The National Council of the Nigerian Stock Exchange (NSE) has announced the chief executives that would head its operating and non-operating companies upon the completion of its demutualisation programme.
This is contained in a notice by the NSE made available to the News Agency of Nigeria (NAN) on Wednesday in Lagos.
Demutualisation of a stock exchange is a process by which a non-profit, member/brokers owned mutual exchange is converted into a profit seeking shareholder corporation, open to members of the public.
Demutualising an exchange therefore transforms it from being owned by members or brokers, to one with a different governance structure where members of the public can buy shares.
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 namely Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory arm; and NGX Real Estate Limited, the real estate company – forming the group.
All the entities have been duly registered at the Corporate Affairs Commission.
The Exchange said in the notice that Mr Oscar Onyema, will be the Group Chief Executive Officer for NGX Group; Temi Popoola, Chief Executive Officer, NGX and Tinuade Awe, Chief Executive Officer, NGX Regulation Ltd.
It, however, added that the appointments were subject to the approval of the Securities and Exchange Commission. (NAN)