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By Chinwendu Obienyi
The National Council of the Nigerian Stock Exchange (NSE) has announced that new Chief Executives wouldhead its operating and non-operating companies upon the completion of its ongoing demutualisation.
Demutualisation is the transition of a securities exchange from a mutual association of exchange members operating on a not-for-profit basis to a limited liability, for-profit company accountable to shareholders.
In a statement sent to Daily Sun, the NSE said its Chief Executive Officer, Oscar Onyema, would head the Nigerian Exchange Group Plc, Temi Popoola will head the Nigerian Exchange Limited while Tinuade Awe will head the NGX Regulation Limited. According to the exchange, these appointments are subject to the approval of the Securities and Exchange Commission (SEC).
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“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)”, the statement said.
The exchange had said in May 2020 that it secured approval from the Federal High Court Lagos, sanctioning the Scheme of Arrangement for the demutualisation of NSE.
Onyema had said then that the NSE demutualisation process was moving ahead in line with the expected sequence of events, following the conclusion of its Extraordinary General Meeting and Court-Ordered Meeting (COM) in March 2020.
“Understandably, in current circumstances, some of the legal and regulatory steps required have taken a little longer than originally expected, but today we have received court sanction for the results of the EGM, in particular, the Scheme of Arrangement and we are looking to secure the re-registration of the Exchange as well as the approval of the Securities and Exchange Commission (SEC)within the coming months.”, Onyema explained.
