• Thursday, May 23, 2024
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Farooq Oreagba appointed MD/CEO of NG Clearing

NG Clearing appoints Farooq Oreagba as new MD/CEO

NG Clearing has announced the appointment of Farooq Adedayo Oreagba as its new Managing Director and Chief Executive Officer, subject to approval from the Securities and Exchange Commission (SEC). The Board of Directors of NG Clearing unanimously appointed Oreagba to this esteemed role, recognising his outstanding achievements and expertise in the financial services sector.

NG Clearing Limited (NG Clearing) is West Africa’s premier Central Counterparty (CCP) and serves as a market-wide financial market infrastructure (FMI) in Nigeria. The Company was incorporated in May 2016.
Oreagba brings a wealth of experience, having served in various executive leadership roles throughout his illustrious career. His proven track record in driving innovation, fostering a customer-centric culture, and delivering sustainable growth, aligns perfectly with NG Clearing’s core values and strategic objectives.

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“After a transparent, competitive and comprehensive search process, the Board is pleased to have found the best individual to assume leadership of this world-class organisation. We are thrilled to have Mr. Oreagba as our next MD/CEO, and we are confident that his visionary leadership will further enhance the position of NG Clearing as a Strategic Financial Infrastructure in Nigeria’s financial services sector,” said Oscar N. Onyema, chairman, Board of Directors, NG Clearing Limited.

The appointment of Oreagba comes after the three-year tenure of Tapas Das, former MD/CEO came to an end. During his remarkable tenure, Das demonstrated exceptional leadership and strategic vision, driving NG Clearing to a phenomenal historical achievement of clearing the first exchange-traded derivatives contracts in West Africa. Under his guidance, NG Clearing developed a world-class clearing and settlement system that has successfully integrated with the key exchanges in Nigeria’s financial markets.

Oreagba said: “NG Clearing has achieved significant milestones on its journey to becoming Africa’s most trusted Central Counterparty. I am confident that my appointment aligns with the Company’s vision, and with the support of the Board, I look forward to working closely with the entire team at NG Clearing, towards breaking new grounds in the market in the foreseeable future”.

In September 2020, the Company received an approval-in-principle from the Securities and Exchange Commission (SEC) to provide Central Counterparty (CCP) services in Nigeria, and final approval was issued by the SEC in June 2021. The establishment of NG Clearing is in line with a strategy to support the growth and development of the Nigerian capital market as the “gateway to African markets”.

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The establishment of NG Clearing positions the Nigerian capital market as a leader amongst emerging markets by facilitating greater market transparency, increased trading volumes, and overall improvement in the efficiency and competitiveness of the Nigerian capital market.

NG Clearing paved the way for the smooth introduction of exchange-traded derivatives and other financial instruments in the market, by delivering best-in-class post-trade services that manage counterparty credit risk and reduce systemic risk in the Nigerian financial system.