NSE announces CEOs for emerging entities following demutualisation

*Demutualising an exchange transforms it from being owned by members or brokers, to one with a different governance structure where members of the public can buy shares

Isola Moses | ConsumerConnect

The National Council of the Nigerian Stock Exchange (NSE) has announced the Chief Executive Officers (CEOs) 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 Wednesday, January 6, 2021, in Lagos.

Demutualisation of a stock exchange is described as 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.

Therefore, demutualising an exchange transforms it from being owned by members or brokers, to one with a different governance structure where members of the public can buy shares.

It is recalled 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 (CAC), report stated.

The Exchange said in the notice that Mr Oscar Onyema, will be the Group Chief Executive Officer (CEO) for NGX Group; Temi Popoola, CEO, NGX; and Tinuade Awe, CEO, NGX Regulation Limited.

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