The Nigerian Exchange Group (NGX Group) has appointed Umaru Kwairanga as chairman, board of directors.

In a statement recently in Lagos, NGX Group said Kwairanga’s appointment was approved at a meeting.

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.

“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, Abimbola Ogunbanjo and our outgoing acting chairman, Apollos Ikpobe for their outstanding and diligent service to the company.

“I promise to continue to deliver in line with their set standard of execution and delivery.”

“I am very excited to lead the execution of our corporate strategy and deliver world-class governance to the group,” the statement quoted him as saying.

Kwairanga, a thoroughbred capital market professional with excellent corporate governance pedigree, has 30 years of cognate experience in banking, pensions, manufacturing and commercial sectors, the statement added.

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

Oscar Onyema, group managing director/chief executive officer, NGX Group, said the appointment of Kwairanga 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 Kwairanga’s wealth of experience in making strategic board decisions,” Onyema said.

Prior to his appointment as the substantive chairman, Apollos Ikpobe, a non-executive director of the group, was elected as the acting chairman.

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, Abimbola Ogunbanjo.

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

The statement added that 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.