NG Clearing announces Farooq Oreagba as new MD/CEO

NG Clearing, has announced the appointment of Mr. Farooq Oreagba as its new Managing Director and Chief Executive Officer, subject to approval from the Securities and Exchange Commission (SEC). The Board of Directors of NG Clearing has unanimously appointed Oreagba to this esteemed role, recognising his outstanding achievements and expertise in the financial services sector.

Oreagba brings a wealth of experience, having served in various executive leadership roles throughout his illustrious career. His proven track record in driving innovation, fostering a customer-centric culture, and delivering sustainable growth, aligns perfectly with NG Clearing’s core values and strategic objectives.

“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 Mr. Oscar Onyema , Chairman, Board of Directors, NG Clearing Limited.

The appointment of Oreagba comes after the three-year tenure of former MD/CEO, Mr. Tapas Das came to an end. During his remarkable tenure, Mr. Das 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. Under his guidance, NG Clearing developed a world-class clearing and settlement system that has successfully integrated with the key exchanges in Nigeria’s financial markets.

Regarding his appointment, Oreagba in a statement said: “NG Clearing has achieved significant milestones on its journey to becoming Africa’s most trusted Central Counterparty. I am 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.”