The leading central counterparty in West Africa, NG Clearing, has named Farooq Oreagba as its new Managing Director and Chief Executive Officer, pending the Securities and Exchange Commission’s clearance.
The Punch reported that the Board of Directors of NG Clearing unanimously appointed Oreagba to the position in honour of his exceptional achievements and skills in the financial services industry, according to a statement released by the Nigerian Exchange Limited on Wednesday.
“Following an open, competitive, and thorough search process, the Board is happy to have identified the most qualified candidate to take the helm of this top-tier company.
“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, NG Clearing Board of Directors, Oscar Onyema.
“NG Clearing has achieved significant milestones on its journey to becoming Africa’s most trusted Central Counterparty,” Oreagba remarked in reference to his appointment.
“With the backing of the Board, I look forward to working closely with the entire NG Clearing team in order to break new ground in the market in the near future. I am convinced that my appointment is in line with the Company’s vision.”
Oreagba was appointed after Tapas Das’ three-year term as MD/CEO came to an end,
The statement claimed that Das led NG Clearing to a remarkable historical accomplishment of clearing the first exchange-traded derivatives contracts in West Africa and developing a top-notch clearing and settlement system that has integrated with the major exchanges in Nigeria’s financial markets during his tenure.
By facilitating greater market transparency, increased trading volumes, and general improvements in the efficiency and competitiveness of the Nigerian capital market, NG Clearing Limited serves as a market-wide financial market infrastructure in Nigeria and establishes the capital market of the country as a leader among emerging markets.
