The Group Managing Director/Chief Executive Officer of the Nigerian Exchange Group (NGX Group) Plc, Mr Oscar Onyema, has resigned as a non-executive director on the board of the Nigerian Exchange Limited.
His resignation comes ahead of the imminent listing of NGX Group, where he serves as the Group Managing Director/Chief Executive Officer (GMD/CEO), on the main board of NGX.
The NGX announced Onyema’s resignation in a statement on Thursday, which also confirmed the listing of the shares of NGX Group on the exchange’s platform
Following his resignation, the NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013 which states that “A securities exchange shall have a code of conduct for its council members or board which shall be approved by the Commission, and shall contain amongst others the following provisions, to wit, that the council members or board shall: (a) not be a staff of a quoted company and its subsidiaries.”
Chairman, NGX, Mr. Abubakar Mahmoud, SAN, Commented: “On behalf of the Board and Management of The Exchange, I extend our heartfelt gratitude to Mr. Onyema for his selfless service to The Exchange. As he transitions into this new phase as the GMD/CEO of a listed company, we reiterate our commitment to act in the best interest of all Issuers to the benefit of all stakeholders in the capital market.”
On his part, the Chief Executive Officer, NGX, Mr. Temi Popoola, CFA noted that, “NGX owes its solid foundation to the effort of leaders like Mr. Onyema who worked tirelessly to build a capital market infrastructure we can be proud of. During his time as a Non-Executive Director on the Board of NGX, he brought to bear his wealth of experience and the unique institutional knowledge he possesses and we are grateful for that”.