Ogunbanjo Steps Down As NGX Group Chairman

The chairman of Nigerian Exchnage Group (NGX Group) Plc, Otunba Abimbola Ogunbanjo, has stepped down from the board of the company.

Ogunbanjo who was due for re-election for a period of one year until the next Annual General Meeting(AGM) in 2023, voluntarily retired from the board and did not present himself for re-election at the 61st AGM held yesterday in Lagos.

Also, four non-executive directors of the board were re-elected, including Mrs. Fatimah Bintah Bello-Ismail, Mr. Oluwole Adeosun, Mr. Chidi Agbapu, and Mr. Patrick Ajayi.

The AGM was held against all odds amid a threat by some shareholders.

Speaking at the AGM, Ogunbanjo thanked shareholders for working assiduously with the Board and Management of the Group in delivering the dividends of demutualisation and enhancing shareholder value and for attaining many firsts during his term in office.

He stated, “we released our dividend policy in line with our mandate to shareholders after the completion of our recent extraordinary General Meeting. We also created a revised corporate governance framework, already approved by shareholders and consistent with securities regulations to realign the interests of all stakeholders.

“In closing, I would like to thank the Board and Management of NGX Group for their support since I assumed office as chairman of the Group in 2021. As I retire from the Board, I trust that my successor will continue the legacy of service and bring greater accomplishments as the sustainable exchange group championing Africa’s socio-economic growth.”

Meanwhile, the Board of Directors appointed Mr. Apollos Ikpobe as acting chairman, said he recognised the enormous responsibility associated with the role.

He pledged to work with all stakeholders to ensure the stability and growth of the company during this transition, saying “on behalf of the board, I thank Ogunbanjo for his selfless service to the company over the years.”

To allow for wider consultations and further engagement with shareholders, the special business to raise funds of up to N35 billion for business expansion was not presented at the AGM.

The Group MD/CEO of NGX Group, Oscar Onyema, noted that the Group recorded a 22 per cent increase in profitability, a 13 per cent increase in gross earnings and 14.9 per cent growth in revenue.

He noted that the Group intends to enhance its performance going forward and called for support from all stakeholders.