Mr. Temi Popoola, the Group Chief Executive Officer (GCEO) of the NGX Group, and Mr. Nonso Okpala, a non-executive director of the Holdco Board of NGX, have been admitted to the Board of CSCS plc.
This is according to sources familiar with the matter.
Nairametrics also gathers that Temi Popoola has also been nominated as the Chairman of the Board of CSCS plc, pending shareholders’ ratification at the Annual General Meeting (AGM).
According to the sources, the board of NGX Group extend congratulations to the two directors and expressed confidence in the ability of both directors to represent the interests of the NGX Group effectively on the CSCS Board.
The Board of Directors of the Nigerian Exchange Group Plc (NGX Group) recently announced the appointment of Mr. Temi Popoola as GMD/CEO designate effective 1 January 2024 subject to SEC’s formal approval of the appointment.
Prior to the announcement Popoola was the CEO, of NGX.
Temi Popoola will replace Mr. Oscar Onyema, the immediate past Group Chief Executive Officer as the chairman of the CSCS a subsidiary of NGX group.
Mr. Onyema assumed the chairmanship in April 2011 concurrent with his role as the Chief Executive Officer of the NGX and membership on the National Council.
Meanwhile, Nonso Okpala serves as the Group Managing Director/Chief Executive Officer of VFD Group Plc, a proprietary investment firm in Nigeria with diversified interests encompassing foreign exchange, debt investment, international remittance, real estate, and payment businesses.
Last year, shareholders of the Nigerian Exchange Group Plc approved Mr. Okpala’s appointment as a Non-Executive Director of the company.
VFD Group holds a significant shareholding in NGX, further reinforcing the connection between the two entities.
- The appointment of the Okpala and other directors is part of NGX’s efforts to reconstitute its board following its demutualization in March 2020, which transformed it from a member-owned entity to a public limited liability company owned by shareholders.
- The demutualization also resulted in the creation of three operating subsidiaries: 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.
The other new directors are Mr. Mohammed Garuba of Cardinal Stone Partners (Non-Executive Director), Mr. Sehinde Adenagbe (Non-Executive Director), Mr. Ademola Babarinde (Non-Executive Director), Mrs. Mosun Belo – Olusoga (Independent Non-Executive Director), and Mrs. Fatima Wali- Abdurraham (Independent Non-Executive Director).
