West Africa’s premier central counterparty, NG Clearing, has appointed Farooq Oreagba, as its new Managing Director and Chief Executive Officer, subject to the approval of the Securities and Exchange Commission.
In a statement issued by the Nigerian Exchange Limited on Wednesday, it was revealed that the Board of Directors of NG Clearing unanimously appointed Oreagba to the role in recognition of his outstanding achievements and expertise in the financial services sector.
“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 the Chairman, Board of Directors, NG Clearing, Oscar Onyema.
On his appointment, Oreagba said, “NG Clearing has achieved significant milestones on its journey to becoming Africa’s most trusted Central Counterparty. I’m 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.”
Oreagba’s appointment comes after the three-year tenure of former MD/CEO, Tapas Das, came to an end.
According to the statement, Das, during his tenure 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 and developing a world-class clearing and settlement system that has integrated with the key exchanges in Nigeria’s financial markets.
NG Clearing Limited serves as a market-wide financial market infrastructure in Nigeria and positions the country’s 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.