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Nigerian Exchange Group Announces Jude Chiemeka as Chief Executive Officer of Nigerian Exchange Limited

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Nigerian Exchange Group Plc (NGX Group) is proud to announce the appointment of Mr. Jude Chiemeka as the Chief Executive Officer of Nigerian Exchange Limited (NGX or The Exchange), effective July 1, 2024.

This follows the approval by the Securities and Exchange Commission (SEC).

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

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

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

He has also held significant positions 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, Mr. Chiemeka is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK.

Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX Group, 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.”

Mr. Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, added, “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.”

Mr. Temi Popoola, GMD/CEO of NGX Group, commented, “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.”

Expressing his gratitude, Mr. Chiemeka remarked, “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.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Appointments

CBN Replaces Nigerian Security Printing and Minting Plc Management Team

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The Central Bank of Nigeria (CBN) has dismissed the top management team of the Nigerian Security Printing and Minting Plc (NSPM), appointing Abubakar Sule Minjibir as the acting Managing Director.

This development was disclosed in an internal memo titled “House Notice No. 2083 – Executive Management Changes,” signed by Soji Ogungbesan, General Manager of Corporate Services at NSPM.

The newly appointed interim executive management includes Abubakar Sule Minjibir as the Acting Managing Director, Mohammed Mustapha as General Manager of Finance and Strategy, and Adesoji Ogungbesan as General Manager of Corporate Services.

Minjibir succeeds Ahmed Halilu, the former MD and CEO of NSPM, who had been appointed by the former President Muhammadu Buhari in 2022.

Halilu’s appointment had sparked controversy due to his reported familial ties with Aisha Buhari, the former President’s wife.

The memo, dated July 10, 2024, stated: “The board has announced the immediate dissolution of the present executive management team of the NSPM and has approved the immediate constitution of an interim executive management team.”

The memo also assured staff of the new management’s commitment to their welfare and the strategic initiatives and organizational transformation developed by the board.

Staff members were encouraged to cooperate with the new management team to achieve the board’s strategic vision for the company.

Alongside Halilu, the other executives dismissed include Ado Danjuma, Executive Director of Corporate Services; Tunji Kazeem, Executive Director of Security Documents; Chris Orewa, Executive Director of the Lagos factory; and Victoria Lucky Irabor, Company Secretary and Legal Adviser.

The dismissal and appointment of new management come amid concerns raised by various groups about the previous leadership’s connections and the potential implications for the security and integrity of sensitive materials produced by the NSPM.

The Gravitas Group, an international advocacy organization, had previously condemned Halilu’s appointment, calling it a “family affair” and expressing concerns about the concentration of such sensitive responsibilities within a familial relationship to the President.

As the CBN moves forward with the new interim leadership, it aims to steer NSPM towards achieving its strategic goals and ensuring the integrity and efficiency of its operations.

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United Bank for Africa Welcomes Emmanuel Nnorom to Board

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The United Bank for Africa Plc (UBA), Africa’s leading global bank, has announced the appointment of Emmanuel Nnorom as its new non-executive director, effective April 30, 2024.

This strategic appointment has received the approval of the Central Bank of Nigeria (CBN) as of May 13, 2024.

In an official statement, UBA highlighted the significance of Nnorom’s addition to the board. “Africa’s Global Bank, United Bank for Africa Plc (UBA), hereby announces the appointment of Emmanuel Nnorom as a non-executive director effective April 30, 2024.

The Central Bank of Nigeria (CBN) granted approval for this appointment on May 13, 2024.”

Tony Elumelu, Group Chairman at UBA, expressed his enthusiasm about the appointment.

“The appointment of Emmanuel Nnorom, a professional with considerable experience in the sector, emphasizes our Group’s commitment to strong governance and excellence. Nnorom brings a track record of working in critical sectors of the Nigerian economy, including power, and a pan-African perspective that complements our existing Board.”

With over 40 years of experience in financial services and audit, Nnorom’s extensive background includes significant board roles with listed companies.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).

Also, he is an alumnus of Templeton College, Oxford, further underscoring his vast expertise and qualifications.

UBA, which provides retail, commercial, and institutional banking services across several countries, including the United Kingdom, the United States of America, France, and the United Arab Emirates, continues to lead in financial inclusion and the implementation of cutting-edge technology.

This appointment comes at a time when UBA is celebrating record-breaking financial achievements. The bank recently reported over N2 trillion in revenue and a profit of N607.69 billion, the highest in its banking history.

Nnorom’s appointment is expected to bolster UBA’s board, bringing a wealth of knowledge and a fresh perspective to the bank’s operations. His experience in both financial services and critical sectors of the economy will be invaluable as UBA continues to expand its footprint and reinforce its commitment to excellence and strong governance.

As UBA continues to navigate the complexities of the global financial landscape, the addition of a seasoned professional like Emmanuel Nnorom signals the bank’s dedication to sustaining its growth trajectory and maintaining its position as a leading financial institution in Africa and beyond.

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Ebenezer Olufowose Takes Helm at First Bank of Nigeria Limited as Chairman

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First Bank of Nigeria Limited has announced the appointment of Mr. Ebenezer Olufowose as its new Chairman.

This significant change follows the completion of the tenure of Mr. Tunde Hassan-Odukale, in accordance with the Central Bank of Nigeria’s Corporate Governance Guidelines, which mandates a maximum of twelve years for a Non-Executive Director.

Mr. Olufowose, a seasoned veteran in the financial services industry, brings over 36 years of experience to his new role.

He assumes the position of Chairman with a wealth of expertise garnered from his diverse background in Corporate Finance, Project Finance, and Investment Banking.

Prior to his appointment as Chairman, Mr. Olufowose served as a Non-Executive Director on the Board of First Bank of Nigeria Limited, a position he held since April 29, 2021.

He is also the Group Managing Director of First Ally Capital Limited, a reputable investment banking firm headquartered in Lagos.

His impressive career trajectory includes pivotal roles at Access Bank Plc and Citibank Nigeria, where he played instrumental roles in leading and executing corporate finance and investment banking transactions.

He spearheaded Citigroup’s origination, structuring, and execution of various high-profile deals in Nigeria.

Mr. Olufowose commenced his banking journey in 1985 at NAL Merchant Bank Plc (NAL), where he honed his skills in Corporate Planning and Finance.

Armed with a first-class honours degree in Economics from the University of Lagos and an MA in International Economics from the University of Sussex, England, Mr. Olufowose has continuously pursued excellence in his field.

Throughout his career, he has actively participated in numerous management and leadership training programs at esteemed institutions such as the Institute of Management Development in Switzerland, Harvard Business School in Boston, USA, and INSEAD in Singapore.

Also, he is an alumnus of the Harvard Business School and the Lagos Business School, further solidifying his reputation as a seasoned professional in the banking sector.

Mr. Olufowose’s commitment to professional development is evident in his affiliations with prestigious bodies such as the Chartered Institute of Bankers of Nigeria, where he holds an Honorary Senior Membership, and the Institute of Credit Administration and the Association of Investment Advisers and Portfolio Managers, where he is recognized as a Fellow.

As he assumes his new role as Chairman of First Bank of Nigeria Limited, Mr. Olufowose is poised to lead the institution with integrity, vision, and a steadfast commitment to excellence.

With his extensive experience and proven track record, he is well-positioned to guide the bank through its next phase of growth and reinforce its position as a leading financial institution in Nigeria.

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