FMDQ Group Plc has appointed financial markets veteran Zeal Akaraiwe as its new Chief Executive Officer, marking a major leadership transition at Nigeria’s foremost over-the-counter financial market infrastructure group.
The appointment follows the retirement of Bola Onadele Koko, the pioneer Group Managing Director and Chief Executive Officer, who concluded a 12-year tenure that transformed FMDQ from a nascent market platform into a key institution within Nigeria’s financial markets ecosystem.
Reliable sources confirmed to Nairametrics that the appointment has been approved by market regulators.
Akaraiwe brings more than 25 years of experience across financial markets in West Africa, Southern Africa and the United Kingdom, with expertise spanning derivatives, risk management, treasury solutions, market development and financial market regulation.
Brief profile on new CEO
Before his appointment, he was Founder and Chief Executive Officer of Graeme Blaque Advisory, a boutique risk and derivatives advisory firm serving corporates, financial institutions and development partners across Africa.
- His career includes a six-year stint at Standard Chartered Bank, where he served as Head of Global Markets Sales for Nigeria between January 2008 and February 2014.
- In that role, he led the bank’s treasury sales franchise covering corporate, institutional and central bank clients, with responsibility for structuring and executing foreign exchange, interest rate and commodity solutions.
- During his tenure, the business reportedly generated more than 40% of the bank’s total Global Markets revenue in Nigeria, while revenue from the Financial Institutions segment grew by more than 300% in 2008 and corporate sales revenues recorded annual growth exceeding 100%.
Akaraiwe is widely regarded as one of the pioneers of derivatives markets in Africa, having advised central banks, regulators and market participants on the legal, operational and technical frameworks required to develop modern risk-transfer markets.
He is also known for his contributions to governance and public policy discussions, hosting the weekly Critical Thinking programme on LagosTalks 91.3 FM and authoring the book It Is Time.
What you should know
His appointment signals FMDQ’s intention to deepen its focus on market innovation, risk management products and capital market development as Nigeria seeks to broaden its financial markets and attract greater domestic and foreign investment.
The leadership transition follows the retirement of Onadele, who announced plans in late 2024 to step down after more than a decade leading the institution. Under his stewardship, FMDQ oversaw some of the most significant innovations in Nigeria’s fixed-income, currency and derivatives markets.
Among his most notable achievements were the introduction of the USD/NGN Non-Deliverable Forwards market in 2016 and the launch of FMDQ Exchange Traded Derivatives in 2023, which brought bond futures and naira-settled foreign exchange futures to the Nigerian market.
Nairametrics previously reported that Onadele’s exit package included approximately 1.3 billion Share Appreciation Rights (SARs), initially valued at about N9.9 billion. His departure marks the end of FMDQ’s founding era, while Akaraiwe’s appointment ushers in a new phase for the exchange group as it pursues its next stage of growth under an established succession framework that includes senior executives such as Group Chief Operating Officer Tumi Sekoni.
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