Business
Change Of Guards At NGX, Popoola, Chiemeka Step Up, Onyema Bows Out
Sequel to the Securities and Exchange Commission (SEC)’s No-Objection to the announcement of appointments, the Nigerian Exchange Group Plc (NGX Group) has disclosed the appointment of Temi Popoola as GMD/CEO designate effective January 1, 2024.
This was revealed in statement made available to Biztellers in Lagos by Group Company Secretary, NGX, Obehi Ikhaghe.
Biztellers reports that in a related development, Jude Chiemeka has been appointed as the Acting Chief Executive Officer (CEO) of Nigerian Exchange Limited (NGX) effective January 1, 2024.
The appointments are subject to SEC’s formal approval in keeping with extant laws governing the Nigerian capital market, Biztellers reports.
It was gathered that the current GMD/CEO, NGX, Oscar N. Onyema, would be finishing his tenure on 31 March 2024.
However, ahead of this, Onyema would embark on his terminal leave effective January 1, 2024.
Popoola is currently the CEO, NGX and a member of NGX Group Executive Committee chaired by Onyema.
He is a successful C-suite leader upon whom his unique blend of business acumen, financial expertise, global market growth and operational insight have bestowed a reputation of 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 the NGX in 2021 as CEO from Renaissance Capital (Rencap) where he was the Managing Director and CEO for West Africa.
At the 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).
On his part, Chiemeka is currently the Executive Director of Capital Markets responsible for Trading, Products Development and Listings at the NGX.
He is a member of the NGX’s Executive Committee chaired by Popoola.
He has over 29 years’ experience in Securities Trading and Asset Management across markets in Africa.
Prior to joining the NGX, he was the MD/CEO of United Capital Securities, a subsidiary of United Capital Plc listed on the 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, Lagos Business School and the University of Oxford, UK.
On the appointments, Chairman, NGX Group Plc, Umaru Kwairanga, 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.”
In the same vein, Onyema said, “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.”
On his part, Popoola averred, “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”.
Nokia has reported a net loss of €68 million for the first quarter of 2025, a sharp decline from the €438 million profit recorded during the same period last year.
The Finnish telecoms equipment maker attributed the downturn to global trade disruptions and recently imposed tariffs by the United States.
The company’s net sales dropped slightly to €4.4 billion, down by one percent year-on-year.
READ ALSO: Trade War: China Strikes Back Wth 125% Tariffs On U.S. Goods
Tariff-related challenges were highlighted by Nokia’s President and CEO, Justin Hotard, who acknowledged the broader economic pressures affecting the industry.
“We are not immune to the rapidly evolving global trade landscape,” Hotard stated. “However, based on early customer feedback, I believe our markets should prove to be relatively resilient.”
He also noted the potential short-term financial impact, saying, “Based on what we see today, we currently expect a EUR 20 to 30 million impact on our comparable operating profit in the second quarter from the current tariffs.”
Earlier this month, U.S. President Donald Trump introduced a 10 percent tariff on global imports, while pausing plans for steeper duties, including a proposed 20 percent levy on products from the European Union.
Despite the quarterly setback, Nokia expressed confidence in its growth prospects.
The company is looking to its Network Infrastructure, Cloud and Network Services, and Mobile Networks divisions to drive sales in the year ahead.
In a sign of continued momentum in the mobile segment, Nokia also announced on Thursday that it had extended its contract with T-Mobile US.
The company said it is continuing “to see positive signs of stabilization” in Mobile Networks.
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
ALSO READ: BREAKING: Again, Dangote Cuts Petrol Price To N835 per Litre
In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
READ ALSO: JUST IN: Vatican Discloses Cause Of Pope Francis’ Death
The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
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