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NGX Group Reorganises Board, Picks Umaru Kwairanga as Chairman

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Umaru Kwairanga

By Aduragbemi Omiyale

The board of the Nigerian Exchange (NGX) Group Plc has been rejigged for better performance and efficiency, with the appointment of Mr Umaru Kwairanga as the new chairman.

Mr Kwairanga was appointed to the position at a board of directors meeting on Wednesday, October 5, 2022, in Lagos.

He will replace Mr Abimbola Ogunbanjo, who announced his retirement as chairman of the organisation at the 61st Annual General Meeting (AGM) of the group last month.

After his announcement, a non-executive director of NGX Group, Mr Ikpobe Apollos, was elected as the acting chairman on Friday, September 30, 2022 before Kwairanga was picked for the job yesterday.

In his acceptance speech, Mr Kwairanga resolved 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.

The Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, described the appointment of Mr Kwairanga 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,” he stated.

Also, Mr Ikpobe, who retired from the board effective September 5, 2022, appreciated the board’s cooperation during his tenure as a director and his appointment as acting chairman.

“The past year as a director on this noble board allowed me to contribute to the transformation process of NGX Group actively. I trust that the board will continue to lead innovations in the Nigerian capital market as a values-driven organisation,” he said.

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

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

Meanwhile, in keeping with good governance ethos, and to ensure continuity as well as institute an orderly succession plan for the organisation, the board has 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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Jobs/Appointments

Tinubu Picks Joseph Tegbe to Replace Adelabu as Power Minister

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Joseph Tegbe

By Modupe Gbadeyanka

Following the resignation of Mr Adebayo Adelabu as the Minister of Power a few days ago, President Bola Tinubu has nominated Mr Joseph Tegbe as his replacement.

A statement by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed on Thursday that Mr Tegbe’s name has been forwarded to the Senate for confirmation.

His nomination is expected to strengthen further ongoing efforts to reform the power sector, enhance grid stability, and attract sustainable investment in line with the Renewed Hope Agenda.

Upon confirmation, he is expected to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.

Mr Adelabu, a former Deputy Governor of the Central Bank of Nigeria (CBN), resigned last week to pursue his dream of becoming the Governor of Oyo State.

His replacement is also from Oyo State. He is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors, according to the statement today.

He is a former Senior Partner and Head of Advisory Services at KPMG Africa, where he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance. He has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.

He is at present the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he is responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.

The NCSP also coordinates engagements with public sector stakeholders to advance economic and social development in line with FOCAC objectives.

Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).

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Tinubu Elevates Bianca Ojukwu to Foreign Affairs Minister

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Bianca Ojukwu

By Adedapo Adesanya

President Bola Tinubu has named Mrs Bianca Odumegwu-Ojukwu as Nigeria’s new Minister of Foreign Affairs, the latest in the cabinet reshufflement.

Mrs Odumegwu-Ojukwu replaces Mr Yusuf Tuggar, who recently resigned to pursue the Bauchi governorship election ambition in 2027 under the All Progressives Congress (APC).

Mr Sola Enikanolaiye has been appointed as the new Minister of State for Foreign Affairs, the position previously occupied by Mrs Odumegwu-Ojukwu.

In a statement on Wednesday night, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that until his nomination, Mr Enikanolaiye, from Kogi State, served as senior Special Assistant to the President on Foreign Affairs and International Relations.

He is a career diplomat with over three decades of service in Nigeria’s foreign service.

He has previously served as permanent secretary in the Ministry of Foreign Affairs and held diplomatic postings in Addis Ababa, Ethiopia, Belgrade, Ottawa, London and New Delhi.

President Tinubu said the appointments are part of efforts to strengthen Nigeria’s foreign policy architecture, improve efficiency and deepen global engagement.

He urged the appointees to promote Nigeria’s national interest, advance economic diplomacy, strengthen regional stability and ensure the welfare of Nigerians abroad.

“The President noted that these appointments are part of ongoing efforts to reposition Nigeria’s foreign policy architecture for greater efficiency, strategic engagement, and stronger global partnerships,” the statement read.

Recent ministerial changes under President Tinubu reflect a cautious but deliberate attempt to recalibrate governance and strengthen economic management. In a minor cabinet reshuffle approved in April 2026, key portfolios were affected, most notably the removal of Finance Minister, Mr Wale Edun; and the Housing Minister, Mr Ahmed Musa Dangiwa.

Their exits paved the way for new appointments, including the elevation of Mr Taiwo Oyedele to oversee the critical finance ministry, a move widely interpreted as an effort to inject fresh direction into the country’s economic policy framework.

Beyond the cabinet reshuffle, the administration has also undertaken broader leadership adjustments across strategic sectors, particularly in energy and regulation, signalling a pattern of continuous review within government ranks, including the replacement of Mr Saidu Mohammed with Mr Rabiu Umar as the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

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Tinubu Sacks Saidu Mohammed, Appoints Dangote Cement’s Rabiu Umar as NMDPRA CEO

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NMDPRA fee regulations

By Adedapo Adesanya

President Bola Tinubu has nominated Mr Rabiu Abdullahi Umar as the new chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), replacing Mr Saidu Mohammed.

This decision follows ongoing efforts to restructure the regulatory framework of Nigeria’s midstream and downstream oil sector.

The appointment was announced by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, with the nomination subject to Senate confirmation.

The NMDPRA is responsible for the technical and commercial regulation of petroleum operations, including gas processing, transportation, and retail.

Mr Abdullahi, until his appointment, was the Group Sales and Marketing Director at Dangote Cement, part of the Dangote Group, which has interests in food, cement, energy, and other ventures.

He started his career in Oando Plc and rapidly rose to hold different management roles within the marketing business, and led the Sales and Marketing Transformation plan successfully.

In 2014, he moved to Lafarge Africa as the Energy and Power Director and subsequently managed the Strategy and Business Development portfolio for West Africa, where he led the development and execution of critical projects within Nigeria, Ghana and Cameroon. In 2016, he became the Managing Director/Chief Executive Officer of Ashaka Cement Plc and spearheaded the turnaround of the business until his departure in 2019 to join Dangote Industries Ltd as Group Chief Commercial Officer.

A graduate of Accounting from Bayero University, Kano and an Alumnus of Harvard Business School. He is also a member of the Institute of Directors.

According to the Presidency, Mr Abdullahi’s appointment was made pursuant to the Petroleum Industry Act 2021, aimed at strengthening regulatory effectiveness in the midstream and downstream petroleum sector, in line with the Renewed Hope Agenda.

Pending Senate confirmation of the new nominee, the most senior official of the NMDPRA will oversee operations in an acting capacity.

“President Tinubu thanks the outgoing Authority Chief Executive for his service and wishes him well in his future endeavours.

“The President remains committed to ensuring capable leadership in key regulatory institutions to advance energy security, sector reform, and sustainable economic growth,” the statement added.

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