NG Clearing Appoints Farooq Oreagba As New MD

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In a significant move, NG Clearing, recognised as West Africa’s premier central counterparty, has chosen Farooq Oreagba to take the helm as the new Managing Director and Chief Executive Officer, pending the green light from the Securities and Exchange Commission.

The Nigerian Exchange Limited made this announcement in a statement issued on Wednesday, underscoring the Board of Directors’ unanimous decision to tap Oreagba for his outstanding achievements and extensive experience in the financial services sector.

Chairman of the NG Clearing Board of Directors, Oscar Onyema, expressed his satisfaction, stating that following a rigorous and transparent selection process, they were delighted to welcome Mr. Oreagba as the next MD/CEO. He affirmed that the board has full confidence that his visionary leadership will further solidify NG Clearing’s pivotal role as a Strategic Financial Infrastructure in Nigeria’s dynamic financial services sector.

Oreagba shared his optimism upon accepting the position, saying that NG Clearing has already achieved significant milestones on its journey to becoming Africa’s most trusted Central Counterparty. He is convinced that his appointment aligns perfectly with the company’s vision. With the support of the Board, he eagerly anticipates working closely with the entire NG Clearing team to break new ground in the market in the foreseeable future.

This appointment follows the conclusion of Tapas Das’ three-year tenure as the former MD/CEO. During his tenure, Das demonstrated exceptional leadership and strategic vision; overseeing NG Clearing’s historic achievement of clearing the first exchange-traded derivatives contracts in West Africa and establishing a world-class clearing and settlement system fully integrated with key exchanges in Nigeria’s financial markets.

 

 

 

 

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