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NGX Group appoints Temi Popoola as CEO-designate

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Nigerian Exchange Group has announced the appointment of Temi Popoola as the Group Managing Director/Chief Executive Officer-designate of the group ahead of the retirement of the current GMD, Oscar Onyema, next year.

According to a statement signed by the Group Company Secretary, Obehi Ikhaghe, on Friday, the appointment takes effect on January 1, 2024.

Also, the Executive Director, Capital Market of the exchange, Jude Chiemeka, has been appointed Acting CEO of Nigerian Exchange Limited.

The statement partly read, “Further to the receipt of the Securities and Exchange Commission’s No-Objection to the announcement of the appointment, Nigerian Exchange Group Plc is pleased to announce the appointment of Mr. Temi Popoola as GMD/CEO designate effective 1 January 2024 subject to SEC’s formal approval of the appointment.

“Mr. Jude Chiemeka has also been appointed as the Acting Chief Executive Officer of Nigerian Exchange Limited effective 1 January 2024.”

It was revealed that Onyema, will complete his tenure on March 31, 2024, and ahead of this, he will embark on his terminal leave on January 1, 2024.

Commenting on the appointments, the Chairman of NGX Group, Umaru Kwairanga, said “I’m 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 stabilisation, growth, demutualisation 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.”

The GMD/CEO, Oscar Onyema, in his comments, said, “I’m 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 said, “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 modernisation of the Nigerian market infrastructure space and the demutualisation and restructuring of NSE under Mr. Onyema’s guidance have been instrumental in shaping NGX Group, and I’m 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’m 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.”

According to the profile of the CEO-designate who is currently the CEO, NGX and a member of NGX Group Executive Committee chaired by Onyema, 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.

Popoola joined NGX in 2021 as CEO of Renaissance Capital (Rencap) where he was the Managing Director and CEO for West Africa.

He graduated with a first-class degree in Chemical Engineering from the University of Lagos and holds a Masters degree from Massachusetts Institute of Technology. He is a Chartered Financial Analyst and a Chartered Stockbroker.

Also, Chiemeka who is currently the Executive Director of Capital Markets responsible for Trading, Products Development and Listings at NGX, has almost 30 years experience in Securities Trading and Asset Management across markets in Africa.

Before joining NGX, he was the MD/CEO of United Capital Securities, a subsidiary of United Capital Plc listed on NGX.

He is a Fellow and Council Member of the Chartered Institute of Stockbrokers, a Member of the Institute of Directors, 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.


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MultiChoice vs FCCPC: Only President has Power to Fix Prices- Court

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The Federal High Court sitting in Abuja on Thursday ruled over a dispute between the Federal Competition and Consumer Protection Commission (FCCPC) and MultiChoice Nigeria over the recent hike in subscription fees for DStv and GOtv services, declaring that only the President has the power to fix or suspend prices in Nigeria.

MultiChoice vs FCCPC: Only President has Power to Fix Prices- Court

Justice James Omotosho,  trial Judge,ruled that the suit filed by MultiChoice Nigeria constituted an abuse of court process as similar proceedings were already pending elsewhere, adding that the plaintiff should have pursued its arguments in that court, rendering the current filing procedurally inappropriate.

Justice Omotosho noted that while the FCCPC has investigative powers under its establishing Act, it lacks the authority to fix or suspend prices unless specifically delegated by the President through a gazetted instrument and held that such delegation was not presented to the court.

“The power to fix prices is exclusively that of the President. Any decision taken without such delegation is a nullity,” the Judge held and added that Nigeria operates a free market system and service providers like MultiChoice retain the right to set their prices, with consumers free to accept or reject them.

The Judge further ruled that FCCPC’s actions, including directing MultiChoice to suspend its price increase, breached the company’s right to fair hearing and appeared selectively targeted.

He dismissed the FCCPC’s claim that MultiChoice held a dominant market position, calling the argument untenable.

