Oscar Onyema appointed GCEO Nigerian Exchange Group

Chief executive officer of the Nigerian Stock Exchange Oscar Onyema has been appointed group chief executive officer (GCEO) Nigerian Exchange Group Plc.

The appointment by the national council of the Nigerian Stock Exchange follows its ongoing demutualisation.

The council also announced Temi Popoola and Tinuade Awe as chief executive officers (CEOs) of Nigerian Exchange limited and NGX Regulation limited respectively.

Demutualisation is the process by which an exchange is converted from a company owned by members or brokers, to one in which members of the public can buy shares.

The new 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).

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.

The NSE said on Wednesday that all the entities have been duly registered at the Corporate Affairs Commission.