Demutualisation: SEC approves appointment of CEOs for NSE subsidiaries

Demutualisation: SEC approves appointment of CEOs for NSE subsidiaries

The Securities Exchange Commission (SEC) has approved the appointment of chief executive officers to head the Nigerian Stock Exchange (NSE) non-operating holding company and operating subsidiaries.

In January 2021, NSE had announced chief executives to head its operating and non-operating companies when the ongoing demutualisation exercise is completed, noting that the appointments were subject to the approval of SEC.

On March 10, the local bourse announced that it received final approvals for its demutualisation plan both from SEC and Corporate Affairs Commission (CAC).

NSE said under the demutualisation plan, a new non-operating holding company—the Nigerian Exchange Group plc (NGX Group) has been created.

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The group will have three operating subsidiaries namely Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory company; and NGX Real Estate Limited (NGX RELCO), the real estate company.

NSE, in a statement on Thursday, said SEC has approved Oscar Onyema as group chief executive officer (GCEO) of NGX Group; Temi Popoola as CEO of NGX; while Tinuade Awe as CEO of NGX REGCO.

Commenting on the appointments, Otunba Ogunbanjo, chairman of NGX Group board of directors, said: “The confirmation of these appointments are an important step in the process of building a leading and resilient African Exchange Group following the completion of our demutualisation programme”.

Also, Catherine Echeozo, chairperson of NGX REGCO, said: “The clear separation of the regulatory and business functions is an essential part of the Group’s operations following demutualisation and the Board was determined to ensure the selection of an experienced regulator for this task”.

Ogunbanjo also appreciated Aigboje Aig-Imoukhuede who retires as ex-officio member of the national council of NSE following the demutualisation of the exchange.

“He not only provided wise and valuable counsel to the NSE over the years in its quest towards its demutualisation, he contributed significantly to the transformational achievements recorded by the Exchange during his tenure as President.”