The complexities of the equity and stock market systems have traditionally been perceived as male-dominated.
However, in a landscape characterized by the ebb and flow of profit and loss, influenced by public perception, government policies, and investor confidence, women are now taking the lead.
Unfazed by rising inflation, interest rate hikes, and market uncertainties, these female leaders bring over a decade of experience to the financial ecosystem.
While the stock market’s dynamics remain fluid and somewhat volatile, these influential women are redefining what leadership means in an inclusive and diverse industry.
They transcend stereotypical professional norms without compromising on standards and quality, particularly in a market like Nigeria, filled with potential but marked by occasional setbacks.
For instance, on August 29, 2023, the Nigerian Exchange Limited (NGX) achieved a historic milestone as its All-Share Index (ASI) surged to a new all-time high of 66,490.34 points, surpassing the previous record set in 2008.
This resurgence was a stark contrast to the 2008 bubble that burst due to the global financial crisis and collapsing oil prices, plunging the ASI from 57,990 points to 20,827 points.
Since then, the market has struggled to recover, with cumulative losses of -11.6% from 2007 to 2022.
Against this backdrop, we introduce the top 10 influential female leaders at the helm of stockbroking/ wealth management firms as CEOs and Executive Directors in 2023, shedding light on their contributions to the industry.
Tinuade Awe-CEO of NGX Regulation Limited
Tinuade Awe, the current Chief Executive Officer of NGX Regulation Limited, boasts an impressive career in the financial and legal sectors.
Before assuming her current role, she served as the General Counsel and Head of the Legal and Regulation Division at The Exchange.
Notably, she also acted as the Secretary to the National Council of The Exchange from January 2011 to October 2015. Her career spans over 25 years.
- In her role as Executive Director of regulation, Awe oversees the regulation of two pivotal stakeholder groups at The Exchange: The Dealing Members and issuers with securities listed on the Exchange.
- Furthermore, she plays key roles as a Trustee of the Investors’ Protection Fund of The Exchange and as a member of the Board of the Financial Reporting Council of Nigeria (FRC).
- She has a law degree from the Obafemi Awolowo University, Nigerian Law School First Class Honors, LL.M Degrees from Harvard Law School and The London School of Economics and Political Science, and admission to both the Nigerian and New York Bars.
The Nigerian Stock Exchange (NGX) All-Share Index appreciated by 29.52% to close at 66,382.14 index points in the third quarter of 2023. This development pushed the market to its 15-year high on the back of strong positive sentiments.
Tumi Sekoni- Managing Director of FMDQ Securities Exchange Limited
Tumi Sekoni is the Managing Director of FMDQ Securities Exchange Limited. She is also a Non-Executive Director of FMDQ Clear Limited, FMDQ Depository Limited and iQx Consult Limited.
- She has built her career across Trading, Operations, Business Analysis, Business Development, Products and markets Development, Marketing and Project Management in various organisations including Guaranty Trust Bank PLC, Goldman Sachs International, UBS London and Merrill Lynch.
- In July 2023, FMDQ FMDQ acquired 1 billion shares of CSCS The trades were consummated at a share price of N18 per share and traded on the NASD. The deal has been two years in the making since it was first announced two years ago.
Fiona Ahimie- Managing Director of FBNQuest Securities
Fiona Ahimie, the Managing Director of FBNQuest Securities and the first-ever female Vice President of the Chartered Institute of Stockbrokers (CIS), possesses a distinguished background in investment banking. Her journey began at Stanbic IBTC Stockbrokers. In 2014, she joined FBNQuest Capital as the Head of Sales Trading and a member of the International/Local Institutional Client Sales Team.
- In May 2015, Fiona assumed the role of Managing Director at African Alliance Securities Nigeria, part of the Pan-African Investment Banking Group, where she focused on expanding trading market share, the customer base, and international/local transaction traffic.
- Later, in October 2016, she joined FBNQuest Securities to lead the Equities Brokerage function. Her responsibilities included broadening the clientele base locally and globally, enhancing transaction flow, and securing a place on the top 5 securities league table in 2018.
