News Wings

Tag: Mr. Jude Chiemeka

  • NGX Advances Capital Market Access with Ellah Lakes’ ₦235 Billion Equity Offer

    NGX Advances Capital Market Access with Ellah Lakes’ ₦235 Billion Equity Offer

    Nigerian Exchange Limited (NGX) has reinforced its role as a catalyst for capital formation with the launch of Ellah Lakes Plc’s ₦235 billion Offer for Subscription. The offer which was launched during a Facts Behind the Offer presentation at NGX, underscores the Exchange’s commitment to deepening access to long-term financing for businesses driving Nigeria’s real sector growth.

    Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, is raising ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share. The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025.

    Speaking at the event, Mr. Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for leveraging the Nigerian capital market as a springboard for expansion: “The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth. At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain. This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation.”

    Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the Offer as a pivotal step in the company’s evolution: “This Offer for Subscription is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of ₦12.50 per share, this raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to participate in a clear growth trajectory built on over 30,000 hectares of resilient, diversified assets and strong processing capacity. The ₦235 billion equity expansion marks our transition from foundation building to full-scale market expansion, driving sustainable profitability and advancing Nigeria’s food security agenda.”

    Mr. Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, further detailed the company’s deployment strategy: “Every naira from this raise has a clear strategic purpose. The proceeds will accelerate integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities. Our goal is to deliver a step-change in operational efficiency and scale, maximising value for shareholders and contributing to the broader agro-industrial ecosystem.”

    The launch of the Ellah Lakes Offer for Subscription demonstrates NGX’s continued commitment to connecting issuers with investors and supporting companies across growth sectors in accessing efficient capital. The transaction offers institutional and retail investors a unique opportunity to participate in one of Nigeria’s most ambitious agro-industrial expansion stories, reinforcing NGX’s position as the exchange of choice for transformative financing.

  • NGX Reaffirms Leadership in Advancing Africa’s Islamic Finance Ecosystem

    NGX Reaffirms Leadership in Advancing Africa’s Islamic Finance Ecosystem

    Nigerian Exchange Limited (NGX) has reaffirmed its leadership in advancing Africa’s Islamic finance ecosystem through the strategic expansion of its Non-Interest Finance Board and active engagement at the 7th African International Conference on Islamic Finance (AICIF), held in Lagos from 4th to 5th of November 2025.

    Organised by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), the two-day event convened policymakers, regulators, development partners, and market participants to explore policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.

    Speaking at the conference, Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group), said NGX’s Non-Interest Finance Board has become a central platform for expanding access to Sharia-compliant financial instruments and attracting investors seeking transparency, inclusivity, and sustainability. “Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds,” Dr. Kwairanga stated. “Our goal is to broaden market participation while channeling capital towards productive sectors of the economy.”

    The Exchange currently hosts over ₦1.3 trillion in listed Sukuk, reflecting growing investor appetite for assets that deliver both financial returns and social impact. In collaboration with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), NGX continues to strengthen governance frameworks and deepen the non-interest capital market to attract a broader base of ethical investors.

    Also speaking at the conference, Mr. Jude Chiemeka, Chief Executive Officer of NGX, highlighted the strategic role of non-interest finance in driving sustainable economic transformation and enhancing market inclusion. “At NGX, our Non-Interest Finance Board represents more than a platform, it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development,” said Chiemeka. “By leveraging innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa.”

    Vice President Kashim Shettima, represented by Dr. Tope Fasua, Special Adviser to the President on Economic Matters, described Islamic finance as a credible mechanism for fostering equitable prosperity and sustainable development, urging broader adoption across African economies.

    Nigeria’s non-interest capital market has recorded significant expansion in recent years, with sovereign Sukuk issuances raising over ₦1.4 trillion to fund multiple projects nationwide. As the market continues to mobilise long-term, low-cost capital for infrastructure and sustainable development, Nigeria stands poised to lead Africa’s transition toward a more inclusive, ethical, and resilient financial future.

  • NGX Launches Impact Board for Sustainable Instruments

    NGX Launches Impact Board for Sustainable Instruments

    Nigerian Exchange Limited (NGX) has unveiled its Impact Board, a dedicated platform for listing sustainability instruments, following approval from the Securities and Exchange Commission (SEC). This initiative was announced during a Closing Gong Ceremony in Lagos on Wednesday, July 10th, honouring Mr Balarabe Abbas Lawal, Minister of Environment, and commemorating the 8th Green Bond Advisory Group Meeting.

    The ceremony, which saw Mr. Lawal, Co-Chair, Green Bond Advisory Group Meeting, engage with investors and stakeholders on the proposed federal government Green Bond issuance, brought together key figures in Nigeria’s financial and environmental sectors. Attendees included Dr. Emomotimi Agama, Director-General of the SEC, alongside delegates from the Debt Management Office, Ministry of Environment, issuers, and issuing houses.

    This launch marks a pivotal moment in NGX’s steadfast commitment to integrating sustainability into the core of Nigeria’s capital market. By providing a high-visibility platform for sustainability instruments, NGX aims to usher in a new era of responsible investing, offering forward-thinking issuers access to purpose-driven capital.

