Following the finalisation of the demutualisation process of the Nigerian Stock Exchange, the Chief Executive Officer, Oscar Onyema will continue to function in his current capacity as the CEO.
Demutualisation is a process of transforming a Stock Exchange into a regular company with board of directors, and an independent management.
The demutualisation will lead to the formation of a new non-operating holding company called Nigerian Exchange Group Plc which Mr Onyema will head.
This was according to an announcement by the National Council of the Nigerian Stock Exchange, obtained by our correspondent.
“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”),” a statement from the NSE has said.
Meanwhile, the statement also listed the names of the other current NSE top executives who will be taking up important positions in the new NSE group post-demutualisation.
Their appointments are subject to the approval of the Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator.
The complete list of appointees and their portfolios are: Oscar N. Onyema: Chief Executive Officer of Nigerian Exchange Group Plc, Temi Popoola: Chief Executive Officer of Nigerian Exchange Limited, Tinuade Awe: Chief Executive Officer of NGX Regulation Limited.
Recalled that the Nigerian Stock Exchange has long been working towards actualising its demutualisation plan. In 2015, SEC issued an Exposure draft rules on demutualisation of exchanges in Nigeria, and this laid the much-needed framework for the NSE to work towards actualising its demutualisation objective.
The NSE however, appointed financial advisers on a proposed demutualisation. And then in January 2019, Oscar Onyema disclosed that the NSE Demutualisation Bill had been signed into law by President Muhammadu Buhari.