What to know about Unuigbe who succeeds Mahmoud as NGX chairman

Nigerian Exchange Limited (NGX) has just appointed Ahonsi Unuigbe as its new Board Chairman, effective September 27, 2023 following the retirement of Abubakar Mahmoud (SAN).

Ahonsi Unuigbe is the Founder and Chief Executive Officer of Petralon Energy Limited, an indigenous Upstream Oil and Gas Company, with multilateral partnerships and investments in Europe, Middle East and Africa (EMEA).

His leadership and entrepreneurial ingenuity are validated by the rapid growth of Petralon Energy Limited into a major Industry player since its establishment in 2014 as an African Exploration & Production company set up to acquire, develop, and operate assets, primarily in the Nigerian oil and gas sector.

Over the past twenty years, Unuigbe has established himself as a business leader and seasoned professional, whose experience spans across sectors such as banking, finance, energy, telecoms, manufacturing and the public sector.

He began his career as an investment banker, working with banks such as Citibank in the UK and Nigeria and later Standard bank / Stanbic IBTC, with stints in the public sector, during which time he successfully executed complex project finance transactions, thereby helping to raise over $2billion as capital for private and public sector projects in Nigeria, notable amongst which were the $150 million concessional World Bank funding for Edo State during his tenure as pioneer Commissioner for Budget, Planning, and Economic Development.

Ahonsi who joined NGX’s board as an Independent Non-Executive Director in April 2021 has also served as a founding executive at First Hydrocarbon Nigeria, as Chief Finance Officer and Executive Director, where he raised over $450million in debt and equity finance within 3 years and instituted best-in-class risk management frameworks and financial management processes respectively.

A Lifetime member of the Institute of Directors (IoD), he holds a B.A degree in Economics from the University of Sussex, UK, and an MSc in International Securities and Investment Banking from the ISMA Centre, University of Reading, UK, and is also a recipient of the prestigious Archbishop Desmond Tutu Leadership Fellowship Award.

Read also: NGX Group announces key Board changes across subsidiaries

Commenting on his appointment, Unuigbe said, “I am pleasantly honoured by this appointment and fully understand the enormous responsibility that this new role places on my shoulders. Chairing this important Board at this specific time in the Exchange’s evolution is both an opportunity and call to service in building our market, economy and nation. The prevailing global economic fluctuations present some challenges which are however not insurmountable, with our commitment and resourcefulness”.

“With the strong foundation laid by my predecessor, bringing about reforms and deepening policy frameworks that would help to strengthen the market for further growth and development are easily achievable. I therefore seek the support and cooperation of all stakeholders towards placing this very important institution on an even stronger pedestal.

“And specifically, I thank my predecessor Mr. Mahmoud for his exemplary stewardship of the Exchange. Together with my fellow board members, we will continue to drive growth and innovation, inject new thinking and dynamics into our operations at the Exchange, democratise investment in the capital market and unlock opportunities for investors. This is a goal to which I will be wholly committed,” he said.

Here are other new board members

The shareholders of NGX also approved the appointment of Jude Chiemeka as Executive Director, and five Non-Executive Directors including Lilian Olubi, Azubuike Okpalaoka, Hamza Sule Wuro Bokki, Sehinde Adenagbe and Foluke Oyeleye. Other NGX transiting Directors, Angela Adebayo, Kamarudeen Oladosu, Yomi Adeyemi, and Seyi Osunkeye also retired from the Board.

Similarly, NGX Regulation Limited (NGX RegCo) appointed Salamatu Suleiman as its new Board Chairman, effective September 30, 2023, succeeding Catherine Echeozo, who has retired. While Ngozichukwuka Edozien has been appointed as the new Board Chairman of NGX Real Estate (NGX RelCo), effective October 7, 2023, succeeding Angela Adebayo.

NGX Group chairman speaks

Commenting on these appointments, Umaru Kwairanga, Group Chairman of NGX Group, stated, “I am delighted to announce these pivotal changes in the leadership of our subsidiaries, NGX, NGX RegCo and NGX RelCo. The appointments of Mr. Unuigbe, Dr. Suleiman and Ms. Edozien represent a defining moment in our journey. We have meticulously planned for this transition, and I have complete confidence that they will continue to uphold our tradition of excellence and steer our organizations toward even greater heights. Mr. Unuigbe, Dr. Suleiman and Ms. Edozien bring a wealth of experience and a profound understanding of our industry’s dynamics. Their track records in service delivery make them ideal leaders for these roles. As we embark on a new chapter, we anticipate their contributions to be instrumental in realising NGX Group’s ambitious growth strategy. Their expertise will unlock the full potential of our organizations and, in turn, benefit our valued investors and stakeholders”.

Kwairanga also extended his gratitude to Mahmoud, Echeozo, Adebayo, and all the retired board members of the various subsidiaries for their enormous contributions and exceptional service. He remarked, “Their dedication and invaluable expertise have been instrumental in the Group’s journey, navigating through challenging economic and political landscapes. We extend our heartfelt appreciation for their remarkable accomplishments, which have had a lasting impact on the development and resiliency of our Group.”