    Addressing the pressing environmental challenges facing the country, Mr. Lawal emphasized, “With issues like flooding, pollution, and deforestation, we urgently need funds to tackle them. This is why we are approaching the market.” His sentiment was echoed by Dr. Agama, who affirmed SEC’s support: “We are ready to bolster the sustainable finance market, aiming to deepen it with diverse instruments that contribute to Nigeria’s sustainable development.”

    Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group) highlighted NGX’s capabilities, stating, “We possess the capacity, resources, and technology to raise the funds required by the Federal Ministry of Environment and the Nigerian economy to achieve the goals outlined in the Paris Agreement and the Sustainable Development Goals.”

    Mr. Ahonsi Unuigbe, Chairman of NGX, underscored the significance of the Impact Board, noting its potential to encourage issuers like the Federal Government to leverage the market for financing strategic, sustainability-focused projects.

    Further emphasizing the Group’s commitment, Mr. Temi Popoola, Group Managing Director and CEO of NGX Group, stated, “We are dedicated to driving sustainability with the right frameworks, which is why giving visibility to this class of instruments is crucial for achieving our goals.”

    Mr. Jude Chiemeka, CEO of NGX, framed the launch as more than just a new platform, describing it as “a paradigm shift in how we approach finance and development.” This sentiment was reinforced by Mr. Abimbola Babalola, Head of Trading and Products at NGX, who highlighted the Board’s potential to foster capital-raising opportunities and create new tradeable products for investors.

    The timing of the Impact Board’s launch, coinciding with the 8th Green Bond Advisory Group Meeting, underscores the growing momentum behind sustainable finance initiatives in Nigeria. This synergy between governmental environmental strategies and market-driven solutions promises to accelerate the country’s progress towards its sustainability goals.

    As Nigeria steps into this new chapter of sustainable finance, the Impact Board stands poised to attract both domestic and international investment, driving growth and supporting the nation’s sustainable development agenda. This innovative platform not only represents NGX’s vision for the future but also sets a new standard for responsible investing in Africa’s largest economy, potentially serving as a model for other emerging markets.

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

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

    Nigerian Exchange Group Plc (NGX Group) is pleased to announce the appointment of Mr. Jude Chiemeka as the Chief Executive Officer of Nigerian Exchange Limited (NGX or The Exchange), its operating exchange subsidiary, effective July 1, 2024, following the Securities and Exchange Commission (SEC) approval. Since January 1, 2024, Mr. Chiemeka has been serving as the acting CEO of NGX, succeeding Mr. Temi Popoola, who transitioned to the role of Group Managing Director and Chief Executive Officer of NGX Group.

    Mr. Chiemeka brings close to three decades of experience in African securities trading and asset management to his new role. His career includes serving as Executive Director of Capital Markets at NGX and MD/CEO at United Capital Securities Limited. He also worked 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.

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

    Commenting on the appointment, Mr. Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, said, “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, NGX Group on his part noted, “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”.

    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”.

  • NGX, PenCom to deepen PFAs equity participation with Pension Broad Index

    NGX, PenCom to deepen PFAs equity participation with Pension Broad Index

    Nigerian Exchange Limited, in collaboration with the National Pension Commission (PenCom) launched the NGX Pension Broad Index (NGXPENBRD) on 15 June 2023, which provides a broader benchmark for equities investment by the pension industry.

    The NGX Pension Broad Index is designed to track the performance of equity securities that adhere strictly to the profitability and dividend payment criteria, along with other parameters specifically tailored to the pension industry. With an all-encompassing approach, the index imposes no limits or caps on the number of stocks it can include as constituents. Currently featuring 84 equities, the NGX Pension Broad Index aligns seamlessly with the provisions of the Pension Reform Act of 2014 and the Amended Regulation on the Investment of Pension Fund Assets proposed by PenCom.

    The NGX Pension Broad Index has exhibited robust performance since its launch last year. The index stands out for its well-diversified composition, encompassing high-quality stocks across key sectors, including Banking, Insurance, Oil & Gas, Consumer Goods, and Industrial Goods.

    Mr. Jude Chiemeka, Acting CEO of Nigerian Exchange Limited, expressed gratitude for PenCom’s insightful partnership, stating, “The collaboration between NGX and PenCom underscores a shared commitment to fostering transparency, compliance, and growth within the Nigerian capital market. I am pleased with the approval granted by the National Pension Commission for the NGX Pension Broad Index (NGXPENBRD) to serve as the benchmark index for Nigeria’s Pension industry equity investment portfolios. This further solidifies the credibility of the index as a reliable yardstick for evaluating the equity performance of pension industry investments.”

    The NGX Pension Broad Index is poised to play a pivotal role in guiding investment decisions and enhancing the overall stability of Nigeria’s pension industry.

