The board of the Nigerian Exchange (NGX) Group Plc has been restructured for improved performance and efficiency, with Mr Umaru Kwairanga appointed as the new chairman.
Mr Kwairanga was appointed to the position during a board of directors meeting in Lagos Wednesday.
He will succeed Mr. Abimbola Ogunbanjo, who announced his retirement as chairman of the group at its 61st Annual General Meeting (AGM) last month.
Following his announcement, Mr Ikpobe Apollos, a non-executive director of NGX Group, was elected as acting chairman on Friday, September 30, 2022, before Kwairanga was chosen for the position yesterday.
In his acceptance speech, Mr 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.
“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, and I promise to continue to deliver in line with their set standard of execution and delivery,” he said.
The Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, described the appointment of Mr Kwairanga as 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,” he stated.
Also, Mr Ikpobe, who retired from the board effective September 5, 2022, appreciated the board’s cooperation during his tenure as a director and his appointment as acting chairman.
“The past year as a director on this noble board allowed me to contribute to the transformation process of NGX Group actively. I trust that the board will continue to lead innovations in the Nigerian capital market as a values-driven organisation,” he said.
Mr Kwairanga, a thoroughbred capital market professional with an excellent corporate governance pedigree, has 30 years of experience in banking, pensions, manufacturing and commercial sectors.
He served previously as a council member of the defunct Nigerian Stock Exchange (NSE) and as a member of the board 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.
Meanwhile, in keeping with good governance ethos, and to ensure continuity as well as institute an orderly succession plan for the organisation, the board has 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.