Michael Eboh and Providence Obuh
9 November 2009
The Nigerian Stock Ex change (NSE) has announced a significant reduction in its holdings in Central Securities Clearing System from 100 per cent to 30 per cent.
This, according to the Director-General of the NSE, Professor (Mrs.) Ndi Okereke-Onyiuke, means that the CSCS is no longer a subsidiary of the NSE but an affiliate.
Speaking during the visit of the House of Representatives' Committee on Capital Market to the trading floor of the NSE, as part of its oversight functions, last week, Okereke-Onyiuke disclosed that the divestment was effected during the conduct of its private placement earlier in the year.
She said, The CSCS is no longer a subsidiary of the NSE but an affiliate. This is because we do not own 51 per cent required for it to be seen as our subsidiary. We used to own 100 per cent, but after the private placement exercise conducted earlier in the year, we now have about 30 per cent."
The CSCS is the clearing house and central securities depository of the Nigerian stock market. It was incorporated on July 29, 1992 and commenced operations on April 14, 1997.
The CSCS operates a Digital Centre which offers total record management solutions, from physical documents to electronic document management solutions and also make the documents available for its clients use 24 hours on line web access on a secured network.
Its goal is to maintain a massive infrastructure with globally competitive standards for data bank services in Nigeria and the West African sub-region.
Be the first to Write a Comment!
Copyright © 2009 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
