Jobs/Appointments
SEC Okays CEOs of Nigerian Exchange Group, Others
By Dipo Olowookere
The appointments of the chief executive officers (CEOs) of the demutualised Nigerian Stock Exchange (NSE) have been approved by the Securities Exchange Commission (SEC).
Recently, the SEC, which is the highest regulatory body for the capital market in Nigeria, authorised the unbundling of the exchange after meeting all the requirements, including registering with the Corporate Affairs Commission (CAC).
This transformed the NSE into a non-operating holding company known as the Nigerian Exchange Group (NGX Group) and three operating subsidiaries Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory company; and NGX Real Estate Limited (NGX RELCO), the real estate company.
Mr Oscar Onyema, who had been the CEO of the NSE, was appointed as the Group CEO of the NGX Group, while Mr Temi Popoola was made the CEO of NGX and Ms Tinuade Awe chosen as the CEO of NGX RELCO.
In his remarks, the Chairman of the NGX Group, Mr Abimbola Ogunbanjo, stated that, “The confirmation of these appointments are an important step in the process of building a leading and resilient African exchange group following the completion of our demutualisation programme.
“I am delighted to continue working with Oscar Onyema, who has played a significant role in the reshaping of the exchange.
“As a proven business leader and strategic thinker, I am confident that he will elevate the NGX Group and its subsidiaries successfully into a new era of development.”
On his part, the Chairman of the NGX, Mr A.B Mahmoud, said: “The confirmation of the appointment of Temi Popoola as the first CEO of the Nigerian Exchange Limited comes at a pivotal moment for Nigerian capital markets as the Exchange enters a new phase of its history as a demutualised company, bringing to the exchange his track record of achievement local and global capital markets.
“He will focus on ensuring the exchange delivers an even higher level of service for all its participants and stakeholders, including investors, listed companies and brokers.
“I look forward to working with him and his team in the new dispensation as we move forward on implementing the group’s growth strategy.”
On the part of the Chairperson of NGX REGCO, Ms Catherine Echeozo, “The clear separation of the regulatory and business functions is an essential part of the group’s operations following demutualisation and the board was determined to ensure the selection of an experienced regulator for this task.
“I believe all the exchange’s stakeholders will welcome the announcement of Tinuade Awe as the first CEO NGX Regulation, given her prodigious experience and track record in capital markets regulation.
“Our stakeholders can continue to look forward to a robust and transparent regulatory regime under her leadership.”
Who they are
Oscar Onyema
Mr Oscar Onyema until his new appointment served as the CEO and member of the National Council of the exchange from 2011 – 2021.
In this role, he was responsible for supervising the general work of the exchange. He serves as the Chairman, Central Securities Clearing System Plc (CSCS), the clearing, settlement and depository for the Nigerian capital markets; and Chairman, NG Clearing, which is in the process of developing a Central Counterparty Clearing House (CCP).
In addition, Mr Onyema is a board member of the National Pension Commission of Nigeria (PENCOM) and sits on several advisory boards including the London Stock Exchange Group (LSEG) Africa Advisory Group (LAAG).
Prior to relocating to Nigeria, he served as Senior Vice President and Chief Administrative Officer at American Stock Exchange (Amex). He also ran the NYSE Amex equity business following the merger of NYSE Euronext and Amex in 2008.
His remarkable achievements have earned him awards such as the Special Recognition Award for transformational leadership in the Nigerian Capital Markets at Business Day Top 25 CEOs Award 2018.
In 2015 Forbes Magazine named him among the Top 10 Most Powerful Men in Africa. In the preceding year, he received the national honour of Officer of the Order of the Niger (OON) from the Federal Government of Nigeria.
Mr Onyema is an alumnus of Harvard Business School, The Wharton School, University of Pennsylvania and INSEAD International Directors Programme. He got his MBA from Baruch College, New York; and BSc degree from Obafemi Awolowo University, Ile-Ife. He is a Fellow of the Institute of Directors (IoD) Nigeria, Fellow of the Chartered Institute of Stockbrokers (CIS), Associate of the Chartered Institute for Securities & Investment (CISI) in the UK, and holds FINRA Series 7, 24, 63 qualifications in the United States.
Temi Popoola
Mr Temi Popoola is a successful C-suite leader whose unique blend of business acumen, financial expertise, global market growth and operational insight has earned him a reputation built on verifiable career achievements.