“The use of services like those provided by the plaintiff is discretionary and not essential. Nigeria can do without it,” he added and warned that attempts to fix prices by regulatory bodies could scare off investors and harm the economy of the country.

The court held that while the FCCPC may investigate market practices, it cannot impose price controls without proper legal backing.

MultiChoice Nigeria, the parent company of DStv and GOtv, announced a price hike on March 1, 2025, citing inflation and rising operational costs. The adjustments saw subscription fees increase by up to 25% across various packages.


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Navigating the Maze: Solutions for Nigeria’s Flourishing Foodtech Industry

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By Diana Tenebe, Chief Operating Officer, Foodstuff Store

Nigeria’s foodtech sector holds immense promise to transform our nation’s food production, distribution, and consumption systems.

However, this burgeoning industry currently navigates a complex maze of challenges that could significantly hinder its progress. While innovation and entrepreneurial drive are abundant, a confluence of infrastructural deficits, economic headwinds, technological disparities, and logistical complexities casts a shadow on the sector’s long-term viability.

Understanding and addressing these multifaceted hurdles is paramount for foodtech companies aspiring to thrive and contribute meaningfully to Nigeria’s food security.

One of the most significant impediments to the foodtech sector’s advancement is Nigeria’s persistent infrastructural weaknesses.

The unreliable power supply, a well-known constraint for businesses nationwide, directly threatens food preservation, increasing spoilage risks and driving up operational costs for companies reliant on refrigeration and consistent processing.

Similarly, the often-deteriorated state of our road networks complicates logistics and transportation, hindering the efficient movement of goods from farms to consumers and across the supply chain.

Furthermore, limited access to clean water exacerbates operational challenges, particularly for maintaining food processing and hygiene standards. Collectively, these infrastructural shortcomings inflate operational expenses and introduce vulnerabilities throughout the food supply chain.

Economic constraints add another layer of intricacy. Fluctuations in currency exchange rates create instability in pricing and procurement, especially for businesses dealing with imported technologies or ingredients. Persistent inflation erodes consumer purchasing power and increases the cost of essential inputs, squeezing profit margins for startups.

Moreover, limited access to credit and investment capital makes it difficult for emerging foodtech companies to secure the necessary funding to invest in crucial technology, infrastructure, and expansion efforts.

This financial constraint can stifle innovation and prevent promising ventures from reaching their full potential.

The digital divide also poses a unique challenge for foodtech companies aiming to leverage online platforms and digital solutions. While mobile phone usage is widespread in Nigeria, disparities in digital literacy and access to reliable internet connectivity can restrict the widespread adoption of online food ordering and delivery services, particularly in rural and underserved communities.

This necessitates creative and inclusive strategies to bridge the digital gap and reach a broader consumer base.

Inefficiencies within the supply chain represent a critical bottleneck in the Nigerian food system. Fragmented agricultural supply chains, characterised by numerous intermediaries and a lack of transparency, contribute to alarmingly high post-harvest losses.

Inadequate storage facilities and inefficient transportation infrastructure further compound these issues, leading to significant waste and price volatility.

Addressing these systemic weaknesses is crucial for ensuring a stable and affordable food supply for all Nigerians.

Navigating Nigeria’s regulatory landscape can also be a daunting task for foodtech businesses. The presence of multiple regulatory agencies, coupled with often bureaucratic and time-consuming processes for obtaining licenses and permits, can create significant hurdles for startups. Clear, consistent, and streamlined processes within the regulatory framework are essential to foster a more enabling environment for innovation and growth.

Building consumer trust and acceptance for new food technologies requires overcoming inherent skepticism and unfamiliarity. Concerns regarding food safety, quality, and the security of online transactions can hinder the adoption of novel food products and digital platforms.

Transparent communication, robust quality control measures, and consistent consumer engagement are vital for building confidence and fostering widespread acceptance.
Finally, a notable talent gap exists within the Nigerian foodtech ecosystem.