- Fiona actively contributes to the financial industry as a member of the NASD audit committee and a Council Member of the Chartered Institute of Stockbrokers of Nigeria.
Toyin Sanni- Executive Vice-Chair /Group CEO Emerging Africa Group
Toyin Sanni, with over 36 years of expertise in Law, Finance, and Investment Banking, presently serves as the Group Chief Executive Officer of the Emerging Africa Group, a Financial Services Group which includes, Investment Banking, Financial Technology, Venture Capital and Microfinance Banking. Her extensive experience includes a prior role as the Group CEO of United Capital Plc, a Pan African Investment Bank.
- In addition to holding a Master’s degree in law, Toyin boasts professional qualifications as a Fellow of the Chartered Institute of Stockbrokers, Fellow of the Chartered Institute of Secretaries and Administrators, and membership in the Chartered Institute of Securities and Investments, United Kingdom.
- She chairs the Technical Committee on Financial Literacy of the Nigerian Capital Market and is the Ambassador/Co-chair for the Africa CEO Forum Network for Nigeria.
- Furthermore, Toyin takes on leadership roles such as chairing Women in Finance Nigeria and the Technical Committee on Financial Literacy.
- She actively participates in several boards and committees, including Transnational Corporation Plc, and the Off Grid Energy Fund – Financing Energy Inclusion (OGEF-FEI) sponsored by the AfDB and other International Development Finance Institutions.
- She is the Founder and Chairperson of the Women in Finance Nigeria Network and Founder of WIFNG UK.
Eniola Osula-Managing Director Greenwich Securities
Eniola Osula is a versatile investment professional with a strong track record.
Her career began in the media industry, where she served as an Analyst and Portfolio Manager covering financial and energy sectors of national interest for newspapers at Centre Point Investment Limited.
She went on to assume the role of Senior Investment Officer at Skyview Capital Limited before joining Greenwich Securities Limited.
- Eniola holds a BSc in Biochemistry from Ondo State University and an MBA in Management from Ambrose Alli University, along with a postgraduate Certificate in the Mechanics of Derivatives and Financial Products from Middlesex University, London.
- Eniola is a Fellow of the Chartered Institute of Stockbrokers, an Associate Member of the Association of Investment Advisers and Portfolio Managers, and a member of the Chartered Institute for Securities and Investment UK.
- Currently, she serves as the Managing Director of Greenwich Securities Limited, a subsidiary of Greenwich Merchant Bank.
Vanessa Ijeoma Amaechi- Managing Director, Futureview Securities Limited
Vanessa Ijeoma Amaechi is the Managing Director, Futureview Securities Limited, a Dealing Member firm of the Nigerian Stock Exchange (NSE) and a subsidiary of Futureview Group.
- She has over 16 years of experience in Investment Management, Equities Trading, Capital Market Operations, Risk Management, Strategic Leadership, Investment Advisory, Research and Investment Analysis, and Relationship Management.
- Before her current role, she was a Fund Manager with the Group’s Asset Management subsidiary and was responsible for managing portfolios for both institutional and retail clients.
- She is a Capital Market Sponsored Individual of the Securities and Exchange Commission (SEC) an Authorized Dealing Clerk of the Nigerian Stock Exchange (NSE) and an Associate Member of the Chartered Institute of Stockbrokers (CIS).
- She holds a Bachelor of Science (B.Sc.) Degree in Microbiology from Abia State University, Uturu and a master’s degree in business administration (Finance Specialization) from the University of Lagos, Akoka.
Bunmi Olarinoye- Head – Equities Dealing Stanbic IBTC Stockbrokers Limited
Bunmi Olarinoye was appointed to the Board of Stanbic IBTC Stockbrokers Limited on 28 November 2016.
She is an experienced capital market professional with over 17 years in Trade Executions, Business Development, Investment and Financial Management, Equity & Debt Capital raisings, listings, and sales as well as Relationship management and key capital market initiatives & developments.
