Connect with us

Featured

Change of Baton: Onyema Out, Popoola In at NGX

Published

on

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”.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

Tinubu Forced Obi, Kwankwaso to Work Together – Dele Momodu

Published

on

By

A chieftain of the African Democratic Congress, Dele Momodu, has claimed that President Bola Tinubu is the one who forced opposition leaders such as Peter Obi and Rabiu Kwankwaso into working together ahead of the 2027 elections.

In an interview on Channels Television on Wednesday, Momodu argued that the current unity among some opposition figures is not born out of genuine long-term commitment but is a reaction to pressure from the ruling government.

“Tinubu forced all of them together. And that is why they all moved in one direction. Which would have been beautiful, because it would have been like a two-party race,” Momodu said.

The publisher of Ovation International made the comment while reacting to the defection of Obi and Kwankwaso to the Nigeria Democratic Congress.

Obi, the 2023 Labour Party presidential candidate, dumped the ADC on Sunday alongside former New Nigeria People’s Party presidential candidate, Kwankwaso, citing legal disputes within the coalition and a toxic political climate.

The move sparked debate about a possible joint presidential ticket between the two opposition figures in the 2027 election.

Momodu, however, warned that the political situation has changed significantly since the 2023 election and cautioned against assumptions of automatic voter retention for major candidates.

“Are you saying that Tinubu will retain all the 8 million plus people that voted for him last time? How are you sure… What is the guarantee that Obi and Kwankwaso are the only people who will retain all those who voted for them last time? The situation has changed,” he queried.

Momodu added that if Tinubu allows a free and fair election, “he might not even get 3 million votes.”

He cited the poor performance of some G5 governors who could not secure senatorial seats in their states, including Enugu, Abia, and Benue, as evidence of shifting voter loyalty.

On coalition talks, the ADC chieftain said his party remains focused and steadfast.

He welcomed those willing to join but rejected any form of blackmail or the idea that victory depends on a single individual.

“Those who want to join should join. Those who do not want to join, you cannot succumb to blackmail. That only one man can make us win,” he declared.

He noted that the 2019 alliance between Atiku Abubakar and Obi did not produce victory, while their separate contests in 2023 also failed to unseat the ruling party.

He advised political actors to remain calm, quoting his late unlettered mother: “Stop running from whatever is chasing you, because you might run into what is chasing you.”

He wished the former Anambra governor well in testing his popularity elsewhere and stressed that no one should be forced out of the race based on one person’s claims.

Continue Reading

Featured

Nigerians Won’t Eat Your Bogus GDP Figures, ADC Tells FG

Published

on

By

The African Democratic Congress (ADC), on Wednesday, faulted the Federal government’s celebration of Nigeria’s reported GDP growth, saying the figures do not reflect the economic strain facing ordinary citizens.

The party’s position speaks to a growing gap between official claims of progress and the daily reality of rising food prices, shrinking incomes, job losses and mounting business costs across the country.

In a statement by its National Publicity Secretary, Bolaji Abdullahi, the ADC said economic growth is meaningless if it does not improve how people actually live.

“People do not eat GDP,” Abdullahi said.

The party said millions of Nigerians remain trapped in hunger, inflation, unemployment and weakening purchasing power despite government claims of recovery.

Rejecting the government’s narrative, the ADC said, “The African Democratic Congress (ADC) rejects the Federal Government’s attempt to use headline GDP figures to whitewash the deep economic suffering Nigerians are currently enduring across the country.

“No government should be celebrating economic statistics while millions of its citizens are battling hunger, poverty, collapsing purchasing power, and rising hopelessness.

“The reality of the Nigerian economy is not what is written in government presentations. The reality is what Nigerians confront every day in markets, on farms, in factories, in shops, and in their homes.”

The party pointed to intensifying pressure on households and businesses nationwide.

Abdullahi said: “Food prices are unbearable. Transportation costs have become punitive. Small businesses are shutting down daily under the crushing weight of inflation, energy costs, and weak consumer demand. Salaries have lost value. Families who once lived modestly are now struggling to survive.

“Economic growth that does not reduce suffering, create jobs, improve incomes, or restore dignity to citizens is empty growth. Growth that only exists in official reports while citizens descend deeper into hardship is not meaningful progress.”

The ADC also questioned what Nigerians are being asked to celebrate under current conditions.

The party said, “The purpose of governance is not to manage public relations for economic statistics. The purpose of governance is to improve the living conditions of the people.

“What exactly should Nigerians celebrate? The fact that food inflation continues to devastate households? That millions of young Nigerians remain unemployed or underemployed? That businesses are collapsing faster than new ones are emerging? That more citizens are slipping into poverty despite working harder than ever?”

Calling for a shift in approach, the party urged the government to prioritise measurable improvements in citizens’ welfare over headline figures.

The ADC said: “A government that is serious about economic recovery would show humility, acknowledge the pain Nigerians are experiencing, and focus on delivering measurable improvements in living conditions instead of celebrating figures that have no meaning to hungry citizens.

“The ADC believes that the true test of economic policy is simple: Can Nigerians live better today than they did yesterday? For millions of Nigerians, the answer is no.

“Nigeria needs an economy that works for ordinary people, not an economy that only looks impressive in presentations to investors and international institutions.

“Until growth is felt in the homes of ordinary citizens, through affordable food, stable electricity, decent jobs, lower business costs, and improved purchasing power, this government has no moral basis to declare economic success.”

Continue Reading

Featured

I’m Not Leaving ADC, Rhodes-Vivour Vows

Published

on

By

The 2023 governorship candidate of the Labour Party (LP), in Lagos State, Gbadebo Rhodes-Vivour, has opted out of the Obidient Movement, saying he is not leaving the African Democratic Congress, ADC.

Rhodes-Vivour is a staunch supporter of Peter Obi, who moved from the ADC to the Nigerian Democratic Congress, NDC, on Sunday.

Since Obi and his prospective 2027 running mate, Rabiu Kwankwaso, joined NDC, there has been a gale of defections from the ADC to NDC.

However, in a statement on Tuesday, Rhodes-Vivour said himself and his team would remain in ADC to fight for a better Nigeria.

“To those who have made the difficult decision to move on to a new platform, I offer my genuine respect and best wishes.

“These are hard choices, We are all fighting for a better Nigeria, even when our roads diverge. I want to make it clear that I am staying in the ADC,” he said.

Continue Reading

Trending