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.
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.
