TheCable

The national council of the Nigerian Stock Exchange (NSE) has announced Oscar Onyema as the new group chief executive officer (GCEO), Nigerian Exchange Group Plc, upon completion of its ongoing demutualisation.

The council also announced Temi Popoola and Tinuade Awe as chief executive officers (CEOs) of Nigerian Exchange limited and NGX Regulation limited respectively.

Demutualization is the process by which an exchange is converted from a company owned by members or brokers, to one in which members of the public can buy shares.

The new appointments, which is in line with the demutualisation plan of the Exchange, are still subject to the approval of the Securities and Exchange Commission (SEC).

On completion of the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group plc (NGX Group) would be created.

The NGX 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.

All the entities have been duly registered at the Corporate Affairs Commission.