The Nigerian Exchange Group Plc on Tuesday announced the appointment of Alhaji Umaru Kwairanga as new Chairman, just days after naming Apollos Ikpobe to the position in acting capacity on Friday, September 30, 2022.
The election of Ikpobe, a former executive director and Deputy Managing Director of Zenith Bank and the United Bank for Africa Plc at the Annual General Meeting wherein Otunba Abimbola Ogunbanjo retired as chairman, the group said, was in line with good corporate governance. It was also to allow for wider consultations before the appointment of a substantive successor to Ogunbanjo.
Following the new appointments, Ikpobe retired from the board effective October 5, 2022, becoming the third board member to resign within months, apart from Professor Enase Okonedo, whose resignation in yet unexplained circumstances, was earlier approved by the board.
The board also announced the appointment of Oluwole Adeosun, a Non-Executive Director of NGX Group and current President of the Chartered Institute of Stockbrokers (CIS) as Vice Chairman, a newly created position, in keeping with good governance ethos, and to ensure continuity as well as institute an orderly succession plan for the group.
Accepting his appointment, Kwairanga announced his resolve 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.
Kwairanga, who comes to the position with over 30 years of cognate experience in banking, pensions, manufacturing and commercial sectors, 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.
Reacting to the development, Group Managing Director/Chief Executive Officer, NGX Group, Oscar Onyema described the appointment 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.
Also commenting, Ikpobe, who retired from the Board effective October 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.”
Ikpoba expressed appreciation to the board for the cooperation during his tenure as both a director and his appointment as Acting Chairman.