Breaking:NGX Group to reconstitute board

The board of the Nigerian Exchange (NGX) is to be reconstituted to reflect new shareholding structures, Nairametrics understands.

This was disclosed to Nairametrics by a source with knowledge of the matter.

According to information shared with Nairametrics, the board of the Nigerian Exchange Group, owners of the Nigerian Exchange now includes UBA nominees ltd and Cardinal Stone Partners ltd as shareholders with substantial interest.

We understand the board of the exchange will now be reconstituted to reflect the shareholdings.

Background

Recent shareholder squabbles have raised issues around corporate governance at The Exchange forcing the group to issue a press release last week.

Critics had raised concerns over the planned private equity raise of about N35 billion, the staff shareholding incentive scheme, and the tenure of current Group Chief Executive Officer, Oscar Onyema.

The Exchange denied all of the accusations in the press release.

This is a developing story…

-Nairametrics