Nigerian stock exchange, parent company get new CEOs
Jude Chiemeka had been appointed as the acting chief executive officer for the Nigerian Exchange Limited (NGX) following the elevation of Temi Popoola to group managing director/CEO-designate of the parent company, NGX Group.
Popoola will succeed Oscar Onyema, who will finish his tenure on 31 March 2024 and embark on his terminal leave effective 1 January 2024, according to a statement on Friday.
The appointments are subject to the approval of the Securities and Exchange Commission.
Popoola is currently the CEO, NGX and a member of the NGX Group Executive Committee chaired by Onyema.
The statement said: “He is a successful C-suite leader whose unique blend of business acumen, financial expertise, global market growth and operational insight has earned him a reputation built on verifiable career achievements. He 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, where he drove firm profitability by providing derivative solutions to US corporations and family offices.
“A Wall Street-trained investment banker, Mr. Popoola joined NGX in 2021 as CEO from Renaissance Capital (Rencap) where he was the Managing Director and CEO for West Africa. At NGX, he oversaw and supported its continuous growth, profitability, and success by providing strategic market insight and leadership.”
Chiemeka is currently the executive director of capital markets responsible for trading, products development and listings at NGX, and a member of the 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,” the statement said.
Commenting on the appointments, Dr Umaru Kwairanga, the Chairman of NGX Group Plc, thanked Onyema for “his stellar leadership first as the CEO of the Nigerian Stock Exchange from 2011-2021 and thereafter as the GMD/CEO of NGX Group Plc from 2021-2024.”
He said Onyema led the stabilisation, growth, demutualisation as well as the restructuring of the Nigerian Stock Exchange to NGX Group Plc, a public company limited by shares, and the listing of the company on the main board of NGX.
“I have no doubt in Mr. Popoola’s capability to successfully continue the legacy Mr. Onyema has created, and take NGX Group to greater heights. I also firmly believe in Mr. Chiemeka’s ability to seamlessly assume leadership at NGX from Mr. Popoola, building upon his impressive achievements and fostering continued growth in the capital market,” he said.