NCX Reshuffles Board, Appoints CBN Deputy Governor as Chairman

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By Adedapo Adesanya

The Nigeria Commodity Exchange (NCX) Plc has approved the retirement and appointment of new directors, including Mrs Aishah Ahmed as the Chairman of the new board.

It disclosed this in a statement signed by the acting Head, Corporate Communications, Mr Abiodun Sanusi, titled ‘Re-constitution of the board and executive management of the Nigeria Commodity Exchange Plc’.

The statement said, “The Nigeria Commodity Exchange Plc hereby informs the public that in line with the provisions of the Companies & Allied Matters Act 2020, an extraordinary general meeting of the NCX held on January 4, 2022, at which all shareholders unanimously approved the following resolutions:

“The retirement of directors; the appointment of new directors- Mrs Aishah Ahmad, Dr Angela Sere-Ejembi, and Mr Philip Yusuf.”

It stated that Mrs Ahmad was subsequently appointed chairman of the board at the inaugural board meeting, and additional board appointments will be made in due course.

Mrs Ahmad is currently a deputy governor of the Central Bank of Nigeria.

The statement said that the newly reconstituted board along with a transition management team, headed by the acting Interim Coordinator, Mr Elenwor Ihua, will temporarily oversee the operations of the exchange, supervising an independent and transparent process to appoint a new executive management team.

This development marks a critical milestone in the journey to transform the NCX into a world-class commodity trading company within the African and global commodity markets.

The Nigeria Commodity Exchange is an organized market for sellers and buyers of agricultural commodities and solid minerals.

The Exchange commenced trading in Agricultural Commodities on July 25, 2006 and opened its Spot Market in Kano in 2008. To further deepen the market and open a new window in agricultural financing, it introduced trading of electronic Warehouse Receipt for cocoa, sesame, cashew, paddy rice, maize, sorghum and soybean in July 2014.

The membership of the exchange comprises broker-dealer members, dealer members, and broker members. The day-to-day administration is delegated to the management of the exchange.

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