It was cerebral Radio Presenter and Pan African University lecturer Jide Benson who first sent me the press notice of Temi’s elevation as GMD of the NGX Group adding the proviso ‘fear who no fear you Edgar’.
He was referring to our struggle to instil corporate governance at the premier exchange. The fight was rough and gruesome. It almost cost me my Colunm with a National Newspaper as powers that be fought back as we pushed very aggressively with the pen to ensure that the Exchange was run very transparently.
Eventually, common sense prevailed, its Chairman stepped down, board seats were aligned and true separation between the group and the subsidiary which housed the bourse was effected.
Shortly, after a new Board at the Group level led by my brother Alhaji Umaru Kwairanga and peopled by such financial wizards like Mohammed Garuba of Cardinal Stone and Nonso Okpala of VFD Group emerged.
A new lease of life was effected at the exchange and Kwairanga’s team hit the road running. Major reforms were put in place and the results started showing almost immediately with the payment of dividends to its shareholders amongst other novel activities.
Oscar Oyema the erstwhile GMD after overseeing an initial reform structure which saw the Exchange move from a mono platform to a Group structure, opening it up to other areas like Real Estate and the rest indicated his intention to retire after a very colourful tenure.
This threw the exchange into a frenzy of speculations. Who will replace Oscar was what was on everybody’s lips. The Exchange needed to be well-positioned to battle its many challenges both macro and inbred.
At the macro level, the mess that was the national economy with firms delisting as a result of bad economic headwinds, opaque regulations leading to loss of confidence by both shareholders and listed companies and also the fierce competition by FMDQ with the firm backing of the CBN was pursuing a monopolistic agenda.
Inhouse staff morale remains at its lowest, with grumblings from all strata of the workforce leading to low productivity amongst other such malaise affected the NGX’s ability to compete and play its role as a major vehicle of economic growth.
So the job of the Board was well cut out for it. I stood very firmly in favour of Temi Popoola. All enquiries made to me by some influential members of the Board saw me pushing Temi’s Candidacy very aggressively.
I felt he had the positioning, pedigree and experience to take over from Oscar at this time knowing fully well that what the NGX needs is a strong international profile, an understanding of the evolving marketplace with technology, media and entertainment leading in positioning and with a new Government at the centre, a strong bridge that would give it access to the power bases of the new government.
I didn’t see anybody within the immediate horizon in or outside the NGX that could lead it along the aforementioned Temi and this made my support for him very narrow-focused and almost nepotististic.
It was SEGUN George the brilliant Investment Banker who had first mentioned Temi to me like 7 years ago.. I had just secured a new job at the iconic CSL and was very worried about my circumstances after the disaster that was Investment One.
Segun said, ‘Oh I have a chap there, he is in charge of their International Business, call him and he will settle you down perfectly.
That was how my relationship with Temi evolved. Temi was calm and extremely brilliant. He understood very clearly the confusion that was international trading. He led CSL into a consistent top 5 positioning in both value and volume on the tables for all of the times I was there, defeating me soundly almost every week.
So it was no wonder he got snatched by the former Russian-owned mega investment banking conglomerate and where from he was headhunted into the NGX.
Since getting there, Temi has grown in confidence, leading a strategic team which pulled the new President of Nigeria into a historic visit to the American Exchange amongst other great initiatives he has fostered on the bourse.
His clarity of purpose and diligence with his duties I am sure made it very easy for his elevation into the substantive position of the GMD of the NGX Group.
It is at this point that I must now be harsh with Temi. Temi must move with his eyes wide shut. He must open his eyes to the need to maintain the growth trajectory of what is being seen as the sleeping giant in some quarters.
He must also shut his eyes to the nuances that pervade life at the exchange and open his eyes to the immense possibility that abounds in the marketplace.
He must give the subsidiary that houses the exchange more freedom to flourish while supporting them by ensuring that he provides better clarity as to the direction of growth.
He must move with respect, he must provide an enabling environment for ideas and very importantly push the Exchange towards the huge fintech space ensuring a bridge between their valuation-driven positioning and the more realistic profitability ethos is bridged so that more listing’s from that sector can be achieved.
I do not doubt in my mind, that Temi has the qualifications and the boldness to grow the platform phenomenally hence my joy at this one appointment.
While wishing him well, I repeat, he must move very carefully with his eyes wide shut.
Congrats bro!
Duke of Shomolu
