Minister Maru Announces New Board for SCPNG
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Port Moresby, October 26, 2026- The Minister for International Trade and Investment, Hon. Richard Maru announced the new Board for the Securities Commission of Papua New Guinea (SCPNG) this morning following legislation reform to strengthen the local capital market.
Minister Maru confirmed that Mr. Charlie Gilichibi has been appointed as the Chairman of the Board SCPNG, citing his extensive financial-sector experience and proven leadership in institutional transformation.
“Mr. Gilichibi brings more than 22 years of experience across Papua New Guinea’s financial services, superannuation and investment sectors, including senior roles at the Defence Force Retirement Benefit Fund, Nambawan Super Limited and NASFUND. Mr. Gilichibi served as Chief Operating Officer of Nambawan Super from 2014 to 2016 and Chief Officer – Membership at NASFUND from 2017 to 2019. He is currently Chief Executive Officer of Comrade Trustee Services Limited (CTSL). Under his leadership at CTSL, the fund has undergone regulatory and institutional changes and grown from approximately K550 million to K1 billion, reflecting his experience in financial management, governance and investment operations,” said Minister Maru.
He further added: “This appointment recognises Mr. Gilichibi’s merit, professional achievements and understanding of how domestic savings can be mobilised to support productive investment and national development. Mr Gilichibi joins the Commission at a pivotal time as the Government advances capital market reforms, including modernising the Capital Market Act 2015, progressing the proposed Capital Markets Commission legislation, developing an SME Small Offer framework and considering appropriate investment incentives. Mr. Gilichibi’s appointment, alongside Mr. Rio George Fiocco, Dr. Ken Ngangam, and Mr. Jeffrey Walua as non-ex-officio Board members under National Gazette No. G9361, strengthens SCPNG’s governance and leadership.”
The Minister also acknowledged recent sector developments, including the digital licensing module, PNG’s inaugural Green, Social and Sustainability Bond Guidelines issued in August 2026, and developments on the Papua New Guinea National Stock Exchange involving Kina Securities Limited’s corporate bonds and Adyton Resources Corporation.
Minister Maru said the new Board would be expected to strengthen investor protection, improve regulatory effectiveness and expand investment opportunities for Papua New Guineans.
“A strong capital market is essential to our ambition of building a K200 billion economy and positioning Papua New Guinea as a leading investment hub in the Pacific. It will help businesses raise capital, attract investment, create employment and drive sustainable economic growth,” said Minister Maru.
The Minister reaffirmed his commitment to work with the SCPNG to build a transparent, competitive and inclusive capital market that supported national prosperity.
