The Board of the Nigerian Exchange Group (NGX Group) has appointed Dr Umaru Kwairanga as its new Chairman.
The group, in a statement on Thursday in Lagos, said that Kwairanga’s appointment was approved at a meeting on Wednesday.
Prior to his appointment as the substantive Chairman, Mr Apollos Ikpobe, a Non-Executive Director of the Group, was elected as the Acting Chairman on Sept. 30.
According to the Group, 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.
Ogunbanjo, announced his retirement at the 61st Annual General Meeting of the Group.
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 said he would 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.
“I am very excited to lead the execution of our corporate strategy and deliver world-class governance to the Group.
“I appreciate the Board for the confidence in my abilities to deliver on our mandate for the shareholders of NGX Group.
“I would like to thank our erstwhile Chairman, Mr Abimbola Ogunbanjo and our outgoing Acting Chairman, Mr Apollos Ikpobe for their outstanding and diligent service to the company.
“I promise to continue to deliver in line with their set standard of execution and delivery,” he said.
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 (NSE) and as member of the Board of Directors of NGX Group.
He is currently a council member of the Institute of Directors of Nigeria (IoD), and an active director of multiple listed and unlisted companies.
According to the Group Managing Director/Chief Executive Officer, NGX Group, Mr Oscar Onyema, the appointment of 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 Dr Kwairanga’s wealth of experience in making strategic board decisions,” Onyema said.
The outgoing Acting Chairman, Ikpobe, who retired from the Board effective Sept. 5, appreciated the Board for their cooperation during his tenure as both a director and his appointment as Acting Chairman.
“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 value driven organisation,” he said.