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Appointments

SEC approves appointment of CEOs of demutualized exchange and subsidiaries

The SEC has approved the appointments of the CEOs of the demutualized exchange and their operating subsidiaries.

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Reps raise alarm over N200 billion unclaimed dividends in 2020, the Capital market, Lamido Yuguda assumes duty as new DG of Security and Exchange Commission

The Securities and Exchange Commission (SEC) has approved the appointments of the Chief Executive Officers of the demutualized exchange and their operating subsidiaries.

The approved appointments are those of Mr Oscar Onyema, as the Group Chief Executive Officer, NGX Group; Temi Popoola, as the Chief Executive Officer, Nigerian Exchange Ltd., and Ms Tinuade Awe, as the Chief Executive Officer, NGX Regulation Ltd.

This disclosure was made by the Chairman of the Nigerian Exchange Group Plc (NGX Group), Otunba Abimbola Ogunbanjo, on Thursday, April 1, 2021, in Lagos.

READ: Flour Mills of Nigeria Plc announces Omoboyede Olusanya as new GMD/ CEO

What the Chairman of the NGX Group is saying

Ogunbanjo said that the confirmation of these appointments would help to build a leading and resilient African Exchange Group.

He said, “The confirmation of these appointments are an important step in the process of building a leading and resilient African Exchange Group following the completion of our demutualisation programme.

I am delighted to continue working with Oscar N. Onyema, OON, who has played a significant role in the reshaping of the Exchange. As a proven business leader and strategic thinker, I am confident that he will elevate the Nigerian Exchange Group (NGX Group) and its subsidiaries successfully into a new era of development.’

READ: Nneka Onyeali-Ikpe assumes role as Fidelity Bank CEO

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Ogunbanjo also expressed his appreciation to the retiring Ex-Officio Member of the Council, Mr Aigboje Aig-Imokhuede.

He said, “I would like to warmly thank Mr Aigboje Aig-Imokhuede, who retires as Ex-Officio of the National Council following the demutualisation of the Exchange.

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He not only provided wise and valuable counsel to the NSE over the years in its quest toward its demutualisation, he contributed significantly to the transformational achievements recorded by the Exchange during his tenure as President.

I speak on behalf of the Council and Management of the NSE in commending him for his exceptional service and wishing him well in his future endeavours. Equally, I thank all past leaders of the Exchange, many of whom started this journey and are alive to witness this epochal transition.’

READ: Arik Air reacts to allegation of unsafe plane, says operations well-funded

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What you should know

  • It can be recalled that under the demutualization plan, the NGX Group Plc, a new non-operating holding company was created as the parent company for the NSE and its operating structures with its three operating subsidiaries.
  • These subsidiaries include Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory arm; and NGX Real Estate Limited (NGX RELCO), the real estate company – forming the group.
  • The demutualization will enable the stock exchange to make its shares available to the public and would be listed on the new exchange, allowing the NGX Group to realise its vision of becoming Africa’s leading exchange hub.
  • All the entities have been duly registered at the Corporate Affairs Commission.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Appointments

Usman Alkali Baba assumes office as new IG of Police

The FG announced that IGP Usman Alkali Baba assumed duty as the new Inspector General of Police on Wednesday.

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The Federal Government announced that IGP Usman Alkali Baba assumed duty as the new Inspector General of Police on Wednesday.

The FG disclosed this in a statement on Wednesday evening, citing that he is taking over from IGP Mohammed Abubakar Adamu, NPM, who retired after 35 years of meritorious service to the nation.

What the FG is saying

“The handing/taking over of leadership between the former and new Police Chiefs was held in a brief but colourful ceremony at the Force Headquarters, Abuja. The event was climaxed with the symbolic handover of the Nigeria Police flag.

The new IGP, who is the 21st indigenous Inspector General of Police, Ag. IGP Usman Alkali Baba, NPM, psc (+), fdc, a fellow of the National Defence College, hails from Geidam in Yobe State. He was commissioned into the Nigeria Police Force on 15th March 1988 as a Cadet Assistant Superintendent of Police.

He holds a Masters degree in Public Administration (MPA) and a Bachelor of Arts degree in Political Science.

The FG also disclosed that the new IGP believes in the provision of motivational and credible leadership driven by professionalism and strategic planning, all directed at stabilizing internal security and modernizing police operations within the framework of citizens’ consent, trust, and the rule of law.

In case you missed it 

The Federal Government revealed why President Buhari terminated the appointment of the outgoing Inspector General of Police (IGP), Muhammad Adamu, before the expiration of the 3-months extension, saying the ex-IGP’s tenure was terminated following the completion of the selection process for a new Inspector General of Police.

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Appointments

FSDH appoints FCMB Director, Bukola Smith as new Managing Director and CEO

FCMB appoints FCMB Executive Director, as new Managing Director and CEO, to replace Hamda Ambah.

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Bukola Smith, the Executive Director, Business Development, in First City Monument Bank Limited has been appointed by FSDH Merchant Bank as the new Managing Director and Chief Executive Officer of the Lagos based financial institution.

This information was revealed in a recent post made by Smith, the new MD/CEO of the bank via her official LinkedIn account.

Her appointment will take full effect in mid-April, 2021, as she moves to take over from Hamda Ambah who will retire from the bank with effect from April 27th, 2021, after 28 years of service to the company, including four years and three months as the Managing Director of the Merchant Bank.

Smith is expected to take on the full responsibility of leading FSDH Merchant Bank to greater heights of global success, building on the impressive work Ambah has done in the last four years and three months as the Managing Director of the Merchant Bank.

What they are saying

Commenting on her appointment, Bukola Smith said:

“Super excited to announce my appointment as the new MD/CEO of FSDH Merchant Bank from mid-April, 2021. Thus, bringing an end to 14 beautiful and impactful years at FCMB.”

Special thanks go to all my friends and colleagues, who made my time at FCMB an amazing experience.

It is a privilege to take over from a Super Mentor, Hamda Ambah who has done a great job in steering the ship over the years.”

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About Smith

Bukola Smith holds a Bachelor’s Degree in Economics from the University of Lagos, and also holds an MBA from Manchester Business School, University of Manchester, United Kingdom.

Smith was appointed Executive Director, Business Development at First City Monument Bank (FCMB) in 2017, and prior to this, she was the Regional Head, Lagos Region of the Bank.

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She has occupied several key positions in FCMB as the Group Head Treasury and Financial Institutions; Divisional Head, Investment Banking and Financial Markets; Director Project and Structured Finance; and Divisional Head, Group Internal Audit, since she joined the bank in 2006.

As the Executive Director in charge of Business Development in FCMB, the bank’s Small and Micro business-focused team moved up to the first position in 2019, to emerge as the best SME supporter in the country – according to a KPMG Customer Service Report 2020.

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