The National Council of the Nigerian Stock Exchange has announced the appointments of; Oscar Onyema, Temi Popoola and Tinuade Awe as Chief Executives to head its non-operating Holding Company and operating subsidiaries following the approval of the Securities Exchange Commission, (SEC) Nigeria.
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 company; 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.
CEO Nigerian Exchange Group Plc, Oscar Onyema
According to a statement signed by the Head, Corporate Communications,Olumide Orojimi, under the new dispensation Onyema is designated Group Chief Executive Officer of Nigerian Exchange Group Plc, Popoola is the Chief Executive Officer Nigerian Exchange Limited while Awe is designated Chief Executive Officer NGX Regulation Limited
Commenting on the appointments, the Chairman of Nigerian Exchange Group Plc (NGX Group) Board of Directors, Otunba Abimbola Ogunbanjo, said he was glad to continue working with the former MD/CE of the Nigerian Stock Exchange adding that the confirmation of the appointments of the new CEOs are an important step in the process of building a leading and resilient African Exchange Group following the completion of the demutualisation programme.
“I am delighted to continue working with Oscar N. Onyema, OON 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 Nigerian Exchange Group (NGX Group) and its subsidiaries successfully into a new era of development.” He said.
CEO NGX Regulation Limited, Tinuade Awe
Ogunbanjo also commended the retiring Ex-Officio Member of the Council, Aigboje Aig-Imokhuede, for his contributions towards the growth of the market.
In his words: “I would like to warmly thank Aigboje Aig-Imokhuede, CON who retires as Ex-Officio of the National Council 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 transformation achievements recorded by the Exchange during his tenure as President. Equally, I thank all past leaders of the Exchange many of whom started this journey and are alive to witness this epochal transition.”
For his part, Chairman of Nigerian Exchange Limited (NGX) A.B Mahmoud, said the confirmation of the appointment of Temi Popoola, as the first Chief Executive Officer of 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.
CEO Nigerian Exchange Limited, Temi Popoola
“He is bringing to the Exchange a track record of achievements in the 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.” Mahmoud said.
Chairperson of NGX Regulation (NGX REGCO) Catherine Echeozo, said following demutualisation, the clear separation of the regulatory and business functions is an essential part of the Group’s operations. “Our stakeholders can continue look forward to a robust and transparent regulatory regime under her leadership.”