Headlines
NGX Group appoints Kwairanga as new Chairman

Nigerian Exchange Group Plc (NGX Group), is pleased to announce that its board has appointed Alhaji (Dr) Umaru Kwairanga as the new Chairman at its meeting held on Wednesday, 5 October 2022.
Prior to Dr Kwairanga’s appointment as the substantive Chairman, Mr Ikpobe Apollos, a Non-Executive Director of NGX Group was on Friday, 30 September 2022 elected as the Acting Chairman. The appointment of an acting chairman was done to ensure governance continues and allows for wider consultations before the appointment of a substantive successor to the erstwhile Chairman, Otunba Abimbola Ogunbanjo, who announced his retirement at the 61st Annual General Meeting of the Group.
In keeping with good governance ethos, and to ensure continuity as well as institute an orderly succession plan for the Group, the board also created the position of Vice Chairman and appointed Oluwole Adeosun, a Non-Executive Director of NGX Group and current President of the Chartered Institute of Stockbrokers (CIS) to fill this position.
In his acceptance speech, Dr Kwairanga resolved to work assiduously with his colleagues on the board to immediately stabilise relationships with all key stakeholders and set the Group on the path to a brighter future. “I am very excited to lead the execution of our corporate strategy and deliver world-class governance to the Group.
“I appreciate the board for the confidence in my abilities to deliver on our mandate for the shareholders of NGX Group. I would like to thank our erstwhile Chairman, Mr Abimbola Ogunbanjo and our outgoing Acting Chairman, Mr Apollos Ikpobe for their outstanding and diligent service to the Company, and I promise to continue to deliver in line with their set standard of execution and delivery.”
Kwairanga, a thoroughbred capital market professional with an excellent corporate governance pedigree, has 30 years of cognate experience in banking, pensions, manufacturing and commercial sectors. He served previously as a Council Member of the then Nigerian Stock Exchange and as a member of the Board of Directors of NGX Group. He is currently a Council member of the Institute of Directors of Nigeria and an active director of multiple listed and unlisted companies.
Group Managing Director/Chief Executive Officer, NGX Group, Oscar N. Onyema, OON, said “the appointment of Dr Umaru Kwairanga as the Group’s new Chairman is a positive step in the Group’s journey to delivering value to shareholders. As we move to execute our strategy aimed at maximising outcomes for our shareholders, we would count on Dr Kwairanga’s wealth of experience in making strategic board decisions.
The outgoing Acting Chairman, Mr Ikpobe, who retired from the Board effective September 5, 2022, appreciated the Board for their cooperation during his tenure as both a director and his appointment as Acting Chairman.
“The past year as a director on this noble board gave me the opportunity to actively contribute to the transformation process of NGX Group. I trust that the board will continue to lead innovations in the Nigerian capital market as a values-driven organisation.”
The Board of NGX Group, in all its actions, continues to give utmost consideration to the role of NGX Group and its subsidiary companies, to act as key enablers of the smooth functioning of the Nigerian capital market and the broader economy.
Headlines
China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).
The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.
Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.
The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.
Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.
Headlines
Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.
Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.
“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”
He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.
Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.
In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”
He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.
Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.
Headlines
Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.
Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.
“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”
The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.
Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.
“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.
The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.
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