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Friday, March 24, 2023

Demutualisation: Onyema Emerges CEO for Nigerian Exchange Group

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The National Council of the Nigerian Stock Exchange has announced that Oscar Onyema will emerge as the Group Chief Executive Officer (CEO) of the Nigerian Exchange Group Plc upon the completion of its ongoing demutualization.

Demutualisation is the process by which a mutually owned organization transforms to a shareholder owned entity.

Other CEOs to emerge under the new structure include Temi Popoola as CEO of Nigeria Exchange Limited and Tinuade Awe as CEO of NGX Regulation Limited.

The appointments are subject to the approval of the Nigerian Securities and Exchange Commission (SEC).

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.

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