Nigerian Bourse Transforms to NGX, to List Shares

By Sahabi Abdul

The Nigerian Stock Exchange has completed its transformation to a holding company known as Nigerian Exchange Group Plc and will list its shares for trading.

Under the new system, the head of the exchange, Oscar Onyema, will become the group chief executive officer. Temi Popoola will head the Nigerian Exchange Ltd., with Tinuade Awe running the NGX Regulation Ltd.

“We are very excited about the launch of our new brand identity,” Onyema said at the event on Tuesday. “As we step into the NGX era, we remain committed to achieving the highest level of competitiveness, both in African and global capital markets.”

The group will operate as a holding company for its units. The changes are in furtherance of the demutualisation process instituted by the National Council of the stock exchange.

From a not-for-profit mutual association, the bourse has transformed into a for-profit public-limited company, whose shares will also be traded on the exchange.