Prior to the retirement of the incumbent GMD, Oscar Onyema, in 2020, the Nigerian Exchange Group has announced the appointment of Temi Popoola as the Group Managing Director/Chief Executive Officer-designate.
The appointment will take effect on January 1, 2024, according to a statement released on Friday and signed by Obehi Ikhaghe, the Group Company Secretary.
Additionally, Nigerian Exchange Limited’s Executive Director of the Capital Market, Jude Chiemeka, has been named Acting CEO.
The statement said, in part, “Mr. Temi Popoola has been appointed as GMD/CEO designate by Nigerian Exchange Group Plc, effective January 1, 2024, subject to the SEC’s formal approval of the appointment. This follows the receipt of the SEC’s No-Objection to the announcement of the appointment.
With effect from January 1, 2024, Mr. Jude Chiemeka has also been named Nigerian Exchange Limited’s acting chief executive officer.
It was disclosed that Onyema will take a terminal leave of absence beginning on January 1, 2024, and that he will conclude his career on March 31, 2024.
“I’m delighted to announce these pivotal changes in the leadership of NGX Group which is a testament to effective succession planning,” said Umaru Kwairanga, Chairman of NGX Group, in response to the appointments. My sincere gratitude goes out to Mr. Onyema for his outstanding leadership during his two terms as CEO of The Nigerian Stock Exchange (2011–2021) and GMD/CEO of NGX Group Plc (2021–2024).
An important turning point in the history of the organisation was reached when Mr. Onyema oversaw the demutualization, growth, stabilisation, and restructuring of The Nigerian Stock Exchange to become NGX Group Plc, a publicly traded corporation limited by shares. Additionally, he oversaw the company’s listing on NGX’s main board.
“I am confident that Mr. Popoola can lead NGX Group to new heights and effectively carry on the legacy that Mr. Onyema established. Furthermore, I have complete faith in Mr. Chiemeka’s capacity to take over Mr. Popoola’s leadership at NGX with ease, building on his outstanding accomplishments and encouraging further expansion in the capital market.
Some of the leaders who spoke in confidentially with Vanguard claimed that this was done in order to honour Akeredolu and finish his mandate.
Nonetheless, a few advocates for Governor Aiyedatiwa maintained that the Speaker should be assigned to the northern senatorial district, while the deputy governor should be sent to the central senatorial district.
Speaking with Vanguard, a party leader stated that “the governor has the final say; we as leaders can only make suggestions.”
“The last word goes to the governor. Only he knows who he can collaborate with.
To be fair, though, we would rather have the governor respect our late governor Akeredolu by looking towards the northern senatorial district.
“I’m 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,” stated Oscar Onyema, the GMD/CEO, in his remarks. I send Mr. Popoola my best wishes and have complete faith in his ability to carry on the NGX Group’s tradition and expansion. Throughout my tenure, the whole team at NGX Group and capital market stakeholders have provided me with support and dedication, for which I am grateful. We made great progress in the African capital markets together, and I’m proud of all the things we’ve accomplished since 2011.
“As I enter a new era, I pledge to make sure the transition goes smoothly and I’m excited to see NGX Group continue to expand and prosper under Mr. Popoola’s direction. In fact, the future appears bright.
“I step into this new role at NGX Group Plc with a deep sense of responsibility and enthusiasm,” stated Popoola in his own words. I would want to thank the Board of Directors for their faith in me and Mr. Onyema for his outstanding leadership during his term.
“Under Mr. Onyema’s direction, the Nigerian market infrastructure was modernised, and the NSE was demutualized and restructured. These developments played a significant role in the formation of NGX Group, and I’m proud to carry on this tradition. I’m totally devoted to expanding on the established framework and growing NGX Group. I’m excited about the new chances and challenges that lie ahead with the help of the committed team and in cooperation with the distinguished leadership.
“I have complete faith that Mr. Chiemeka will successfully lead NGX’s operations and help the company reach new heights.”
He obtained a first-class degree in Chemical Engineering from the University of Lagos and is a graduate of Massachusetts Institute of Technology with a master’s degree. He is a chartered stockbroker as well as a chartered financial analyst.
In addition, Chiemeka, who oversees trading, product development, and listings as NGX’s Executive Director of Capital Markets, has nearly thirty years of expertise in asset management and securities trading in African markets.
He served as the MD/CEO of United Capital Securities, an NGX-listed division of United Capital Plc, prior to joining NGX.
He is an Associate of the Certified Pension Institute of Nigeria, a Fellow and Council Member of the Chartered Institute of Stockbrokers, a Member of the Institute of Directors, and a Fellow of the Association of Investment Advisers and Portfolio Managers. In addition, he holds degrees from the University of Oxford in the UK, the Lagos Business School, and the University of Lagos.
