In a significant announcement, the Nigerian Exchange Group (NGX) has unveiled its decision to appoint Temi Popoola as the Group Managing Director/Chief Executive Officer-designate. This strategic move comes in anticipation of the retirement of the current GMD, Oscar Onyema, slated for March 31, 2024. The appointment of Temi Popoola is scheduled to take effect on January 1, 2024, subject to formal approval from the Securities and Exchange Commission (SEC).
The announcement, disclosed in a statement signed by Obehi Ikhaghe, the Group Company Secretary, highlighted the commencement of Oscar Onyema’s terminal leave on January 1, 2024. Concurrently, Jude Chiemeka, the Executive Director of Capital Market at NGX, has been appointed as the Acting Chief Executive Officer of Nigerian Exchange Limited.
Dr. Umaru Kwairanga, Chairman of NGX Group, expressed his satisfaction with these changes, citing effective succession planning. He praised Oscar Onyema for his exceptional leadership, acknowledging his role in the stabilization, growth, demutualization, and restructuring of the Nigerian Stock Exchange into NGX Group Plc. Kwairanga conveyed confidence in Temi Popoola’s ability to continue Onyema’s legacy and lead NGX Group to greater heights.
Oscar Onyema, in his reflections on the announcement, expressed gratitude for the privilege of leading both The Nigerian Stock Exchange and NGX Group Plc. He extended his best wishes to Temi Popoola and expressed confidence in his capabilities to sustain the legacy and growth of NGX Group.
Temi Popoola, the GMD/CEO-designate, accepted the new role with a sense of responsibility and enthusiasm. He appreciated Onyema’s leadership and the confidence vested in him by the Board of Directors. Popoola highlighted the instrumental role played by Onyema in the modernization of the Nigerian market infrastructure and the demutualization and restructuring of NSE. He pledged to build on this foundation and steer NGX Group to greater heights with optimism about the opportunities and challenges ahead.
Popoola’s professional background reveals a wealth of experience. Currently serving as the CEO of NGX, he previously held the position of Managing Director and CEO for West Africa at Renaissance Capital (Rencap). His career began in London as a portfolio manager, focusing on African energy markets. Later, he served as a senior equity derivatives trader with Bank of America Securities in New York, contributing to firm profitability by providing derivative solutions to U.S. corporations and family offices. Popoola is a Chartered Financial Analyst and a Chartered Stockbroker, holding a first-class degree in Chemical Engineering from the University of Lagos and a Master’s degree from the Massachusetts Institute of Technology.
Jude Chiemeka, the newly appointed Acting CEO of Nigerian Exchange Limited, brings almost 30 years of experience in Securities Trading and Asset Management across African markets. Before joining NGX, he served as the MD/CEO of United Capital Securities, a subsidiary of United Capital Plc listed on NGX. Chiemeka is recognized as a Fellow and Council Member of the Chartered Institute of Stockbrokers and holds memberships in other esteemed professional institutions. He is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK.
As NGX undergoes these leadership transitions, the focus remains on maintaining stability, fostering growth, and ensuring a smooth transition for sustained success in the dynamic capital market landscape. Infostride News will continue to provide updates on these developments and their implications for the financial sector.
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