NGX Group Named Kwairanga as Chairman of the Board

Nigerian Exchange Group (NGX Group) Plc, has named Alhaji (Dr) Umaru Kwairanga as the new chairman of the board of the Group.

Prior to Kwairanga’s appointment as the substantive chairman, Mr Ikpobe Apollos, a non-executive director of NGX Group was on September 30, 2022 elected as the acting chairman.

The appointment of an acting chairman was done to ensure governance continues and allows for wider consultations before the appointment of a substantive successor to the erstwhile chairman, Otunba Abimbola Ogunbanjo, who announced his retirement at the 61st annual general meeting(AGM) of the group.

NGX Group said: “in keeping with good governance ethos, and to ensure continuity as well as institute an orderly succession plan for the group, the board also created the position of vice chairman and appointed Mr. Oluwole Adeosun, a non-executive director of NGX Group and current president of the Chartered Institute of Stockbrokers (CIS) to fill this position.”

In his acceptance speech, Kwairanga resolved to work assiduously with his colleagues on the board to immediately stabilise relationships with all key stakeholders and set the group on the path to a brighter future.

Kwairanga, a thoroughbred capital market professional with excellent corporate governance pedigree, has 30 years of cognate experience in banking, pensions, manufacturing and commercial sectors.

He served previously as a Council Member of the then Nigerian Stock Exchange and as member of the Board of Directors of NGX Group. He is currently a Council member of the Institute of Directors of Nigeria, and an active director of multiple listed and unlisted companies.

Group managing director/chief executive officer, NGX Group, Oscar Onyema, said: “the appointment of Dr Umaru Kwairanga as the Group’s new chairman is a positive step in the Group’s journey to delivering value to shareholders. As we move to execute our strategy aimed at maximising outcomes for our shareholders, we would count on Kwairanga’s wealth of experience in making strategic board decisions.”

The outgoing acting chairman, Ikpobe, appreciated the Board for their cooperation during his tenure as both a director and his appointment as acting chairman, saying “the past one year as a director on this noble board gave me the opportunity to actively contribute to the transformation process of NGX Group. I trust that the board will continue to lead innovations in the Nigerian capital market as a values driven organisation.”