A shortage of professionals possessing specialised skills in food science, technology, business management, and logistics can limit the growth and innovation capacity of companies in this sector. Addressing this skills deficit through targeted training and development initiatives is crucial for long-term success.

Despite these significant challenges, promising pathways forward can be forged through innovative and context-specific approaches. Investing in localised infrastructure solutions, such as independent power generation and efficient localised logistics networks, can mitigate the impact of broader infrastructural deficiencies.

Exploring diverse funding avenues beyond traditional banking, including angel investors, government grants, crowdfunding, and revenue-based financing, can alleviate financial constraints.

Adapting to the digital divide by leveraging basic mobile technology and employing offline strategies like local agent networks can expand reach and inclusivity.

Building resilient supply chains through direct farmer relationships, investing in aggregation centres, and utilising technology for farm management offer tangible solutions to logistical inefficiencies.

Proactive engagement with regulatory bodies and advocating for clearer, more supportive policies are crucial for navigating the regulatory landscape effectively. Building consumer trust necessitates transparent sourcing practices, clear communication about product benefits and safety, and active engagement with consumer feedback.

Finally, investing in talent development through collaborations with educational institutions and in-house training programs can bridge the critical skills gap.

Foodstuff Store is emerging as a business with a clear vision to directly confront several of these challenges. We are actively developing a decentralised network of businesses supported by strategically located distribution hubs across target states.

This approach will directly address the limitations imposed by poor road networks, ensuring more localised access to our food products.

Furthermore, the establishment of regional storage facilities, including a state-of-the-art solar-powered cold storage, directly tackles infrastructural deficiencies related to food preservation and ensuring a consistent supply.

Foodstuff Store’s ambition for end-to-end management of the food supply chain, encompassing in-house production, direct sourcing, advanced storage solutions, and efficient distribution, offers a powerful solution to existing supply chain inefficiencies.

This integrated approach promises enhanced quality control, significant reductions in post-harvest losses, and a more reliable supply of both perishable and non-perishable goods for our customers.

Our aspiration to become the “Amazon for Food Products” is a clear and ambitious goal underpinned by a technology-driven approach to all aspects of our operational management.

Foodstuff Store’s vision underscores a business model strategically designed to overcome significant hurdles within the Nigerian foodtech sector, offering a beacon of potential and a pathway to a more secure and efficient food system in a challenging yet remarkably promising landscape.


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History as TVC News Unveils Nigeria’s First AI-Powered News Anchors

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TVC News has broken new ground in Nigeria’s media space with the launch of the country’s first Artificial Intelligence (AI) news presenters.

History as TVC News Unveils Nigeria’s First AI-Powered News Anchors

Rolled out in May 2025, the AI anchors will deliver news bulletins in English, Yoruba, Hausa, Igbo, and Pidgin, reflecting the broadcaster’s commitment to technological advancement and linguistic inclusion.

The initiative is designed to enhance news delivery by supporting human journalists, not replacing them.

TVC Communications, the parent company of TVC News, described the development as a milestone in its efforts to integrate cutting-edge technology into broadcast journalism.

“We are thrilled to pioneer this innovation in Nigeria’s media industry,” said Victoria Ajayi, chief executive officer, TVC Communications.

“Our AI news anchors represent a new era in news reporting, and this move underscores our dedication to using technology as a tool for growth and progress.”

Ajayi clarified that the AI-generated content will undergo thorough editorial review.

“Trained journalists and editors will assess every output to ensure it meets our standards of accuracy, balance, and credibility,” she noted.

In response to concerns about the potential misuse of AI, the organisation said it had established rigorous editorial safeguards, including watermarking and verification protocols. It also reaffirmed its adherence to the Nigerian Broadcasting Code and journalistic ethics.

With this launch, TVC News has become a trailblazer in AI-assisted journalism in Africa, setting a bold example for future media innovation across the continent.


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