A Wall Street trained investment banker, Mr Popoola joins NGX Ltd from Renaissance Capital (Rencap) where he was Managing Director and CEO for West Africa.
He supported the continuous growth, profitability and success of the organisation by providing strategic market insight and leadership. He led the transformation of Rencap in West Africa by diversifying the company’s revenue streams into fixed income, derivatives, structured products, debt financing and wealth management.
In addition to influencing change across the organisation, he was responsible for overseeing a global workforce, expanding foreign investor capital opportunities into West Africa and introducing enduring business processes and strategic initiatives.
Since his return to Nigeria in 2009, Mr Popoola has also worked with United Bank of Africa (UBA) as Head of Structured Products for Global markets and with CSL Stockbrokers Ltd as Head of Sales and Trading. In both of these positions, he guided growth and advancement for investors across global markets, including South Africa, the UK, the Middle East and the US.
Mr Popoola 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.
He graduated with a First-Class degree in Chemical Engineering from the University of Lagos and holds a Master’s degree from the Massachusetts Institute of Technology (MIT). He is a Chartered financial analyst (CFA) and a Chartered stockbroker (CIS). He holds Series 7 and 63 licensures.
Tinuade Awe
Ms Tinuade Awe, prior to attaining her new position, was an Executive Director, Regulation at the exchange. She also served as the General Counsel and Head of the Legal and Regulation Division as well as Council Secretary before becoming an Executive Director.
Before joining the exchange, Ms Awe worked with the United Nations in The Hague and Geneva as well as the New York offices of the global law firm, Simpson Thacher & Barlett and Banwo & Ighodalo in Lagos, Nigeria.
As Executive Director, Regulation, she had responsibility for the regulation of the two primary stakeholder groups of the exchange, i.e., the dealing members that trade on the exchange and issuers that have securities listed on the bourse.
Her team was responsible for rulemaking and interpretation, monitoring, inspections, market surveillance, investigations, regulatory technology, and enforcement.
She is a non-executive director of the Central Securities Clearing System Plc (CSCS) and also a member of the board of the Financial Reporting Council of Nigeria (FRC).
She chairs the FRC’s Board Corporate Governance Committee, which has board-level responsibility to monitor the implementation of the National Code of Corporate Governance (NCCG).
Among other professional pursuits, Ms Awe was a member of the Nigerian Senate’s Technical Advisory Committee to review the Bill for an Act to Amend the Companies and Allied Matters Act and the Bill for an Act to review the Investment and Securities Act.
Ms Awe has an LL.B Degree from the Obafemi Awolowo University, graduating as the Best Female Student in the Faculty of Law. She finished at the Nigerian Law School with First Class Honours, graduating as Best Overall Student. She also holds LL.M Degrees from Harvard Law School, where she was a Landon H. Gammon Fellow, as well as The London School of Economics and Political Science (LSE), where she graduated with a Merit. At the LSE, she was a British Council Scholar. She is admitted to both the Nigerian and New York Bars.
Ms Awe is a member of the Nigerian Bar Association (NBA) and the International Bar Association. She is an Associate Member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Institute of Capital Market Registrars (ICMR). She is a Life Member of the Institute of Directors. She is the recipient of The African Legal Awards 2018, General Counsel of the Year; Law Digest Africa Awards, General Counsel of the Year 2018, and Esq. Nigeria Legal Awards, General Counsel of the Year 2017.
By Adedapo Adesanya
Nigerian human resources management company, SeamlessHR, has raised a $9 million Series-A extension round, three years after it raised $10 million Series A funding.
The company plans to use the new funding to drive its expansion across Africa, which may include acquisitions.
The fresh funding was backed the Gates Foundation and Helios Digital Ventures. This is a change from the norm as the raise in 2022 was led by TLcom Capital, with significant contributions from Capria Ventures, Lateral Capital, Enza Capital, Ingressive Capital, and some private investors.
The startup builds world-class cloud solutions to help organisations manage most HR processes on one platform, will be looking to acquire a firm in Nigeria and set its sight on new frontiers in Southern and East Africa.
The new round of funding brings SeamlessHR’s total fund raised to about $25 million.
Before it raised the $10 million in 2022, it raised an undisclosed seed round from the same investors and Consonance Investment Managers in 2020. SeamlessHR, founded in 2018, raised a $150,000 pre-seed round from Tofino Capital and Ventures platform in 2019.
