SEC approves appointment of CEOs of demutualised entities

The National Council of the Nigerian Stock Exchange (NSE) has announced the appointments of Chief Executives Officers (CEOs) that will head its non-operating holding company and operating subsidiaries.

The appointment as approved by the Securities Exchange Commission (SEC) under the demutualisation plan is a new non-operating holding company, the Nigerian Exchange Group Plc. (NGX Group).

The exchange said the group will have three operating subsidiaries: the 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 – forming the group.

It stated that all the entities have been duly registered at the Corporate Affairs Commission (CAC).

The Chairman, Board of Directors, NGX Group, Abimbola Ogunbanjo, stated: “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.

“I am delighted to continue working with Oscar Onyema, who has played a significant role in the reshaping of the exchange. As a proven business leader and strategic thinker, I am confident that he will elevate the NGX Group and its subsidiaries successfully into a new era of development.

Chairman of NGX Group, A.B. Mahmoud, said: “The confirmation of the appointment of Temi Popoola as the first CEO of the Nigerian Exchange Limited comes at a pivotal moment for Nigerian capital markets as the exchange enters a new phase of its history as a demutualised company, bringing to the exchange his track record of achievement local and global capital markets.”

“He will focus on ensuring the exchange delivers an even higher level of service for all its participants and stakeholders, including investors, listed companies and brokers. I look forward to working with him and his team in the new dispensation as we move forward on implementing the group’s growth strategy,” he said.

Chairperson, NGX Regulation (NGX REGCO), Catherine Echeozo 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.

“I believe all the exchange’s stakeholders will welcome the announcement of Tinuade Awe as the first CEO of NGX Regulation, given her prodigious experience and track record in capital markets regulation. Our stakeholders can continue look forward to a robust and transparent regulatory regime under her leadership.”