The NGX has announced Umaru Kwairanga as its substantive Chairman following the hullaballoo that occasioned its recent AGM.
Umaru is a friend and brother. I have known him forever. As a young stockbroker at Unex Securities around 1996, Umaru was our client. He was PA to a very big client and as such we interacted very closely with him.
Umaru was so passionate and hardworking that my MD, Dr Chukwujama gifted him a tokunbo car. Even those days, his integrity was impeccable and he managed the accounts with so much transparency that it wasnt long before his boss nominated him into Boards.
I know for a fact that he has been on the Axamansard Board and also Lafarge and many more i cant remember just now.
Last night, we had a chat. Edgar I am now the Chairman of the NGX Board so you will calm down.
I laughed. This Alhaji. We were to meet in Abuja at Sardauna. I told him clearly that he had never come to any of my shows and he gave me his words that he would make it this time.
My sister Meena Fodio who is the great granddaughter of Sardauna also mentioned that she had spoken to him and that he too had told her that he had disappointed me severally but would do everything within his powers to attend this one.
Then as expected and true to nature, I got the text. Edgar, I have to rush to Lagos something came up and I replied, Alhaji no be you dey go.
I flew into Lagos to hear of his appointment the next day and immediately forgave him. This was a national assignemnt
So last night as we chatted, I told him he was a good man and that I will sheathe my sword and rally for his support.
The NGX is at its lowest ebb. Oscar the grouch had driven it aground, alienating key stake holder groupings and turning the hitherto revered CIS into a rubber stamp house of muppets.
He has superintended the most indecisve and decidedly corrupt era in the history of the exchange second only to the hedonistic tenure of mummy Onyike who happened along with allegedly dodgy qualifications.
From utopian heights, the exchange had recoded a loss position, ramped up costs and had become a laughing stock within the financial community.
So Alhajis appointment sign posts a reawkening. Kwarianga comes to the Board with a huge network, years of experience and an ethical resolve that is admirable.
With very strong stakeholders like Cardinal Stone and VFD who own substantial stake on the NGX, looking very likely to be better involved in this new dispensation, will definitely herald a wake up call.
I expect Oscar’s incompetence to be muted by these forces and a stronger platform for Temi Popoola who is one of the most brilliant people you can find to begin to flesh up and fly.
Yesterday also, I thanked my brother Akin akinfemiwa MD at Geregu for listing by introduction the Shares of Geregu on the exchange.
This listing shows the renewed confidence of the markets in the Exchange and should herald a new dawn
The NGX has more than it needs to be a powerful African Bourse if only it can find the right leadership.
My prayer for the Umaru Kwairanga-led Board is for it to look very closely at the operations of the exchange, ramp up Corporate Governance and free the management up so that it can be more innovative and creative so that it can be better positioned to attract the emerging players who would rather do their business away from it.
While congratulating my brother once more, let me say that we are watching and that history beckons on him and his Board to help rebuild our NGX.
I wish you well bro
Duke of Shomolu