Announcing the raise, Mr Emmanuel Okeleji, SeamlessHR’s Co-founder and CEO said the raise will allow it to continue serving both private and public entities.
“Over the last 5 years, we have expanded across the continent to become the dominant HR and Payroll Software for medium to large enterprises in Africa.
“While we continue to accelerate our work to optimize workforce productivity in both the public and private sectors across the continent, much of our attention will also be on empowering hardworking Africans with responsible credit products that will help them use their employment as collateral to enjoy a better life,” he said.
SeamlessHR comprehensive suite of tools covers everything from core HR functions and performance management to payroll and recruitment. In 2024, they added an e-procurement platform to their product offerings.
Among some of its customer base including PwC, Sterling Bank, and Lagos Business School as well as entities in Ghana and Tunisia.
By Adedapo Adesanya
The Lagos State House of Assembly on Friday named four new principal officers, following the impeachment of the former Speaker, Mr Mudashiru Obasa, on Monday.
Mr Obasa, who was ousted as Speaker in absentia, a position he has held for the last nine years, was replaced by Mrs Mojisola Meranda (APC-Apapa 1).
Mr Obasa was impeached on Monday over alleged gross misconduct by 32 out of the 40 members.
The Clerk of the House, Mr Lekan Onafeko, was also suspended over alleged gross financial impropriety.
The House also dissolved all the standing committees inaugurated by the former speaker.
On Friday, Mrs Meranda, while presiding over plenary as Speaker, said the appointment of new officers arose from the change in the leadership of the House.
“The House has named Mr Temitope Adewale (APC-Ifako-Ijaiye 1) as the new Majority Leader, while Mr Adedamola Kasunmu (APC- Ikeja 1) is the new Deputy Majority Leader.
“This House has also named the Chief Whip, Mr Setonjo David (APC-Badagry 2), while the Deputy Chief Whip is now Mr Babatunde Saani (APC-Kosofe 2),” she said.
Before Mr Obasa’s impeachment, Mr Mojeed Adams was the Majority Leader, while Adedamola Kasunmu was the Deputy Leader.
Mr Mojeed Adams, the new Deputy Speaker, was the former Chief Whip, while Mr Setonji David was the Deputy Chief Whip.
Business Post reports that three lawmakers, primarily Mr Obasa, Mr Adams and Mr Akinsanya, were absent at the first plenary presided over by the new leadership.
By Aduragbemi Omiyale
Fidelity Bank Plc has received the authorisation of the Central Bank of Nigeria (CBN) to appoint three directors to its board, a statement from the lender has disclosed.
Business Post reports that the bank picked Mr Abdullahi Sarki Mohammed as an independent non-executive director, Ms Obiaku Augusta Okam as a non-executive director, and Mr Sufiyanu Ibrahim Garba as an executive director, all effective January 14, 2025.
The company disclosed that the three directors were chosen to strengthen its leadership in a strategic move to sustain its impressive performance, as Mr Isa Mohammed Inuwa and Mr Chidi Agbapu retired from the board as an independent non-executive director and a non-executive director, respectively.
The chairman of Fidelity Bank, Mr Mustafa Chike-Obi, in a notice to the Nigerian Exchange (NGX) Limited, welcomed the appointees to the board and looked “forward to leveraging their extensive experience to drive the bank’s strategic objectives and further its growth trajectory.”
Mr Mohammed brings over 36 years of experience in financial services, public administration, and human resources development, having held key leadership and executive roles at prestigious institutions including First Bank of Nigeria Plc and Polaris Bank Limited. His extensive expertise encompasses banking, public service, and business advisory.
On her part, Ms Okam boasts more than 30 years of impressive experience across the banking, financial services, real estate, and retail sectors. Currently the Managing Director/CEO of Skycurve Nigeria Limited, she has held leadership positions at Zenith Bank Plc and Nigeria International Bank Limited (Citibank).
As for Mr Garba, he has over 30 years of multifunctional and cross-border experience at leading financial institutions in Nigeria and the United Kingdom including executive and leadership roles at prestigious financial and non-financial institutions such as Access Bank Plc, Union Bank of Nigeria Plc and Keystone Bank Limited. His career background spans banking, financial services, public service, general management and business origination across a broad range of segments.
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