Home Companies&Markets Demutualisation: NSE announces chief executives for emerging entities

Demutualisation: NSE announces chief executives for emerging entities

L-R shows: Ms. Mojisola Adeola, Council Secretary, The Nigerian Stock Exchange (NSE); Mr. Oscar N. Onyema, OON, Chief Executive Officer, NSE; Otunba Abimbola Ogunbanjo, President, National Council, NSE; Ms. Catherine Echeozo, 2nd Vice President, National Council, NSE and Mr. Oluwole Adeosun, Member, National Council, NSE, at the 59th Annual General Meeting of Members of The Nigerian Stock Exchange on Wednesday, 18 November 2020.

By Audrey Lotechukwu

WED 06 JAN, 2021-theGBJournal- Oscar N. Onyema, OON, Temi Popoola and Tinuade Awe will head the Nigerian Stock Exchange (NSE) operating and non-operating companies upon the completion of its ongoing demutualisation, the National Council of the Nigerian Stock Exchange announced today.

Oscar N. Onyema will head the Nigerian Exchange Group Plc (NGXG) as the Group Chief Executive Officer while Temi Popoola and Tinuade Awe have been appointed to lead the Nigerian Exchange Limited and NGX Regulation Limited respectively as Chief Executive Officers.

The National Council of the NSE said ‘’these appointments are subject to the approval of the Securities and Exchange Commission.’’

Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group plc (NGX Group) has been created. The Group will have three operating subsidiaries – Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory arm; and NGX Real Estate Limited (NGX RELCO), the real estate company – forming the group.

All the entities have been duly registered at the Corporate Affairs Commission (CAC).

The NSE’s demutualisation plan was unanimously approved by the its members at its court ordered meeting held in March 2020 while members of the NSE voted overwhelmingly on November 18, 2020 at its 59th Annual General Meeting (AGM) to support the listing of the Nigerian Exchange Group plc on the Nigerian Exchange Limited once the demutualisation of the NSE is completed.

Twitter-@theGBJournal|email: info@govandbusinessjournal.com.ng