  • Appointment: NGX Group Announces Mr. Temi Popoola and Mr. Jude Chiemeka as GMD/CEO Designate of Nigerian Exchange Group Plc and Acting CEO of Nigerian Exchange Limited

    Appointment: NGX Group Announces Mr. Temi Popoola and Mr. Jude Chiemeka as GMD/CEO Designate of Nigerian Exchange Group Plc and Acting CEO of Nigerian Exchange Limited

    …Mr. Oscar N. Onyema, OON set to retire

    Further to the receipt of the Securities and Exchange Commission (SEC)’s No-Objection to the announcement of the appointment, Nigerian Exchange Group Plc (NGX Group) 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 (CEO) of Nigerian Exchange Limited (NGX) effective 1 January 2024.

    The current GMD/CEO, Mr. Oscar N. Onyema, OON will finish his tenure on 31 March 2024 and ahead of this, he will embark on his terminal leave effective 1 January 2024.

    Mr. Temi Popoola is currently the CEO, NGX and a member of NGX Group Executive Committee chaired by Mr. Onyema. He 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. He 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.

    A Wall Street-trained investment banker, Mr. Popoola joined NGX in 2021 as CEO from Renaissance Capital (Rencap) where he was the Managing Director and CEO for West Africa. At NGX, he oversaw and supported its continuous growth, profitability, and success by providing strategic market insight and leadership.

    Mr. Popoola graduated with a first-class degree in Chemical Engineering from the University of Lagos and holds a Masters’ degree from Massachusetts Institute of Technology (MIT). He is a Chartered Financial Analyst (CFA) and a Chartered Stockbroker (CIS).

    Mr. Chiemeka is currently the Executive Director of Capital Markets responsible for Trading, Products Development and Listings at NGX. He is a member of NGX Executive Committee chaired by Mr. Popoola. He has over twenty- nine (29) years’ experience in Securities Trading and Asset Management across markets in Africa. Prior to 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 (FCS), a Member of the Institute of Directors (IOD), 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.

    Commenting on the appointments, Alhaji (Dr.) Umaru Kwairanga, the Chairman of NGX Group Plc, stated, “I am 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 stabilization, growth, demutualization 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, Mr. Oscar N. Onyema, OON also commented as follows: “I am 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.”

    The GMD/CEO designate, Mr. Popoola commented as follows: “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 modernization of the Nigerian market infrastructure space and the demutualization and restructuring of NSE under Mr. Onyema’s guidance have been instrumental in shaping NGX Group, and I am honoured 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 am 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”.

  • Islamic Development Bank Institute Joins Forces with Nigerian Exchange Limited to Boost Islamic Capital Markets in Nigeria

    Islamic Development Bank Institute Joins Forces with Nigerian Exchange Limited to Boost Islamic Capital Markets in Nigeria

    …the workshop attracted 90 participants from across the Nigerian economic and financial sector

    The Islamic Development Bank Institute (IsDB Institute) joined forces with the Nigerian Exchange Limited (NGX) to deliver an influential Islamic capital markets capacity-building workshop in Lagos, Nigeria.

    Organized under the theme “Economic Growth and Business Development Opportunities through the Islamic Capital Markets”, the workshop aimed to contribute to deepening the Nigerian capital markets through the listings and issuances of Islamic financial instruments.

    The workshop was held on 21 November 2023 and attracted 90 participants from across the Nigerian economic and financial sector. These included the Securities and Exchange Commission, National Pension Commission, Debt Management Office, Lagos State Government, NGX staff, and pension fund administrators. Others were senior representatives from law firms, banks, investment banks, fund managers, leasing and asset management companies, and heads of leading corporate and financial industry associations.

    The program commenced with keynote speeches by Mr. Jude Chiemeka (Executive Director, Capital Markets at the NGX), Mr. Dayo Obisan (Executive Commissioner, Operations at the Securities and Exchange Commission), and Dr. Sami Al-Suwailem (Acting Director General, IsDB Institute).

    The keynote messages celebrated this important partnership between the IsDBI and the NGX, and highlighted the prominent role that Islamic financial products and services can play in supporting Nigeria’s economic development, including through Sukuk for infrastructure projects, as well as providing liquidity to the corporate sector through equity and fund listings.

    The rest of the day featured six interactive and tailored capacity building sessions providing practical knowledge to the participants on Islamic capital markets regulations, products, and services. The sessions included discussions on contemporary issues and practices of Islamic finance in different jurisdictions and enriching the participants’ learning experience with real example case studies and success stories from around the world.

    The last session featured an open dialogue between the participants and the IsDBI trainers on practical measures needed to utilize Islamic capital markets to support inclusive economic growth and sustainable business practices in Nigeria. The overall program and its sessions were organized and delivered by two Senior Islamic Finance Specialists at IsDBI: Mr. Syed Faiq Najeeb and Dr. Abozer Mohamed.

    A closed-door workshop was also held on 22 November 2023 at the NGX Group House as a roundtable with the two IsDBI trainers and the NGX management and staff, focusing on building the prerequisite enabling environment at the NGX for boosting Islamic capital markets activity.

    Overall, this partnership between the IsDBI and the NGX opens doors for a longer-term strategic relationship between both institutions to further develop and deepen the Islamic capital markets in Nigeria.