CBN Deputy Governor Emerges Chairman As Shareholders Approve Re-Constitution Of NCX Board

Shareholders have approved the re-constitution of the Board and Executive Management of the Nigeria Commodity Exchange Plc.

The development was announced in a statement issued on Wednesday.

The statement said the re-constitution of the Board and Executive Management team of the NCX is in line with the provisions of the Companies & Allied Matters Act (CAMA) 2020.

It said the decision was taken at an Extraordinary General Meeting of the NCX held on January 4, 2022, at which all shareholders unanimously gave their approval for the retirement of Directors and the appointment of three new Directors.

The three new Directors are Mrs. Aishah Ahmad, Dr Angela Sere Ejembi and Mr. Phillip Yila Yusuf.

Ahmad is the current Deputy Governor, Financial System Stability, Central Bank of Nigeria; while Yusuf is the CBN Director, Development Finance.

According to the statement, Ahmad was subsequently appointed Chairman ot the Board at the inaugural board meeting, which also held on January 4, 2022.

The statement reads, “The newly reconstituted Board along with a Transition Management Team, headed by Mr. Elenwor Ihua, acting as Interim Coordinator, will temporarily oversee the operations of the Exchange, supervising an independent and transparent process to appoint a new Executive Management Team.

“The core shareholders of the NCX thank the outgoing Board and Executive Management for their patriotic service to the company and wish them all the best in their future endeavors.”

The statement said 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.