The Nigerian Exchange Group Plc. (NGX Group) has appointed Mr Temi Popoola as its Group Managing Director/Chief Executive Officer (GMD/CEO) designate effective Jan. 1, 2024.
Equally, Mr Jude Chiemeka has also been appointed as the Acting Chief Executive Officer (CEO) of Nigerian Exchange Ltd. (NGX), also effective Jan. 1, 2024.
Ms Obehi Ikhaghe, the Group’s Company Secretary, disclosed this in a statement made available on Friday in Lagos.
Ikhaghe said that both appointments were subject to the Securities and Exchange Commission (SEC) formal approval.
The company secretary explained that the current GMD/CEO of the NGX Group, Mr Oscar Onyema, would complete his tenure on March 31, 2024.
She, however, noted that ahead of this, he would embark on his terminal leave effective Jan.1, 2024.
Commenting, Alhaji Umaru Kwairanga, Chairman, NGX Group Plc, expressed delight on the pivotal changes in the leadership of the NGX Group, describing as a testament to effective succession plan.
Kwairanga expressed confidence in Popoola’s capability to successfully continue the legacy of Onyema to take NGX Group to greater heights.
“I also firmly believe in Chiemeka’s ability to seamlessly assume leadership at NGX from Popoola, building upon his impressive achievements and fostering continued growth in the capital market,” he said.
The chairman appreciated the outgoing CEO, for his sterling leadership qualities, first as the CEO of The Nigerian Stock Exchange(NSE) from 2011 to 2021 and later, the GMD/CEO of NGX Group Plc from 2021 to 2024.
He said Onyema led the stabilisation, growth, demutualisation and restructuring of the Nigerian Stock Exchange to NGX Group Plc, a public company limited by shares.
According to him, Onyema also led the listing of the company on the main board of NGX, which is a significant milestone in the organisation’s history.
Reacting, Onyema expressed appreciation to the privilege to have led the NSE as its CEO and the Nigerian Exchange Group Plc as its GMD/CEO.
He said: “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.
“I congratulate Popoola, and I have full confidence in his capabilities to continue the legacy and growth of NGX Group.
“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 Popoola’s leadership. The future is indeed promising.
Popoola, in his comment, said that he is stepping into the new role at NGX Group Plc. with a deep sense of responsibility and enthusiasm.
He extended his appreciation to Onyema, for his exceptional leadership during his tenure and to the Board of Directors for the confidence reposed in him.
According to him, the modernisation of the Nigerian market infrastructure space and the demutualisation and restructuring of NSE under Onyema’s guidance have been instrumental in shaping the NGX Group.
“I am honoured to continue this legacy and 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 lies ahead.
“I am also very confident in Chiemeka’s ability to successfully steer the helm of affairs at NGX and propel NGX to greater heights,” he said.
Popoola is currently the CEO, NGX and member, NGX Group Executive Committee chaired by Onyema.
Popoola began his career in London as a portfolio manager focused on African energy markets and worked for several years as a senior equity derivatives trader with Bank of America Securities in New York.
He drove firms’ profitability by providing derivative solutions to US corporations and family offices.
A Wall Street-trained investment banker, Popoola joined NGX in 2021 as CEO from Renaissance Capital (Rencap) where he was the Managing Director and CEO for West Africa.
Popoola graduated with a First-Class degree in Chemical Engineering from University of Lagos and holds a Masters’ degree from Massachusetts Institute of Technology (MIT).
He is a Chartered Financial Analyst (CFA) and a Chartered Stockbroker (CIS).
Chiemeka is currently the Executive Director of Capital Markets responsible for Trading, Products Development and Listings at NGX and a member of NGX Executive Committee chaired by Popoola.
He has over 29 years’ experience in Securities Trading and Asset Management across markets in Africa.
Prior to joining NGX, he was 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), Member of the Institute of Directors (IOD), Fellow of the Association of Investment Advisers and Portfolio Managers and an Associate of the Certified Pension Institute of Nigeria.
He is also an alumnus of the University of Lagos, Lagos Business School and the University of Oxford, UK.