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NGX Group appoints Temi Popoola as GMD/CEO Designate, as Oscar Onyema retires

Popoola at WFE highlights plans to revamp technology infrastructure, attract listings, FPI

Nigerian Exchange Group Plc (NGX Group) has appointed Temi Popoola as the GMD/CEO designate effective January 1, 2024. This is further to the receipt of the Securities and Exchange Commission (SEC) No-Objection to the announcement of the appointment.

This announcement marks the succession of Oscar N. Onyema, whose tenure as GMD/CEO will conclude on March 31, 2024, following the commencement of his terminal leave on January 1, 2024.

Temi Popoola is currently the CEO, Nigerian Exchange Limited (NGX) and a member of NGX Group Executive Committee chaired by Onyema.

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, Popoola joined NGX in 2021 as CEO from Renaissance Capital (Rencap) where he was 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.

Popoola 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).

Jude Chiemeka appointed acting CEO of NGX

Consequently, Jude Chiemeka, Executive Director and Head of the Capital Markets Division, responsible for Trading, Products Development and Listings at NGX, has been appointed Acting CEO of NGX effective 1 January 2024.

Commenting on the appointments, 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 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 from 2021 -2024.

Onyema led the stabilisation, growth, demutualisation and restructuring of The Nigerian Stock Exchange to NGX Group, 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 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 N. Onyema, also commented as follows: “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, Popoola commented as follows: “I step into this new role at NGX Group 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”.