The Nigerian Exchange Limited (NGX) has announced the resignation of Oscar Onyema as a non-executive director, ahead of NGX Group’s Friday listing.

NGX Abubakar Mahmoud disclosed this in a statement on Thursday in Lagos.

He said the resignation was with immediate effect.

Mr. Onyema’s resignation came on the heels of the imminent listing of Nigerian Exchange Group Plc (NGX Group), where he served as the GMD/CEO on the main board of NGX.

“Consequent upon this resignation by Onyema, NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013,” said the NGX.

It added, “The rule 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.”

Mr. Mahmoud commended Mr. 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,” he added.

Also speaking, NGX CEO Temi Popoola stated, “NGX owes its solid foundation to the effort of leaders like Mr. 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, Onyema brought to bear his wealth of experience and the unique institutional knowledge he possesses, and we are grateful for that.”