Economy

SEC endorses appointment of demutualised NSE entities

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Written by Maritime First

The Securities and Exchange Commission (SEC) has approved the appointments of the chief executives officers of the demutalised exchange and their operating subsidiaries.

Otunba Abimbola Ogunbanjo, Chairman of Nigerian Exchange Group Plc (NGX Group) Board of Directors, said this on Thursday in Lagos.

Ogunbanjo said that SEC had approved the appointment of Mr Oscar Onyema, as the Group Chief Executive Officer, NGX Group; Temi Popoola, the Chief Executive Officer, Nigerian Exchange Ltd., and Ms
Tinuade Awe, the Chief Executive Officer, NGX Regulation Ltd.

Recall that 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 Ltd (NGX), the operating exchange; NGX Regulation Ltd (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.

Commenting on the appointments, Ogunbanjo said that the confirmation of these appointments would help to build a leading and resilient African Exchange Group.

“The confirmation of these appointments is 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,” he said.

Ogunbanjo also appreciated the retiring Ex-Officio Member of the Council, Mr Aigboje Aig-Imokhuede.

“I would like to warmly thank Mr Aigboje Aig-Imokhuede, who retires as Ex-Officio of the National Council following the demutualisation of the Exchange.

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“He not only provided wise and valuable counsel to the NSE over the years in its quest toward 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 endeavors.

“Equally, I thank all past leaders of the Exchange, many of whom started this journey and are alive to witness this epochal transition,” he added

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Maritime First