Lagos — The Director General of the Nigerian Stock Exchange (NSE), Professor Ndi Okereke-Onyiuke, has said that the Central Securities and Clearing System (CSCS), has seized to be a wholly owned subsidiary of the NSE.

Making the disclosure during the visit of House of Representatives Committee on Capital Market to the exchange at the weekend, Okereke-Onyiuke explained that the NSE has divested its holding in CSCS to only 30per cent, thereby making it a core shareholder in the organisation. The arrangement, according to her, was consummated in a recently concluded private placement, in keeping with shareholders' desire. According to her, "The CSCS is now an affiliate company and no longer a subsidiary.

We had to do this because our shareholders wanted to have better stake in the company, and again it gives room for proper corporate governance and a sense of belonging to all our stakeholders." Meanwhile, the House of Representatives Committee on Capital market has denied knowledge of the existence of a bill in the national assembly, seeking to recognise a print from the Central Securities and Clearing System (CSCS), as evidence of shareholding.