Royal Exchange appoints Dr Geoffrey Ohen as Non-Executive Director amid profit slump

Royal Exchange Plc has appointed Dr. Geoffrey C. Ohen as a Non-Executive Director, effective July 23, 2026, per a regulatory filing with the Nigerian Exchange. Ohen is the Managing Director and Chief Executive Officer of the Geoff Ohen Group and holds chairmanship roles at Consolidated Resources Ltd, Ekocorp Plc, Owa Oil & Gas Ltd, and the Networth Group (which includes Networth Securities & Finance Ltd and Networth Portfolio & Asset Management Ltd). He previously chaired Piccadilly Insurance Ltd and New Patriot Building Society Ltd and served as a Director of Daily Times of Nigeria Plc.

The appointment comes as Royal Exchange reported a sharp decline in profitability: profit before tax fell to ₦87.72 million for the six months ended June 30, 2026—a 94.2% drop from ₦1.51 billion in the same period of 2025. The decline was driven by weaker operating income and a steep fall in earnings from its associate, which contributed ₦315.48 million compared with ₦1.55 billion a year earlier. For Q2 2026, profit before tax stood at ₦100.88 million, down from ₦757.40 million in Q2 2025.

Earlier in 2026, the company appointed Ikeme Osakwe as Group Chairman following the retirement of Kenny Ezenwani Odogwu, who had served 28 years on the Board, including 18 as Chairman. Royal Exchange says the renewed leadership structure is focused on driving expansion across its diversified portfolio.

Will this board refresh reverse the profit slide, or will further steps be needed to restore investor confidence?

SOURCE: https://nairametrics.com/2026/09/02/royal-exchange-appoints-geoffrey-ohen-as-non-executive-director/