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Tuesday, 02 April 2013 00:00
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Abuja Commodities Exchange to divest 70% ownership

The Abuja Securities and Commodities Exhange (ASCE), is set to divest up to 70 per cent of its ownership of the of the entity, as it has already set up a committee to ensure a smooth privatization exercise  from  government ownership to institutional investors.

Disclosing the divestment plans of the Exchane, the Managing Director Mr Yusuf Abdurrahim disclosed the committee set up is already in the process of filling its proposal with the National Council on Privatization stating, that the development it would make the ASCE more liquid in terms having a strong financial position as the institutional investors are expected to inject new funds which would revamp the  commodities Exchange .

Ms.  Aruma Otteh noted that in line with growing of the non oil sectors, the Commodities exchange and diversification of the Nigeria economy firm oil dependent to non oil sector would the private sector would be able to drive the Abujacomex towards the realisaation of the federal government   vision 20/20 20 agenda.

 Meanwhile, it is expected that  30 per cent holding would be sold  to the public and other fund managers.

Oteh also disclosed that the federal government has already given 12 months target for the  revamping of the Abuja commodities Exchange as a lot of patronage is expected from  Pension, fund manager which have already invested estimated N3.2 billion in the securities sector.