Nigerian Exchange (NGX) Limited has announced the resignation of Mr Oscar Onyema as non-executive director ahead of the listing of the Nigerian Exchange Group Plc, where he served as the group managing director/chief executive officer on the main board of NGX.
NGX Group said, “Consequent upon this resignation by 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.”
Commenting on the development, the chairman of NGX, Mr Abubakar Mahmoud, said, “On behalf of the board and management of the Exchange, I extend our heartfelt gratitude to 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 CEO of NGX, Mr Temi Popoola, said, “NGX owes its solid foundation to the effort of leaders like 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.”
To commemorate the listing of NGX Group on NGX, Popoola will host the group chairman, NGX Group, Otunba Abimbola Ogunbajo and the GMD/CEO, Oscar Onyema and other key stakeholders to a virtual closing gong ceremony today.