Oscar Onyema to Serve as CEO of Nigerian Exchange Group Plc after Demutualisation
Oscar Onyema is set to continue functioning in his current capacity as Chief Executive Officer, following finalisation of the demutualisation process of the Nigerian Stock Exchange.
The demutualisation will lead to the formation of a new non-operating holding company called Nigerian Exchange Group Plc which Mr Onyema will head. This is according to according to an announcement by the National Council of The Nigerian Stock Exchange, which was seen by Business Elites Africa.
“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. All the entities have been duly registered at the Corporate Affairs Commission (“CAC”),” a statement on the NSE website said.
Meanwhile, the statement also listed the listed the names of the other current NSE top executives who will be taking up important positions in the new NSE group post-demutualisation. Their appointments are subject to the approval of the Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator. See the complete list of appointees and their portfolios below.
- Oscar N. Onyema: Chief Executive Officer of Nigerian Exchange Group Plc
- Temi Popoola: Chief Executive Officer of Nigerian Exchange Limited
- Tinuade Awe: Chief Executive Officer of NGX Regulation Limited
Some Backstory: What is Demutualisation?
The Nigerian Stock Exchange has long been working towards actualising its demutualisation plan. In 2015, SEC issued an Exposure draft rules on demutualisation of exchanges in Nigeria, and this laid the much-needed framework for the NSE to work towards actualising its demutualisation objective. Soon afterwards, the bourse appointed financial advisers to advise it on a proposed demutualisation. And then in January 2019, Oscar Onyema disclosed that the NSE Demutualisation Bill had been signed into law by President Muhammadu Buhari.
Simply defined, demutualisation is a process of transforming a bourse (in this case the NSE) into a regular company with board of directors and an independent management. After the demutualisation process is completed, the NSE’s shares will become available for public ownership, even as the new company will also be subjected to all the rules and regulations governing registered companies in the country.
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