Thursday, 6 October 2022: Nigerian Exchange Group Plc (“NGX Group” or “The Group”), a leading integrated market infrastructure group in Africa, is pleased to announce that its Board has appointed Alhaji (Dr) Umaru Kwairanga as the new Chairman at its meeting held on Wednesday, 5 October 2022.

Prior to Dr. Kwairanga’s appointment as the substantive Chairman, Mr Ikpobe Apollos, a Non-Executive Director of NGX Group was on Friday, 30 September 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 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, Dr. 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.”

Dr 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 N. Onyema, OON, 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 Dr Kwairanga’s wealth of experience in making strategic board decisions.

The outgoing Acting Chaiman, Mr Ikpobe, who retired from the Board effective September 5, 2022, 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 values driven organisation.”

The Board of NGX Group, in all its actions, continues to give utmost consideration to the role of NGX Group and its subsidiary companies, to act as key enablers of the smooth functioning of the Nigerian capital market and the broader economy.