BY BANYO TEMITAYO
THE Securities and Exchange Commission has approved the appointment of Chief Executive Officers for the demutualised entities of the Nigerian Stock Exchange.The newly appointed CEOs are Oscar Onyema, Group Chief Executive Officer, Nigerian Exchange Group Plc; Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited; and Tinuade Awe, Chief Executive Officer, NGX Regulation Limited.SEC and the Corporate Affairs Commission recently gave the final approval for the demutualisation of the NSE.Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (NGX Group) was created.The Nigerian Exchange Group Plc will, according to the plan, also have three operating subsidiaries, which have been registered with the CAC – Nigerian Exchange Limited (NGX Limited), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company.”The confirmation of these appointments are an important step in the process of building a leading and resilient African Exchange Group following the completion of our demutualisation programme,” Chairman, Board of Directors of the NGX Group, Abimbola Ogunbanjo, said.On his part, Chairman, Nigerian Exchange Limited (NGX), A.B Mahmoud, noted that the confirmation of the appointment of Temi Popoola as the first Chief Executive Officer of the Nigerian Exchange Limited came at a pivotal moment for the Nigerian capital market.According to him, at a time the Exchange enters a new phase of its history as a demutualised company, the CEO brings his track record of achievements in local and global capital markets.The NSE, early last year, officially began the process to join 56 other demutualised Stock Exchanges in the world.This followed an endorsement secured during a Court Ordered Meeting and an Extra-ordinary General Meeting (EGM) held separately in Lagos.Members approved the transfer of the assets of the existing subsidiaries of the NSE – NSE Consult Limited, NSE Nominees Limited and Coral Properties Limited – to the Nigerian Exchange Group Plc, which has been created with the final approval.In the demutualisation plan, as approved, the Exchange will have a total share capital of N1,250,000,000, comprising 2,500,000,000 ordinary shares of 50 kobo each to be registered with the CAC.Members also approved the allotment of 1,964,115,918 ordinary shares to Dealing Members and Ordinary Members in the ratio of 78:22, respectively.A Claims Review Shares totaling 40,083,999 ordinary shares, representing two per cent of the Issued Shares of the Nigerian Exchange Group, will be set aside for allotment to parties who are adjudged to be entitled to shares in the demutualised Exchange.
