NSE unveils post-demutualisation plan
The council of the Nigerian Stock Exchange (NSE) yesterday announced the chief executives of the emerging companies after the conversion of the NSE from a mutual, member-owned, not-for-profit company to a profit-making, public limited liability company owned by shareholders.
The council stated that the ongoing conversion, known as demutualisation, will lead to unbundling of the NSE into four companies, a non-operating, holding company and three subsidiaries.
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 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.
The Chief Executive Officer of NSE, Mr Oscar Onyema, will lead the Nigerian Exchange Group Plc as Group Chief Executive Officer. Temi Popoola, a Chartered Financial Analyst (CFA) and Chief Executive Officer, West Africa, Renaissance Capital, will lead Nigerian Exchange Limited as Chief Executive Officer. Incumbent Executive Director at NSE, Tinuade Awe, will be the Chief Executive Officer of NGX Regulation Limited.
The appointments are, however, still subject to the approval of the Securities and Exchange Commission (SEC).
Source: The Nation