NGX Group has appointed Kwairanga as its new Chairman

Nigerian Exchange Group holds 61st Annual General Meeting,  approves new resolutions

The Board of The Nigerian Exchange Group Plc (NGX Group), announced the appointment of Alhaji (Dr) Umaru Kwairanga as the new Chairman in a meeting held on Wednesday, 5 October 2022.

Before the appointment of Dr. Kwairanga as substantive Chairman, Mr. Ikpobe Apollos, a Non-Executive Director of NGX Group on Friday, 30 September 2022 was elected as Acting Chairman.

The appointment of an acting chairman was made to ensure continuity of governance and allow for wider consultations before the appointment of a substantive successor to the former Chairman, Otunba Abimbola Ogunbanjo, who announced his retirement on -61st Annual General Meeting of the Group.

To ensure the conduct of the management, and to ensure continuity as well as institute a smooth succession plan of 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.

What did Kwairanga say

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  • In his acceptance speech, Dr. Kwairanga decided to work diligently with his colleagues on the Board to immediately strengthen relationships with all key stakeholders and put the Group on the path to a brighter future. “I am very pleased to lead the implementation of our corporate strategy and deliver world-class management to the Group. I appreciate the Board’s confidence in my abilities to deliver on our mandate for the shareholders of NGX Group. I would like to thank our former Chairman, Mr. Abimbola Ogunbanjo, and our outgoing Acting Chairman, Mr. Apollos Ikpobe for their exceptional and diligent service to the Company, and I promise to continue to deliver according to their set standard of execution and delivery.”
  • Kwairanga, has 30 years of experience in the banking, pension, manufacturing, and commercial sectors. He previously served as a Council Member of the former Nigerian Stock Exchange and as a member of the Board of Directors of the NGX Group. He is currently a member of the Council of the Institute of Directors of Nigeria and an active director of several listed and unlisted companies.

What NGX says

  • The Group Managing Director/Chief Executive Officer, NGX Group, Oscar Onyema said “the appointment of Dr. Umaru Kwairanga as the new Chairman of the Group is a positive step in the Group’s journey to deliver value to shareholders. Meanwhile we are moving to implement our strategy aimed at maximizing results for our shareholders, we will rely on Dr. Kwairanga’s extensive experience in making strategic board decisions.
  • The outgoing Acting Chairman, Mr. Ikpobe, who retired from the Board effective October 5, 2022, thanked the Board for their cooperation during his tenure as a director and his appointment as Acting Chairman. “The past year as a director of this esteemed board has given me the opportunity to actively contribute to the transformation process of NGX Group. I am confident that the board will continue to lead innovations in the Nigerian capital market as an organization which is run on values.


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