The Nigerian Stock Exchange (NSE) will have its three surviving entities, birthed by the just completed demutualisation exercise, headed by individual chief executive officers, the national council of the exchange said in a website note on Wednesday.
The decision followed an approval by members of the NSE in November of the proposal to demutualise, enabling the Nigerian bourse to transform from a member-owned organisation to a quoted company where the public can own shares.
That move will also break the exchange into three independent units for a more efficient running.
“Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (NGX Group) has been created,” the council said.
“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”).”
Oscar Onyema, currently the chief executive of the NSE, will lead the succeeding entity, Nigerian Exchange Group Plcas the Group Chief Executive Officer.
Temi Popoola, managing director of Renaissance Capital, is now the CEO of NGX while Tinuade Awe, who is the executive director of Regulation at the NSE, will be the CEO of NGX REGCO.
The appointments are to be endorsed by the Securities and Exchange Commission, the NSE statement said.
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