Oscar Onyema has resigned his position as non-executive director on the board of the Nigerian Exchange Limited (NGX) ahead of the listing of the Nigerian Exchange Group Plc on Friday.
Mr Onyema is currently the group managing director and chief executive officer of NGX Group.
NGX chairman Abubakar Mahmoud thanked Onyema for his “selfless service” to The Exchange, pledging to continue acting in the best interest of all stakeholders in the capital market.
On the development, chief executive officer of NGX Temi Popoola said, “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.”
Onyema’s resignation will allow NGX 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.”
