24.2 C
Lagos
Thursday, January 27, 2022

NSE Announces Chief Executives Of Emerging Entities

The new appointments are subject to the approval of the Securities and Exchange Commission.

The National Council of the Nigerian Stock Exchange has announced the chief executive officers of its operating and non-operating companies.

The appointment is put in place upon the completion of its ongoing ‘demutualisation’ exercise.

Demutualisation refers to a process by which a private company legally changes its structure, in order to become a public-traded, profit-making company owned by shareholders.

It was gathered on Wednesday that the new appointments are subject to the approval of the Securities and Exchange Commission.

Details of the announcement showed that Oscar Onyema, the chief executive officer of the NSE, has been appointed Group Chief Executive Officer of the Nigerian Exchange Group Plc.

Similarly, Temi Popoola was appointed the Chief Executive Officer of the Nigerian Exchange Limited while Tinuade Awe was appointed Chief Executive Officer of the NGX Regulation Limited.

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.

Demutualisation
This newspaper recalls that on March 30, 2017, members of the Nigerian Stock Exchange passed a resolution at an Extra-Ordinary General Meeting of the NSE specifically authorising the National Council to commence the process that will culminate in the exchange being demutualised.

Consequent upon the approval, NSE has worked assiduously with the mandated financial advisers (Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited who are the Financial Advisers) as well as Aluko & Oyebode and Pedabo —Legal and Tax Advisers respectively.

It has also worked with the regulatory Demutualisation Advisory Committee to achieve the various milestones that will now culminate in the exchange being demutualised.

For the NSE, a key aspect of its vision of becoming Africa’s preferred exchange hub is to successfully demutualize the organization. Having met the necessary requirements of the Securities and Exchange Commission (SEC), the Exchange had also obtained a letter of ‘No Objection’ to enable it to proceed to the final stages of the demutualization process.

The NSE has also continued to sensitize its stakeholders on the process of demutualisation.

On Wednesday, the NSE said all the new entities have been duly registered at the Corporate Affairs Commission (“CAC”).

 

Premium Times

Related Articles

Pastor Allegedly Rapes Teenage Chorister With Wife’s Support

Peter Taiwo, pastor of Christ Apostolic Bible Church, Alaja Oke, Saje, Abeokuta, has been arrested by men of the Ogun State Police Command for...

NURSS Honours Prince Kelvin Umejuru,Gives Him An Award

The leadership of the National Union Of Rivers State Students, Rivers State University Chapter, Nkpolu Oroworukwo Port Harcourt, Rivers State, recently paid a courtesy...

3 Steps To Planning A Brand Launch

For a new Brand launch to be successful, careful planning, and masterful execution are key factors.Below are the 3 steps to a successful brand...

Leave a Reply

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

964FansLike
723FollowersFollow
1,067FollowersFollow
- Advertisement -

Latest Articles

Pastor Allegedly Rapes Teenage Chorister With Wife’s Support

Peter Taiwo, pastor of Christ Apostolic Bible Church, Alaja Oke, Saje, Abeokuta, has been arrested by men of the Ogun State Police Command for...

NURSS Honours Prince Kelvin Umejuru,Gives Him An Award

The leadership of the National Union Of Rivers State Students, Rivers State University Chapter, Nkpolu Oroworukwo Port Harcourt, Rivers State, recently paid a courtesy...

3 Steps To Planning A Brand Launch

For a new Brand launch to be successful, careful planning, and masterful execution are key factors.Below are the 3 steps to a successful brand...

Maina’s Jail Sentence: Nigerians React

Nigerians have taken to social media platforms to dispute the jail sentence on Maina, as pronounced by Justice Okon Abang of the Federal High...

Crush Survivors Sue Travis Scott And Drake following Astroworld Festival Deaths

Crush survivors at Astroworld Festival have filed lawsuits in Houston courts against Travis Scott and Drake over the deaths and injuries associated with the...
SNN World