Oscar Onyema resigns as non-executive director of NGX

Oscar N. Onyema has resigned as non-executive Director of Nigerian Exchange Limited (NGX), BusinessDay can disclose.

Onyema’s resignation with immediate effect comes on the back of the listing of Nigerian Exchange Group Plc (NGX Group) where he serves as the group managing director/chief executive officer (GMD/CEO).

The Nigerian Exchange Group Plc (NGX Group) received approval from Nigerian Exchange Limited (NGX) to list its shares on the main board of NGX on Friday, October 15, 2021.

The shares will be listed by way of introduction at an indicative price of N17.17kobo per share.

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It will be opened on Friday, October 15, 2021, when trading is scheduled to commence. NGX Group will undergo a Listing by Introduction with 1,964,115,918 shares admitted to trading under the ticker, NGXGROUP.

The Stockbrokers to the listing of NGX Group are Chapel Hill Denham Securities Limited and RMB Nigeria Stockbrokers Limited. The Financial Advisers to NGX Group are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited; Aluko and Oyebode acted as Legal Adviser. Interested investors can purchase shares in The Group through Trading License Holders on NGX.

Following the resignation of 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.”