Zeal Akaraiwe Takes the Helm at FMDQ Group Plc
Zeal Akaraiwe has been appointed the new Chief Executive Officer of FMDQ Group Plc, pending regulatory approval. He takes over from Mr. Bola Onadele Koko, who retires after a transformative 12-year tenure as Managing Director and CEO of the organization.
A Track Record of Leadership in Financial Advisory
Before assuming his role at FMDQ, Akaraiwe was the founder and CEO of Graham Black Advisory, a firm dedicated to risk and derivatives advisory services for businesses and financial institutions across Africa. His extensive experience spans over 25 years in financial markets across West Africa, Southern Africa, and the UK, with a focus on derivatives, risk management, market development, and financial regulation.
Contributions to Standard Chartered Bank
During his six-year tenure at Standard Chartered Bank, Akaraiwe served as Head of Global Market Sales for Nigeria from January 2008 to February 2014. In this capacity, he was responsible for the bank’s treasury sales framework, catering to corporate, institutional, and central bank clients. Under his leadership, the business generated more than 40 percent of the bank’s global market revenue in Nigeria, while the financial institutions division’s revenue rose by over 300 percent in 2008, with corporate sales revenue also exceeding annual growth of 100 percent.
Strategic Vision for FMDQ
Akaraiwe’s appointment represents a strategic move by FMDQ to heighten its focus on market innovation and the development of risk management products. As Nigeria aims to expand its financial landscape and attract both domestic and foreign investments, Akaraiwe’s leadership is expected to play a crucial role in this endeavor.
A Legacy of Innovation Under Onadele’s Leadership
The change in leadership comes as Mr. Onadele prepares to step down at the end of 2024 after a decade of significant contributions. During his leadership, FMDQ achieved remarkable innovations in Nigeria’s fixed income, currency, and derivatives markets. Noteworthy milestones include the introduction of the USD/NGN non-deliverable forward market in 2016 and the launch of exchange-traded derivatives in 2023, which incorporated bond futures and naira-settled foreign exchange futures into the Nigerian market.
Pioneering Derivatives Markets in Africa
Akaraiwe is regarded as a pioneer in derivatives markets across Africa, having advised central banks and regulators on the legal and operational frameworks necessary for developing modern risk transfer markets. His extensive contributions to governance and public policy discourse include hosting a weekly program, Critical Thinking, on LagosTalks 91.3 FM and authoring the book “It Is Time.”
Looking Ahead
As Akaraiwe steps into his role, the FMDQ Group is poised to benefit from his wealth of experience and vision, paving the way for continued innovation and expansion in Nigeria’s financial markets.
