Market | Capital Market

NGX Announces Resignation of Oscar N. Onyema on the Back of the Imminent Listing of NGX Group

Oct 14, 2021   •   by   •   Source: Proshare   •   eye-icon 1240 views

Thursday,October 14, 2021 / 05:06 PM / By NGX / Header Image Credit: NGX


Nigerian Exchange Limited (NGX or The Exchange) hasannounced the resignation of Mr. Oscar N. Onyema, OON, as Non-ExecutiveDirector, effective immediately.


Mr. Onyema's resignation comes on the back of theimminent listing of Nigerian Exchange Group Plc (NGX Group or The Group), wherehe serves as the GroupManaging Director/Chief Executive Officer (GMD/CEO), on themain board of NGX.


Consequent upon this resignation by Mr. Onyema, NGXwill uphold Rule 184(2)(a) of the Securities and Exchange CommissionConsolidated Rules 2013 which states that "A securities exchange shallhave a code of conduct for its council members or board which shall be approvedby 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 quotedcompany and its subsidiaries".


Speaking on the development, the Chairman, NGX, Mr.Abubakar Mahmoud, SAN, OON stated, "On behalf of the Board and Management ofThe Exchange, I extend our heartfelt gratitude to Mr. Onyema for his selflessservice to The Exchange. As he transitions into this new phase as the GMD/CEOof a listed company, we reiterate our commitment to act in the best interest ofall Issuers to the benefit of all stakeholders in the capital market".

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The Chief Executive Officer, NGX, Mr. Temi Popoola,CFA noted that, "NGX owes its solid foundation to the effort of leaders likeMr. Onyema who worked tirelessly to build a capital market infrastructure wecan be proud of. During his time as a Non-Executive Director on the Board ofNGX, he brought to bear his wealth of experience and the unique institutionalknowledge he possesses and we are grateful for that".


To commemorate the listing of NGX Group on NGX, Mr.Popoola will host the Group Chairman, NGX Group, Otunba Abimbola Ogunbajo andthe GMD/CEO, Oscar N. Onyema, OON and other key stakeholders to a virtualClosing Gong Ceremony on Friday, 15 October 2021. 

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