Onyema becomes Group CEO of Nigerian Exchange Group as Popoola emerges Exchange Limited’s CEO

The National Council of the Nigerian Stock Exchange has announced the completion of the ongoing demutualization and the appointment of Oscar Onyema as the new Group Chief Executive Officer, Nigerian Exchange Group Plc. Temi Popoola and Tinuade Awe also emerged as CEOs of Nigerian Exchange Limited and NGX Regulation Limited respectively.

The appointments, which is in line with the demutualisation plan of the Exchange, are still subject to the approval of the Securities and Exchange Commission (SEC).

It could be recalled that about a year ago, the dealing member firms of the Nigerian Stock Exchange (NSE) assented to the resolutions converting the Exchange to a public company from a mutual entity. The approval was given at the Court-ordered Meeting (COM) and Extra-ordinary General Meeting (EGM) held in Lagos. 

The demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group plc (NGX Group) has now 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.