Demutualisation: NSE names new chief executives for emerging entities

Nigerian Stock Exchange NSE-Oscar Onyema

The National Council of the Nigerian Stock Exchange (NSE) has announced that new Chief Executives would head its operating and non-operating companies upon the completion of its ongoing demutualisation.

According to a statement, the NSE said its Chief Executive Officer, Oscar Onyema, would head the Nigerian Exchange Group Plc, Temi Popoola will head the Nigerian Exchange Limited while Tinuade Awe will head the NGX Regulation Limited.

According to the exchange, these appointments are subject to the approval of the Securities and Exchange Commission (SEC). “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 statement said.

Onyema had said then that the NSE demutualisation process was moving ahead in line with the expected sequence of events, following the conclusion of its Extraordinary General Meeting and Court-Ordered Meeting (COM) in March 2020.

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