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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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NERC Discloses $5.7 Million Debt Owed by International Customers for Q3 2024 Electricity Supply

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Nigerian Electricity Regulatory Commission (NERC) has disclosed that international customers owe $5.7 million for electricity supplied in the third quarter (Q3) of 2024.

The debtors include Paras-SBEE and Transcorp-SBEE from the Benin Republic, Mainstream-NIGELEC from Niger, and Odukpani-CEET from Togo.

Under an international treaty, Nigeria exports electricity to neighbouring countries like Benin Republic, Togo, and Niger.

In its latest quarterly report, NERC stated that market operators (MO) issued invoices totaling $12.19 million to six international firms for services rendered in Q3, out of which $6.49 million was paid.

“In 2024/Q3, the six (6) international bilateral customers purchasing power from the grid-connected GenCos made a cumulative payment of $6.49 million against the $12.19 million invoice issued to them by the MO for services rendered in 2024/Q3,” the report said.

“Similarly, the domestic bilateral customers made a cumulative payment of ₦1,566.51 million against the ₦2,100.79 million invoice issued to them by the MO for services rendered in 2024/Q3.”

NERC highlighted that some bilateral customers—both domestic and international—made payments in Q3 2024 to settle outstanding invoices from previous quarters. “Odukpani-CEET made a payment of $1.33 million towards outstanding invoices from previous quarters,” the report revealed.

“Similarly, the MO received ₦31.51 million from the domestic bilateral customers (North-South/Star Pipe; ₦9.50 million and Trans-Amadi (OAU/FMPI); ₦22.01 million) towards outstanding invoices from previous quarters.”

However, NERC noted that its special customer, Ajaokuta Steel Co. Ltd, along with the host community, failed to make any payments towards the ₦1.26 billion (NBET) and ₦0.11 billion (MO) invoices received in Q3 2024.

“This continues a longstanding trend of non-payment by this customer, and the Commission has communicated the need for intervention on this issue to the relevant FGN authorities,” the commission said, warning that continued non-payment could lead to total disconnection from the national grid.

In September, Shuaibu Audu, the Minister of Steel Development, signed a memorandum of understanding (MoU) with Messrs Tyazhpromexport (TPE) for the rehabilitation, completion, and operation of the Ajaokuta Steel Plant and the National Iron Ore Mining Company (NIOMCO).

By December, Natasha Akpoti-Uduaghan, chairperson of the Senate Committee on Local Content, announced plans to commence the revitalisation of the Ajaokuta Steel Company plants in the first quarter (Q1) of 2025.


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QNET Collaborates with Lagos Food Bank to Aid Vulnerable Children

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QNET, a global lifestyle and wellness-focused direct-selling company, has partnered with the Lagos Food Bank Initiative (LFBI), a non-profit organization dedicated to nutrition and hunger relief, to provide nutritious food and gifts to 1,000 vulnerable children in Makoko, Lagos.

This initiative is part of QNET’s end-of-year social impact activities.

Supported by QNET’s legal partner, Transblue Limited, the project is part of LFBI’s Education Enhancement Intervention for Food Insecure Students (EDUFOOD) program that addresses malnutrition and food insecurity among underserved students by providing healthy meals and essential educational resources.

A report by the United Nations International Children’s Emergency Fund (UNICEF) highlights that Nigeria has the second-highest burden of stunted children globally, with a national prevalence rate of 32% among children under five.

Furthermore, an estimated 2 million Nigerian children suffer from severe acute malnutrition (SAM).

Biram Fall, QNET’s Regional Manager for Sub-Saharan Africa, highlighted the importance of this initiative: “Guided by our principle – Raise Yourself To Help Mankind (RYTHM), we believe that education and good health for children are the cornerstones of a thriving society.

Partnering with LFBI allows us to make a tangible impact on vulnerable children’s lives, reflecting our mission to empower youths and improve communities.”

Akeem Ajisafe, Managing Director of Transblue Limited, shared his thoughts: “This collaboration not only addresses food insecurity but also brings joy to young hearts, allowing them to truly experience the spirit of Christmas. Together, we are fostering hope, joy, and a brighter future fo r all.”

Michael Sunbola, Executive Director of LFBI, expressed gratitude for the partnership:“QNET’s support empowers us to reach even more children during this season of celebration, improving their health and unlocking their potential. Together, we are building a foundation for a brighter future.”

The partnership underscores QNET’s commitment to sustainable development, aligning with the United Nations Sustainable Development Goals (SDGs), particularly Zero Hunger (SDG 2) and Quality Education (SDG 4).


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Spotify’s ‘Detty December’ Hub and Spotify’s ‘Songs of December’ now live

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Spotify today announced the launch of its ‘Detty December’ hub with playlists for December, a celebration of the vibrant festive season in West Africa and South Africa.

The hub is a one-stop shop for all things Detty December, with curated playlists featuring the biggest hits and emerging sounds of the season.

Users can find everything from Afrobeats and Amapiano anthems to chilled-out vibes for those much-needed recovery days.

“Detty December is a special time for our users in West Africa and ke Dezemba symbolises South Africa’s spirit of celebration,” said Phiona Okumu, Head of Music at Spotify Sub-Saharan Africa.

“We’re excited to be part of their celebrations with this dedicated hub and playlists, bringing them the best music to soundtrack their festive moments.”

This unapologetic season of street jams, back-to-back concerts, and endless summer fun has developed its own culture that draws diaspora and local fans alike.

The curated sounds of Spotify’s Detty December hub will pay homage to the Lagos rooftop lounges, Accra’s beachside festivals, and South Africa’s township tunes that keep people grooving.

In addition to the hub, Spotify has also launched a new playlist called ‘Songs of Detty December’.

This playlist is a curated list from Spotify Africa’s editors on the songs predicted to dominate this year’s Detty December. From DJ Skelm’s Afro Tech sounds to Flytime Fest’s tour of songs that tell Africa’s aspirational stories, the hub will be the home of takeover playlists that display Africa’s diverse talent.

Barrier-breaking Amapiano talent Kamo_ww has taken over a South African Summer playlist too.

Spotify is also supporting Jerk x Jollof, a popular event making its way to Africa for the first time, through its Frequency program. Held at The Ostrich event space, the Jerk x Jollof Cape Town takeover will feature DJs and artists such as TxC, DBN Gogo, Spinall, Sarz and Odeal, merging the spirit of Detty December and ke Dezemba experiences and bringing South and West African cultures and artists together.

“We’re committed to supporting African music and culture,” said Okumu.

“We believe that music is a powerful way to bring people together, and we’re excited to be part of the Detty December celebrations.”

You can keep the good vibes going as you make your way to the hotel, beach or next Detty December party with Spotify’s curated and immersive sound selection. Discover something new or run the year’s best party anthems back on your app today.

The ‘Detty December’ hub is available now on Spotify.


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