its internal revenue assessment and collection efforts for the benefit of the economy despite the challenging times.

“I am delighted to welcome the Executive Chairman, FIRS, Alhaji Muhammad Mamman Nami to this digital closing gong ceremony. The FIRS is saddled with the very important task of assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

I must, therefore, commend the FIRS for its internal revenue assessment and collection efforts for the benefit of our 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.

According to him, the exchange has remained resolute in its commitment to provide a platform for stakeholders to engage with the capital market community.

He said since the activation of its business continuity plan in March 2020 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.