Nigerian Exchange Group Plc (NGX Group) has confirmed the appointment of Jude Chiemeka as the chief executive officer (CEO) of Nigerian Exchange Limited (NGX), its operating exchange subsidiary.

In a statement on July 4, the group said the appointment took effect from July 1 following the approval of the Securities and Exchange Commission (SEC).

According to the group, Chiemeka has been serving as the acting CEO of NGX since January 1, succeeding Temi Popoola, who transitioned to group managing director (GMD) and CEO of NGX Group.

NGX Group said Chiemeka brings close to three decades of experience in African securities trading and asset management to his new role.

Commenting on the appointment, Chiemeka reiterated his commitment to forging strong collaborations with NGX’s team to create a more dynamic and inclusive exchange that fuels Nigeria’s economic growth and competes globally.

“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,” Chiemeka said.

“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.”

Umaru Kwairanga, NGX Group’s chairman, said the appointment aligns perfectly with the group’s succession plan and reinforces the synergy continuously fostered across its operations.

“Mr. Chiemeka’s extensive experience and proven leadership qualities are invaluable assets that will propel NGX towards long-term success,” Kwairanga said.

“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.”

Ahonsi Unuigbe, NGX’s chairman, said Chiemeka is expected to drive growth and innovation, enhance operational perspectives, democratise investment in the capital market, and unlock opportunities for investors.

On his part, Temi Popoola, GMD and CEO of NGX Group, said Chiemeka’s extensive experience and deep understanding of the markets will be crucial in driving NGX’s growth while aligning with broader group strategy.

“I am delighted to see Mr. Chiemeka step into the role of CEO of NGX. I look forward to working closely with him to unlock value and to create new opportunities for stakeholders across the entire NGX Group ecosystem,” Popoola said.

A fellow of the Chartered Institute of Stockbrokers, Chiemeka is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, United Kingdom.

His career includes serving as executive director of capital markets at NGX and MD/CEO at United Capital Securities Limited.

Chiemeka also worked at leading investment banking firms in Nigeria such as Chapel Hill Denham Securities and Rencap Securities (Nigeria).

The Nigerian Civil Aviation Authority (NCAA) says 10 private jet operators have been suspended over failure to undergo a recertification process.

On March 14, the NCAA threatened to revoke the operating licences of private jet owners engaging in commercial flight operations.

The authority, on April 16, further directed that a re-evaluation of all holders of permit of noncommercial flights (PNCF) be carried out on or before April 19 to ascertain compliance with regulatory requirements.

The agency, which said the move was to “sanitise the aviation sector”, also suspended the permit of three private jet operators for engaging in commercial flights.

In a statement on Thursday, the authority said holders of PNCF are prohibited from using their aircraft “for the carriage of passengers, cargo, or mail for hire or reward”.

This, the regulator said, aligns with the Nigeria Civil Aviation Regulations 2023 Part 18.3.4.

“As a result of flagrant disregard of this rule, the NCAA had earlier directed all holders of PNCF to undergo re-evaluation which should have been concluded,” the NCAA said.

“To this end, the NCAA has suspended the permit for non commercial flights of Azikel Dredging Nigeria Ltd, Bli-Aviation Safety Services, Ferry Aviation Developments Ltd, Matrix Energy Ltd, Marrietta Management Services Ltd, Worldwide Skypaths Services, Mattini Airline Services Ltd, Aero Lead Ltd, Sky Bird Air Ltd, and Ezuma Jets Ltd.

“The public is hereby notified that it is illegal to engage PNCF holders for commercial purposes.”

The NCAA also said it would initiate enforcement actions against any PNCF holder found guilty of illegal operations.

The authority added that its officials have been deployed to general aviation terminals (GAT) and private wings of airports to monitor the activities of PNCF holders.

The Central Bank of Nigeria (CBN) has threatened to penalise deposit money banks (DMBs) that reject mutilated naira notes.

In a statement on Thursday signed by Solaja Olayemi, CBN’s acting director of currency operations department, the apex bank said several reports have been made against the banks.

“The Central Bank of Nigeria (CBN) has received several reports of rejection of dirty/mutilated Naira banknotes by some Deposit Money Banks (DMBs),” the bank said.

“Consequently, it has become imperative to remind DMBs that the CBN circular dated July 2, 2019, reference number COD/DIR/GEN/CIR/01/006, which prescribes penalties for the rejection of Naira banknotes, is still enforceable and binding on erring DMBs.”

The apex bank said it will not hesitate to impose strict sanctions on banks reported to have rejected naira deposits from the public, under any guise.

Also, on July 2, CBN warned banks and authorised foreign exchange dealers against rejecting old series and lower denominations of dollars.

The apex bank said all relevant parties must adhere to and comply with the instruction, emphasising its disapproval of selective acceptance of deposits.

CBN said it discovered old series and lower denominations of dollars are still being rejected during a consumer market survey.