Business
NGX Group Unveils Jude Chiemeka As CEO, Nigerian Exchange Ltd
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.
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”.
The Nigerian naira appreciated further against the U.S. dollar in both the official and black markets, closing the week with significant gains.
Data from FMDQ shows the naira strengthened to N1631.21 per dollar on Friday, improving from Thursday’s exchange rate of N1659.26, marking a gain of N28.05.
In the parallel market, the naira also performed well, rising by N10 to N1670 per dollar on Friday from N1680 exchanged the previous day.
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Despite a drop in foreign exchange transaction turnover, which fell from $450.39 million on Thursday to $238.36 million on Friday, the local currency’s appreciation underscores positive market sentiment.
These gains follow recent policy measures introduced by the Central Bank of Nigeria (CBN) aimed at stabilizing the naira.
Recall that on Thursday, the CBN introduced new FX code guidelines and electronic FX matching to reduce speculation and enhance market transparency.
As the week closes, traders and investors are hopeful that these interventions will continue to stabilize the naira amid persistent currency fluctuations in the forex market.
The Federal Government of Nigeria has announced that 63 items have been exempted from Value-Added Tax (VAT) as part of ongoing efforts to stimulate economic growth and support key industries.
This was disclosed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in a post on X on Friday.
The exempted items are outlined in the “Value Added Tax (Modification) Order, 2024,” which was officially gazetted on September 3, 2024.
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The exemptions primarily target goods and equipment related to clean energy and the oil and gas sectors, signaling the government’s commitment to transitioning to more sustainable energy sources and revitalizing the oil and gas industry.
This announcement came just two days after Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed the introduction of key fiscal incentives aimed at boosting Nigeria’s oil and gas sectors, both upstream and downstream.
The incentives include the VAT modification order and a notice of tax incentives for deep offshore oil and gas production, under the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order, 2024.
Here are all 63 items exempted from Value-Added Tax (VAT)
1. CNG/LPG Dual Fuel Vehicles
2. Dedicated LPG Vehicles
3. CNG/LPG Dual Fuel Vehicles Parts
4. Semi-knocked down units (for assembly) of CNG and LPG Buses
5. Parts and semi-knocked down units (for assembly) of Electric Vehicles
6. Electric Vehicles
7. Electric Vehicle Batteries
8. Electric Vehicle Charging Systems
9. Electric Vehicle Solar Charging Systems
10. LPG/CNG Conversion Kits
11. CNG Cylinders
12. CNG Cascades
13. CNG Dispensers
14. Gas Generators
15. CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers)
16. Steel Pipes
17. Steel Valves & Fittings
18. SS Tubes & Fittings
19. Storage Tanks (all sizes)
20. Regulators
21. CNG Pumps and Compressors (all types)
22. Steel
23. Pressure Relief Valves
24. Hydraulic Press/Rolling Machines
25. Heat Treatment Equipment
26. Liquid Level Gauges
27. Pumping Housing and Motors
28. Regulator Bodies
29. Pressure Gauges
30. Truck Chassis
31. Metering and Measuring Equipment (including weighbridges, filling scales)
32. Dispensing Equipment (dispensing scales, nozzles, gas filling systems)
33. Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)
34. Gas Water Heaters
35. Gas Burners for Industry
36. Gas Boilers
37. Gas Washing Machines and Dryers (launderettes)
38. Household or Laundry-type Washing Machines, including machines that both wash and dry
39. CNG, LPG, and Cryogenic Hoses
40. Tubes, Pipes, and Hoses, and Fittings (e.g., joints, elbows, flanges) of Plastics
41. CNG Truck Heads
42. Gas Leak Detectors
43. Gas Air Conditioners
44. Cylinder Refurbishment Equipment
45. Blending Skid/Unit
46. Odourizing Units
47. Chromatography Unit (GC)
48. LNG Liquefying Equipment
49. Heat Exchangers
50. LNG Vaporizers
51. Regassification Plant
52. Liquefied CNG Compression Terminals
53. LNG Plant, Machinery, Pumps, Compressors, Filters (including Gas Filters), Weighing Machines, Valves Equipment
54. Cryogenic Storage Tanks
55. Liquefied CNG Conversion Tanks
56. Pipes, Piping Fittings, and Flanges for LNG Processing
57. Electrical Equipment, including Cables for LNG Processing
58. Steel Plates, Angles, and Bars for LNG Processing
59. LNG-Related Chemicals
60. Biogas Digesters
61. Biogas Compressors
62. De-sulphurization Units
63. Distillation Columns for Processing Biofuels
The Central Bank of Nigeria (CBN) has unveiled a new Electronic Foreign Exchange Matching System (EFEMS) to streamline foreign exchange transactions within the Nigerian Foreign Exchange Market (NFEM).
The system, set to be implemented by December 1, aims to promote transparency, market-driven exchange rates, and curb speculative practices in the foreign exchange market.
In an official statement by Omolara Duke, Director of the Financial Markets Department at the CBN, the EFEMS will be a major tool for improving market governance and allowing the CBN to maintain greater oversight of foreign exchange activities.
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“This development is expected to reduce speculative activities, eliminate market distortions, and give the CBN improved oversight capabilities to effectively regulate the market,” Duke said.
EFEMS will require all authorized dealers to conduct foreign exchange transactions through a centralized platform approved by the CBN.
These transactions will be reflected immediately, providing real-time transparency to market participants.
A two-week trial period is scheduled for November before the full implementation in December.
Real-time prices will be published during the live phase of the system, allowing the public to access up-to-date market information.
Additionally, the CBN will collaborate with the Financial Markets Dealers Association (FMDA) to provide detailed rules and guidelines for EFEMS.
The Nigerian FX Code and revised Market Operating Guidelines will offer guidance to participants, and authorized dealers will be expected to meet compliance standards before the system goes live.
Market participants have been urged to ensure that all necessary documentation, training, and system integrations are completed prior to the launch.
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