NGX Appoints Temi Popoola As New CEO-designate

Temi Popoola has been announced as the new Group Managing Director/Chief Executive Officer-designate of the Nigerian Exchange Group (NGX).

Naija News understands that Popoola will take over from the current GMD, Oscar Onyema, who is due for retirement next year.

The fresh changes in the group were confirmed in a statement signed and issued on Friday by the Group Company Secretary, Obehi Ikhaghe. 

The NGX also confirmed the appointment of the Executive Director, of Capital Market of the exchange, Jude Chiemeka, to the position of Acting CEO of Nigerian Exchange Limited.

The new appointees are expected to resume duty next week as their appointment takes effect on January 1, 2024.

The statement confirming the appointments 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 Temi Popoola as GMD/CEO designate effective 1 January 2024, subject to SEC’s formal approval of the appointment.

“Jude Chiemeka has also been appointed as the Acting Chief Executive Officer of Nigerian Exchange Limited effective 1 January 2024.”

Onyema’s tenure will come to an end on 31 March 2024, with his terminal leave commencing on 1 January 2024.

Commenting on the latest development, the Chairman of the NGX Group, Umaru Kwaranga, said it was pleasing to announce the significant changes in the management structure of the leadership of the company, which is an indication of effective succession planning.

He extended his appreciation to Obeyema for his exemplary leadership, first as the Chief Executive Officer of the Nigerian Stock Exchange (NSE) from 2011 to 2021 and then as General Manager and Chief Executive Officer (GMD/CEO) of the company from 2021 to 2024.

“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 statement noted.

Reacting, the GMD/CEO, Oscar Onyema, 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 Onyema’s guidance has been instrumental in shaping NGX Group, and I’m honoured 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.”

Profile of CEO-designate: Popoola

Popoola is currently the CEO of NGX and is a member of the Board of Directors of the Nigerian Stock Exchange (NSE).

Popoola started his career as a portfolio manager in London, focusing on African energy markets.

He then moved to New York to work as a Senior Equity Derivatives Trader at Bank of America Securities, where he was responsible for driving firm profitability by offering derivative solutions to U.S. corporations and family office clients.

Popoola joined the board of directors of NGX in 2021.

Popoola was previously the CEO and Managing Director of Renaissance Capital (rencap), where he was also the managing director and CEO of West Africa.

Popoola holds a first-class Bachelor of Science degree in Chemical Engineering, the University of Lagos, and a Masters degree in Mechanical Engineering from the Massachusetts Institute of Technology ( MIT).

Popoola is also a chartered financial analyst and a chartered stockbroker. Chiemeka is currently the executive director of capital markets and is responsible for trading, product development and listings at

He is a Fellow and Council Member of the Chartered Institute of Stockbrokers, a Member of the Institute of Directors, 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, Lagos Business School and the University of Oxford, UK.