By Ishaya Ibrahim, News Editor
The Securities Exchange Commission (SEC) has approved the appointment of chief executive officers to head the Nigerian Stock Exchange (NSE) non-operating holding company and operating subsidiaries.
A statement by the NSE on Thursday said, “The National Council of the Nigerian Stock Exchange is pleased to announce that the appointments of the following Chief Executives to head its non-operating holding company and operating subsidiaries have been approved by the Securities Exchange Commission, Nigeria.”
Those whose appointments were approved are Oscar Onyema who will function as the group chief executive officer (GCEO) of NGX Group; Temi Popoola as CEO of NGX; and Tinuade Awe as CEO of NGX REGCO.
| Name | Designation | Entity |
| Oscar N. Onyema, OON | Group Chief Executive Officer | Nigerian Exchange Group Plc |
| Temi Popoola, CFA | Chief Executive Officer | Nigerian Exchange Limited |
| Tinuade Awe | Chief Executive Officer | NGX Regulation Limited |
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.
In January 2021, NSE announced chief executives to head its operating and non-operating companies when the ongoing demutualisation exercise is completed, noting that the appointments were subject to the approval of SEC.
On March 10, the local bourse announced that it received final approvals for its demutualisation plan both from SEC and Corporate Affairs Commission (CAC).
NSE said under the demutualisation plan, a new non-operating holding company—the Nigerian Exchange Group plc (NGX Group) has been created.
Commenting on the appointments, Otunba Ogunbanjo, chairman of NGX Group board of directors, said: “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 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.”
Otunba Ogunbanjo praised the retiring ex-officio member of the Council, Aigboje Aig-Imokhuede, for his contributions.
“I would like to warmly thank Mr. 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 transformational achievements recorded by the Exchange during his tenure as President.
“I speak on behalf of the Council and Management of the NSE in commending him for his exceptional service and wishing him well in his future endeavours. Equally, I thank all past leaders of the Exchange many of whom started this journey and are alive to witness this epochal transition.”
In the same vein, Catherine Echeozo, chairperson of NGX REGCO, 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.”
On his part, A.B Mahmoud, Chairman of Nigerian Exchange Limited (NGX) said: “The confirmation of the appointment of Temi Popoola, CFA 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, 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.”