- Bunmi Olarinoye joined the then Investment Banking & Trust Company Limited (IBTC) as a Treasury Officer in 2005. She has served in various capacities and taken up numerous key roles and responsibilities across different subsidiaries within the organization.
- In 2009 she moved to Stanbic IBTC Stockbrokers Limited as Head of Clientele Relationship Management until 2011 when she joined the Equities desk as Head Dealer, Retail Clients. She became Head of Equities and Dealing in 2014.
- She has a B.Sc. in accounting and is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN). She has an Executive MBA from the IE Business School, Spain and is a member of, the Money Market Association of Nigeria.
Nkoli Edoka- Managing director/CEO Cowry securities limited
Nkoli Edoka (MBA, MA, ANIM, FCS) is a seasoned Investment Professional with over 14 years of progressive experience in the Capital Market and Investments.
Her expertise spans General Finance, Financial Advisory, Securities Dealing, and Asset Management. She earned a master’s degree in Investments and finance with a focus on Investment Banking and capital markets from the London School of Business & Finance, alongside an MBA in Finance from Lagos State University.
- Nkoli’s career journey led her to Cowry Asset Management Limited in 2012, where she currently serves as the MD/CEO of the Securities Arm and Divisional Head of Retail Banking.
- Before this, she held various roles at IDEAL Securities and Investment Limited from 2004 to 2007, including Marketing Executive, Operations, Portfolio Manager, and authorized Securities Dealer.
- She worked at Primewealth Capital Limited from 2007 to 2012 as the Head of Capital Market and Head of Business Development & Securities Trading.
- Her professional background also includes roles at Afri-united Services Limited (Maritime) from 2000 to 2004 and the Nigerian Ports Authority (Abuja) from 1999 to 2000 during her service year in the Admin Department.
Abiola Adekoya- Lead Wealth Advisor at Artios Capital Limited
Abiola Adekoya is the Lead Wealth Advisor at Artios Capital Limited, a boutique wealth advising firm dedicated to providing private clients with creative financial solutions. She has almost two decades of expertise in the financial services industry.
- She worked as the MD/CEO of FBN Quest Securities, a subsidiary of First Bank of Nigeria Holdings Plc, as well as RMB Nigeria Stockbrokers, a part of the FirstRand Group, before transitioning to Artios Capital.
- She began her career in the banking industry, working for major banks in a variety of capacities in retail, commercial, and corporate banking.
- She holds a B.Sc. in Economics from the University of Lagos, an MBA from Lagos Business School, and is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
Adaku Ijara
Adaku Ijara is the Managing Director and CEO of Emerging Africa Asset management Limited, a provider of financial services aimed at facilitating the investment process for and with African entities and individuals.
- An investment professional, chartered wealth manager and astute corporate lawyer with 17+ years’ experience Ada was voted “Most Execution Focused Staff” of the year 2017 in the prior role at United Capital Trustees.
- Major achievements included the exponential growth of the Trust Fund under management which contributed significantly to Private Trust becoming the fastest growing business in United Capital in 2017. Emerging Africa Capital Group raised $1 billion in 2022 for clients and was founded in 2011.
Note: The women featured in this compilation have been carefully selected by a distinguished panel of editors, experts, and analysts at Nairametrics.
It is important to note that none of the women listed have solicited their inclusion. While this list aims to be comprehensive, it is by no means exhaustive; numerous other women have contributed and played significant roles in advancing the stock and equity market sector in Nigeria.
This compilation is exclusive to Nairametrics and may be updated periodically to reflect changes and advancements in the area. Feedback will be appreciated.
Nice report but seems not exhausted. Adedoyin Allen, an influential woman, leads Afrinvest Securities Limited as the Managing Director and Chief Executive Officer. Please research into it.
Infact, her deputy managing director is also another woman of influence, Taiwo Ogundipe.
Good reporting on these influential women. Please research more as we have a lot of women contributing to the development of Securities and Capital Market in Nigeria.
Impressive list.. a constant reminder to our younger generation that hard work pays and please make it cut across other sectors aswell.