By Charles Abuede
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The mutualisation of The Nigerian Stock Exchange has moved a notch further with the announcement of major appointments of new entities created in the wake of the exercise.
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Oscar Onyema, current chief executive of the operating bourse, has been appointed the new group chief executive officer of the Nigerian Exchange Group Plc. (NGX Plc), while Temi Popoola, former managing director of Renaissance Capital Limited, will take over the role of chief executive officer of The Nigerian Exchange Limited (NGX), Onyema’s current role.
Also announced is the appointment of Tinuade Awe, the current executive director, regulation, of The Nigerian Stock Exchange, as the new chief executive officer of NGX Regulation Limited, a new entity created as a result of the demutualisation programme.
The announcement was made by the national council of the Stock Exchange on Wednesday, which disclosed that the appointments are under the demutualization plan which has seen the creation of a new non-operating holding company to be called The Nigerian Exchange Group. The newly formed group, according to the disclosure is to oversee three other operating subsidiaries which have been duly registered by the Corporate Affairs Commission (CAC).
The disclosure statement explained that the appointments announced were for its operating and non-operating companies upon the completion of its on-going demutualisation.
“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 council said.
The appointments are subject to the approval of the Securities and Exchange Commission (SEC).