Nigerian Exchange Limited has announced the resignation of Mr. Oscar N. Onyema, OON, as Non-Executive Director, effective immediately.
Mr. Onyema’s resignation comes on the back of the imminent listing of Nigerian Exchange Group Plc (NGX Group), where he serves as the Group Managing Director/Chief Executive Officer (GMD/CEO), on the main board of NGX.
Consequent upon this resignation by Mr. Onyema, 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.”
Speaking on the development, the Chairman, NGX, Mr. Abubakar Mahmoud, SAN, OON stated, “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.”
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”.