In anticipation of Oscar Onyema’s retirement next year, the Nigerian Exchange Group has announced the appointment of Temi Popoola as the group’s Group Managing Director/Chief Executive Officer-designate.
The appointment is effective January 1, 2024, per a statement signed on Friday by Obehi Ikhaghe, the Group Company Secretary.
Additionally, Jude Chiemeka, the exchange’s Executive Director of the Capital Market, has been named Acting CEO of Nigerian Exchange Limited.
The statement partly read, “Further to the receipt of the Securities and Exchange Commission’s No-Objection to the announcement of the appointment, Nigerian Exchange Group Plc is pleased to announce the appointment of Mr. Temi Popoola as GMD/CEO designate effective 1 January 2024 subject to SEC’s formal approval of the appointment.
“Mr. Jude Chiemeka has also been appointed as the Acting Chief Executive Officer of Nigerian Exchange Limited effective 1 January 2024.”
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).
“Mr. Onyema led the stabilisation, growth, demutualisation 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 GMD/CEO, Oscar Onyema, in his comments, said, “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. 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.”
On his part, 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 modernisation of the Nigerian market infrastructure space and the demutualisation and restructuring of NSE under Mr. Onyema’s guidance have been instrumental in shaping NGX Group, and I’m 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’m 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.”
He started his career in London as a portfolio manager specializing in 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, according to the profile of the CEO-designate, who is currently the CEO of NGX and a member of the NGX Group Executive Committee chaired by Onyema.
In 2021, Popoola became a part of NGX as CEO of Renaissance Capital (Rencap), where he held the positions of CEO for West Africa and Managing Director.
He has a master’s degree from Massachusetts Institute of Technology and graduated with honors from the University of Lagos with a first-class degree in chemical engineering. He holds the titles of Chartered Stockbroker and Chartered Financial Analyst.
Additionally, Chiemeka has nearly thirty years of experience in asset management and securities trading in African markets. She is currently the Executive Director of Capital Markets at NGX, where she is in charge of trading, product development, and listings.
He was the MD/CEO of United Capital Securities, a United Capital Plc subsidiary listed on NGX, 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.
