Mr. Oscar Onyema, Group managing director and CEO of Nigerian Exchange Group plc is retiring from the company with effect from 31 December 2023. Mr. Temi Popoola will step in as his successor with effect from 1 January 2024.
Mr. Jude Chiemeka will serve as Acting CEO of Nigerian
Exchange Limited.
The two appointments are subject to Securities Exchange
Commission’s approval, company secretary, Obehi Ikhagbe announced Friday in a
notice published on the website of the NGX.
Popoola is at present the CEO, NGX and a member of NGX Group
Executive Committee chaired by Mr. Onyema.
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.
He 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).
Mr. Chiemeka is currently the Executive Director of Capital
Markets responsible for Trading, Products Development and Listings at NGX. He
is a member of NGX Executive Committee chaired by Mr. Popoola.
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), 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 also an alumnus of the University of Lagos.
Commenting on the appointments, Alhaji (Dr.) Umaru
Kwairanga, the Chairman of NGX Group Plc, stated, “I am delighted to announce
these pivotal changes in the leadership of NGX Group which is a testament to
effective succession planning. I would like to express my profound gratitude to
Mr. 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.
“Mr. Onyema led the stabilization, growth, demutualization
and restructuring of The Nigerian Stock Exchange to NGX Group Plc, a public
company limited by shares, which is a significant milestone in the
organisation’s history. He also led 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.”
The retiring GMD/CEO, Onyema also commented:
“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.
“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.”
The GMD/CEO designate, Mr. Popoola 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 have been instrumental in shaping NGX Group, and I am honored 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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