The Nigerian Exchange Group (NGX Group) board has appointed Umaru Kwairanga as its new chairman.

In a statement on Thursday in Lagos, the group said Mr Kwairanga’s appointment was approved at a meeting on Wednesday.

Before he was appointed the substantive chairman, Apollos Ikpobe, a non-executive director of the group, was elected as the acting chairman on September 30.

The appointment of an acting chairman was made to ensure governance continues and allows for wider consultations before appointing a substantive successor to the erstwhile chairman, Abimbola Ogunbanjo, noted the group.

Mr Ogunbanjo announced his retirement at the 61st annual general meeting of the group.

In keeping with good governance ethos, 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 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.

Mr Kwairanga has 30 years of experience in banking, pensions, manufacturing and commercial sectors. 

He served previously as a council member of the then Nigerian Stock Exchange (NSE) and as a member of the NGX Group board of directors.

He is a council member of the Institute of Directors of Nigeria (IoD) and an active director of multiple listed and unlisted companies.

(NAN)