The Nigerian Exchange Group Plc (NGX Group) is pleased to unveil the appointment of Jude Chiemeka as the Chief Executive Officer of the Nigerian Exchange Limited (NGX), its operating exchange subsidiary, effective July 1, 2024.

A statement from the NGX under the signature of its Head, Group Communications and Partnerships, Clifford Akpolo has it that the announcement follows approval from the Securities and Exchange Commission (SEC).

Biztellers reports that since January 1, 2024, Chiemeka has been serving as the acting CEO of NGX, succeeding Temi Popoola, who transitioned to the role of Group Managing Director and Chief Executive Officer of NGX Group.

READ MORE: https://biztellers.com.ng/sec-ngx-group-restate-commitment-to-capital-markets-digital-transformation/

Chiemeka brings close to three decades of experience in African securities trading and asset management to his new role.

His career includes serving as Executive Director of Capital Markets at NGX and MD/CEO at United Capital Securities Limited.

He also worked at leading investment banking firms in Nigeria such as Chapel Hill Denham Securities and Rencap Securities (Nigeria).

A Fellow of the Chartered Institute of Stockbrokers, Chiemeka is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK.

The Group Chairman, NGX Group, Alh Umaru Kwairanga, stated, ‘‘This strategic appointment aligns perfectly with our succession plan and reinforces the synergy we continuously foster across our group operations. Mr. Chiemeka’s extensive experience and proven leadership qualities are invaluable assets that will propel NGX towards long-term success. Under his leadership, I am confident that NGX will play an even more pivotal role in contributing to the sustainable growth for both Nigeria’s and Africa’s economies”.

On the appointment, Chairman of Nigerian Exchange Limited, Ahonsi Unuigbe, said, “The Board of NGX is pleased to confirm Mr. Chiemeka’s appointment as CEO of The Exchange. It is our hope and expectation that he will drive growth and innovation, enhance our operational perspectives, democratize investment in the capital market, and unlock opportunities for investors’’.

On his part, GMD/CEO, NGX Group, Temi Popoola, noted, “I am delighted to see Mr. Chiemeka step into the role of CEO of NGX. His extensive experience and deep understanding of our markets will be crucial in driving NGX’s growth while aligning with our broader group strategy. I look forward to working closely with him to unlock value and to create new opportunities for stakeholders across the entire NGX Group ecosystem”.

According to Chiemeka, “I am honored to be appointed as CEO of NGX at this critical period of The Exchange’s history and my sincere appreciation goes to the Boards of NGX Group and NGX. As we aim to build on our achievements and maximize value for all stakeholders, I look forward to forging strong collaborations with NGX’s exceptional team and the broader capital market community. We are committed to creating a more dynamic and inclusive exchange that fuels Nigeria’s economic growth and competes on the global stage”.

In a sudden turn of events, Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, fell below the $59,000 mark early Thursday, erasing weeks of gains.

The sharp decline was attributed to remarks from US Federal Reserve Chair, Jerome Powell on inflation reduction and intensified selling pressure following a $9-billion release from Mt. Gox.

The market downturn also affected other major cryptocurrencies.

Ether experienced a significant drop, losing over 4% to fall below $3,200. Other leading cryptocurrencies, including Binance’s BNB, Solana, and Dogecoin, saw declines of 5.8%, 9%, and 6.5%, respectively.

The overall Market Fear & Greed Index, as reported by CoinMarketCap, stood at 45, indicating a neutral sentiment.

Despite the widespread downturn, Worldcoin (WLD), led by Sam Altman, defied the trend, emerging as the biggest gainer with a nearly 6 percent increase over 24 hours.

Conversely, Akash Network (AKT) suffered the most significant loss, plunging almost 13 percent in the same period.

After consistently trading above $60,000, Bitcoin fell to under $59,000, down more than 3.8% in the last 24 hours.

The decline is attributed to concerns over the Mt. Gox exchange’s payout process. Administrators of the now-defunct platform are set to distribute more than 137,000 Bitcoins, valued at around $8 billion, to creditors.

This substantial payout, which will occur in phases, has sparked fears that creditors might sell off their returned crypto assets, leading to further price drops as creditors of Mt. Gox will receive their repayments in Bitcoin (BTC) and Bitcoin Cash (BCH).

Starting July 8, 2024, the Nigerian government will implement a 7.5 percent Value Added Tax (VAT) on cryptocurrency transactions for users registered in the country.

This move was announced by the popular cryptocurrency platform, KuCoin, in an email to its Nigerian users.

KuCoin stated in the notice: “We are writing to inform you of an important regulatory update that impacts out users from the Republic of Nigeria.

“Beginning July 8th, 2024, we will collect a Value-Added Tax (VAT) at a rate of 7.5 percent on transaction fees for users whose KYC information is registered in Nigeria.”

Nigeria’s cryptocurrency market is substantial, with official data indicating an annual transaction volume of $59 billion.

Additionally, Ray Youssef, director of the cryptocurrency platform NoOnes, reported that peer-to-peer trading in Nigeria is valued at $500 billion annually.

This announcement comes on the heels of concerns raised by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who in February 2024 flagged a suspicious $26 billion that had been funneled through Binance without a trace.