Demutualisation: NSE Names New CEOs For Emerging Entities

The National Council of the Nigerian Stock Exchange has named new Chief Executives Officers to head its operating and non-operating companies as it targets the completion of its ongoing demutualisation.

The local bourse said in a statement on Wednesday that the appointments were subject to the approval of the capital market regulators, the Securities and Exchange Commission.

The bourse said under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc has been created.

The Group, according to the NSE, would have three operating subsidiaries, the Nigerian Exchange Limited, which would serve as the operating exchange.

The bourse listed the NGX Regulation Limited as the second operating subsidiary which would serve as the independent regulatory arm.

According to the NSE, the third subsidiary would be NGX Real Estate Limited, which would serve as the real estate company.

“All the entities have been duly registered at the Corporate Affairs Commission,” said the NSE.

Based on the list, the current CEO of the NSE, Oscar N. Onyema will assume the role of Group Chief Executive Officer, Nigerian Exchange Group Plc, while Temi Popoola, will head the Nigerian Exchange Limited as the CEO.

The NGX Regulation Limited will have, Tinuade Awe, as the pioneer Chief Executive Officer, according to NSE.

The NSE had in March resolved that a total share capital being N1.25bn comprising 2,500,000,000 ordinary shares of 50 kobo each would be registered with the Corporate Affairs Commission in favour of the bourse.

The development would make the bourse a profit making entity and a Public Limited Liability Company (Plc), as against being a “not -for -profit entity” which was limited by guarantee.

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