Change of Baton: Onyema Out, Popoola In at NGX

The Group Managing Director and CEO of Nigerian Exchange (NGX) Group Plc, Mr. Oscar Onyema, is set to retire from the company effective December 31, 2023.

In his place, Mr. Temi Popoola will step in as successor effective January 1, 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 on Friday through 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).

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: thus

“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”.