The Nigerian Exchange Group Plc (NGX Group) has announced changes to the board of its subsidiaries, and appointed the Founder & CEO of Petralon Energy, Mr. Ahonsi Unuigbe as the new Board Chairman of the Nigerian Exchange Limited (NGX).
The appointment is effective 27 September 2023, following the retirement of Mr. Abubakar Mahmoud, SAN, OON. Ahonsi has previously served on the NGX Board as an Independent Non-Executive Director since April 2021.
Ahonsi’s appointment is a demonstration of his leadership and entrepreneurial ingenuity, validated by its vast expertise. Over the past twenty years, he has established himself as a business leader and seasoned professional, whose experience spans across sectors such as banking, finance, energy, telecoms, manufacturing and the public sector.
He began his career as an investment banker, working with banks such as Citibank in the UK and Nigeria and later Standard bank / Stanbic IBTC, with stints in the public sector, during which time he successfully executed complex project finance transactions, thereby helping to raise over $2bn as capital for private and public sector projects in Nigeria, notable amongst which were the $150 million concessional World Bank funding for Edo state during his tenure as pioneer Commissioner for Budget, Planning, and Economic Development.
Ahonsi also served as a founding executive at First Hydrocarbon Nigeria (FHN). As a Chief Finance Officer and Executive Director, he raised over $450m in debt and equity finance within 3 years and instituted best-in-class risk management frameworks and financial management processes respectively.
Since founding Petralon Energy in 2014, Ahonsi managed to raise over $60m over 2021 and 2022 to consolidate the company’s oil assets portfolio. Under his leadership, Petralon Energy has sealed multilateral partnerships and investments in Europe, the Middle East and Africa managed to build a diverse portfolio of onshore and offshore producing assets.
Commenting on his appointment, Ahonsi stated “I am pleasantly honoured by this appointment and fully understand the enormous responsibility that this new role places on my shoulders. Chairing this important Board at this specific time in the Exchange’s evolution is both an opportunity and call to service in building our market, economy, and nation. With the strong foundation laid by my predecessor, bringing about reforms and deepening policy frameworks that would help to strengthen the market for further growth and development are easily achievable. I therefore seek the support and cooperation of all stakeholders towards placing this very important institution on an even stronger pedestal.”
A Lifetime member of the Institute of Directors (IoD), Ahonsi holds a B.A degree in Economics from the University of Sussex, UK, and an MSc in International Securities and Investment Banking from the ISMA Centre, University of Reading, UK, and is also a recipient of the prestigious Archbishop Desmond Tutu Leadership Fellowship Award.