Dipo Olowookere
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) has announced chief executive officers (CEOs) for its emerging companies after the full completion of its demutualisation exercise.
In a statement on Wednesday, the exchange said the persons appointed would still have to be approved by the Securities and Exchange Commission (SEC), the apex regulator in the Nigerian capital market.
It was disclosed that Mr Oscar Onyema, the current CEO of the NSE, will become the head of the Nigerian Exchange Group (NGX Group) Plc, while Temi Popoola will take charge of the Nigerian Exchange Limited (NGX), with Ms Tinuade Awe becoming the CEO of Nigerian Exchange Regulation (NGX Regulation) Limited.
Last year, the demutualisation of the exchange received a boost after a court-ordered meeting to approve the exercise.
Under the demutualisation plan, a new non-operating holding company, the NGX Group, has been created. It will have three operating subsidiaries; NGX, the operating exchange; NGX Regulation (NGX REGCO), the independent regulatory arm; and NGX Real Estate Limited (NGX RELCO), the real estate company.
In the statement issued today, it was stated that, “All the entities have been duly registered at the Corporate Affairs Commission (CAC).”
In February 2020, the president of the National Council of the NSE, Mr Abimbola Ogunbanjo, had said NGX Regulation would regulate the market after the completion of the demutualisation.
The demutualisation will enable the stock exchange to make its shares available to the public and would be listed on the new exchange, allowing the NGX Group to realise its vision of becoming Africa’s leading exchange hub.
“It is our aim that under this new structure, the Nigerian capital markets will be able to play a role that is commensurate with Nigeria’s status as Africa’s biggest economy.
“We believe we can become a financial hub for Africa and with the backing of our stakeholders and their continued use of our services this objective can become a reality,” Mr Onyema had said during the 59th Annual General Meeting (AGM) of the NSE in Lagos last November.
