Ihua Heads Transition Committee As Ahmad Emerges Chairman Of New NCX Board

The Nigeria Commodity Exchange Plc has a new board.

“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.” a statement on the development revealed on Wednesday.

Ihua is Deputy Director, Development and Finance at the Central Bank of Nigeria.

The reconstitution of the board which has thrown up Aishah Ahmad as Chairman of the new board is courtesy of approval by the shareholders that a new Board and Executive management be reconstituted.

The decision to reconstitute the Board and Executive Management of the NCX taken at an Extraordinary General Meeting on January 4, 2022, is in line with the provisions of the Companies & Allied Matters Act (CAMA) 2020 SocietyNow.Ng learned.

All shareholders unanimously agreed that on the retirement of Directors and appointment of three new Directors at the Extraordinary General Meeting.

Mrs. Aishah Ahmad, Dr Angela Sere Ejembi, and Mr. Phillip Yila Yusuf were appointed Directors.

Ahmad was appointed Chairman of the Board at the inaugural board meeting which was also held on January 4, 2022.

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

“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 released on Wednesday recognized the contribution of the immediate past administrators at the NCX.

The statement further explained that the recent move is part of steps to bring the NCX nearer the goal of becoming a world-class commodity trading company within the African and global commodity markets.