Ahead of the retirement of Mr Oscar Onyema as the GMD/CEO of Nigerian Exchange Group Plc, the Board of Directors has announced the appointment of Mr Temi Popoola as the GMD/CEO designate, effective from January 1, 2024, subject to the Securities and Exchange Commission (SEC)’s formal approval.
Additionally, Mr. Jude Chiemeka has been appointed as the Acting Chief Executive Officer (CEO) of Nigerian Exchange Limited (NGX) from January 1, 2024.
This information was revealed in the Group’s notice to the investment public, following the SEC’s No-Objection to the announcement.
The current GMD/CEO, Onyema, will conclude his tenure on March 31, 2024, and will begin his terminal leave effective from January 1, 2024.
Popoola, the current CEO of NGX and a member of the NGX Group Executive Committee, chaired by Mr. Onyema, boasts a successful C-suite leadership background. His expertise in business acumen, financial proficiency, global market growth, and operational insight has garnered him a reputation based on proven career successes.
He started his career in London as a portfolio manager concentrating on African energy markets and later served for several years as a senior equity derivatives trader at Bank of America Securities in New York. During his tenure there, he significantly contributed to the firm’s profitability by delivering derivative solutions to US corporations and family offices.
Mr Popoola joined NGX in 2021 as the CEO of Renaissance Capital (Rencap), where he held the position of Managing Director and CEO for West Africa. At NGX, he was instrumental in overseeing and supporting continuous growth, profitability, and success by providing strategic market insights and leadership.
He holds a first-class degree in Chemical Engineering from the University of Lagos and a Master’s degree from the Massachusetts Institute of Technology (MIT). He is a Chartered Financial Analyst (CFA) and a Chartered Stockbroker (CIS).
Chiemeka, the Executive Director of Capital Markets responsible for Trading, Products Development, and Listings at NGX, is also a member of the NGX Executive Committee, chaired by Mr. Popoola.
With over 29 years of experience in Securities Trading and Asset Management across African markets, Mr. Chiemeka previously served as the MD/CEO of United Capital Securities, a subsidiary of United Capital Plc listed on NGX.
He is a Fellow and Council Member of the Chartered Institute of Stockbrokers (FCS), a Member of the Institute of Directors (IOD), a Fellow of the Association of Investment Advisers and Portfolio Managers, and an Associate of the Certified Pension Institute of Nigeria. He is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK.
Commenting on the appointments, Alhaji (Dr.) Umaru Kwairanga, the Chairman of NGX Group Plc, expressed his delight at these pivotal changes in the leadership of NGX Group. He commended Mr Onyema for his outstanding leadership and expressed confidence in Mr Popoola’s capability to continue the legacy and take NGX Group to greater heights. He also endorsed Mr. Chiemeka’s ability to steer NGX towards continued growth in the capital market.
On his part, Onyema expressed his deep appreciation for the privilege of leading The Nigerian Stock Exchange and Nigerian Exchange Group Plc. He extended his best wishes to Mr Popoola, expressing confidence in his capabilities to continue the legacy and growth of NGX Group. He thanked the entire team at NGX Group and capital market stakeholders for their support throughout his tenure.
“I am deeply appreciative of the privilege to have led The Nigerian Stock Exchange as its CEO and later, Nigerian Exchange Group Plc as its GMD/CEO,” he said. “I extend my best wishes to Mr Popoola and have full confidence in his capabilities to continue the legacy and growth of NGX Group.
“I am grateful for the support and dedication of the entire team at NGX Group and capital market stakeholders throughout my tenure. Together, we drove significant development in the African capital markets, and I am proud of the various accomplishments we have achieved since 2011.
“As I step into a new phase, I am committed to ensuring a smooth transition and look forward to witnessing the continued growth and prosperity of NGX Group under Mr. Popoola’s leadership. The future is indeed promising.”
Mr Popoola expressed his commitment and enthusiasm for his new role at NGX Group Plc. He conveyed his appreciation to Mr. Onyema and the Board of Directors for their confidence in him.
He said, “I step into this new role at NGX Group Plc with a deep sense of responsibility and enthusiasm. I extend my appreciation to Mr. Onyema, for his exceptional leadership during his tenure and to the Board of Directors for the confidence reposed in me.
“The modernization of the Nigerian market infrastructure space and the demutualization and restructuring of NSE under Mr. Onyema’s guidance has been instrumental in shaping NGX Group, and I am honoured to continue this legacy.
“I am fully committed to building on the foundation laid out and taking NGX Group to greater heights. With the support of the dedicated team and in collaboration with the esteemed leadership, I am optimistic about the exciting opportunities and challenges that lie ahead. I am also very confident in Mr. Chiemeka’s ability to successfully steer the helm of affairs at NGX and propel NGX to greater heights”.
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