E-Financial
Chiemeka’s Appointment as NGX CEO will Deepen Market Growth – Professional Group

The appointment of Jude Chiemeka as the Chief Executive Officer (CEO) of the Nigerian Exchange Limited (NGX) has continued to generate widespread acclaim from industry professionals, who believe his extensive experience and proven leadership qualities will drive NGX towards sustained success.

Jude Chiemeka
Chiemeka, a seasoned executive with a robust background in finance and management, brings over 30 years of professional experience in securities trading, asset management, and investment banking across African markets.
He joined the Nigerian Stock Exchange as the Divisional Head of Trading Business in February 2019 and became the Divisional Head of Capital Markets in 2021. Before his current position, he was the Executive Director of Capital Markets at NGX.
As Chiemeka steps into his new role, the Securities and Investment Empowerment Network (SIEN), a prominent professional group in the finance sector, has described his appointment as a transformative force capable of deepening growth and further enhancing confidence in the market.
The group in a statement signed by its President, Dr. Albert Ogunseyinde, said Chiemeka’s extensive experience provides him with a deep understanding of the complexities of the financial markets and the strategic vision needed to navigate them.
“Chiemeka’s appointment as CEO of NGX is a testament to his exceptional leadership abilities and extensive industry experience,” said Ogunseyinde. “His deep understanding of the financial markets, coupled with his strategic acumen, makes him the ideal person to lead NGX into a new era of growth and innovation.
“His amiable leadership style, characterized by a commitment to excellence and a focus on stakeholder engagement, has earned him a reputation as a transformative leader.
“His previous roles have demonstrated his ability to drive organizational change, enhance operational efficiency, and foster a culture of transparency, accountability and empathy.”
Before joining the Exchange, Chiemeka worked at United Capital Securities Limited, a subsidiary of United Capital Plc. As the Managing Director/Chief Executive Officer, he led significant initiatives such as the first cross-border trading under the West African Capital Market Integration initiative.
He was also instrumental in strategy, market penetration, product development, and client management. Notably, he spearheaded the issuance and listing of the first Eurobonds Mutual Fund ($10M) on the Nigerian Exchange Limited and launched the Wealth for Women Mutual Fund, the first gender-focused mutual fund listed on the Exchange.
Before his tenure at United Capital Plc, Chiemeka served as the CEO/MD of Chapel Hill Denham Securities. In this role, he was responsible for strategy, leadership, product development, and customer relationship management.
Under his leadership, the firm ranked among the top 10 brokerage firms, accounting for over 70% of market trades with a 4% market share. Before that, he was the CEO/MD of RenCap Securities (Nigeria) Limited, a subsidiary of Renaissance Capital Plc, where he handled customer relationship management, trading, management reports, budgets, and client acquisition.
In 2008, he was the Head of Securities Trading at Afrinvest West Africa Ltd, managing fixed-income and equities transactions across African markets for international and domestic institutional clients. He participated in several landmark transactions, including the first Global Depository Receipts (GDR) transaction on the Nigerian Stock Exchange, Nigerian International Debt Fund, and Reverse GDR trades. His career began in 1994 at Dominion Trust Limited.
SIEN said with Chiemeka’s boisterous resume, NGX is expected to undergo significant advancements under his leadership. The group said industry experts anticipate that his strategic initiatives will focus on leveraging technology to enhance trading processes, improving market accessibility, and fostering investor confidence.
Chiemeka’s vision for NGX aligns with the broader objectives of positioning the exchange as a leading player in the global financial markets. The Nigerian Exchange Limited plays a crucial role in the nation’s economic development by facilitating capital formation and promoting investment opportunities. With Chiemeka at the helm, we are confident that NGX will continue to contribute significantly to the growth and diversification of Nigeria’s economy,” said Ogunseyinde.
“There is now a palpable sense of optimism about the future of the Nigerian Exchange Limited as the financial community looks forward to a new era under Chiemeka’s leadership. With his extensive experience, strategic vision, and commitment to excellence, we believe Chiemeka is well positioned to steer NGX towards a path of sustained success and greater prominence in the global financial ecosystem.”
Chiemeka, is a Fellow and Council Member of the Chartered Institute of Stockbrokers (FCS), a Member of the Institute of Directors (IOD), and the Chartered Institute for Securities & Investment (CISI), UK. He is also a Fellow of the Association of Investment Advisers and Portfolio Managers and an Associate of the Certified Pension Institute of Nigeria.
He holds degrees from the University of Oxford, UK, Lagos Business School, and the University of Lagos. He is married to Temitayo Chiemeka and they are blessed with Children.
E-Financial
Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
E-Financial
SEC Flags FF Tiffany as Ponzi Scheme

Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
E-Financial
AccionMonie App to Empower Low-Income Households

Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.
Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.
“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.
He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.
According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.
Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.
Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.
“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.
Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.
“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.
One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.
In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.
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