FMDQ Group Plc has appointed financial markets expert Zeal Akaraiwe as its new Chief Executive Officer (CEO), bringing in a seasoned expert to lead the organisation after the retirement of its pioneer chief executive, Bola Onadele.
Sources familiar with the development confirmed that regulators have approved the appointment, paving the way for Akaraiwe to take over leadership of one of Nigeria’s leading over-the-counter financial market infrastructure groups.
His appointment follows the exit of Onadele, who spent 12 years at the helm of FMDQ and played an important role in building the institution into a major force in Nigeria’s financial markets.
Akaraiwe brings more than 25 years of experience across Nigeria, Zambia, the United Kingdom and other African markets. Over the years, he has worked in derivatives, treasury management, market development, financial regulation and risk management.
Before joining FMDQ, he led Graeme Blaque Advisory, a financial consultancy he founded in 2014. Through the firm, he advised corporates, financial institutions, regulators and development organisations on risk management, treasury solutions and derivatives.
Earlier in his career, Akaraiwe spent six years at Standard Chartered Bank, serving as Head of Global Markets Sales for Nigeria between 2008 and 2014. In that role, he oversaw treasury sales activities for corporate, institutional and central bank clients, while helping structure foreign exchange, interest rate and commodity risk solutions.
Industry records show that under his leadership, the bank’s financial institutions business recorded revenue growth of more than 300% in 2008, while corporate sales revenues grew by over 100 per cent annually.
He is widely recognised for his contributions to the development of derivatives markets in Nigeria and across Africa. He provided input into the Central Bank of Nigeria’s Derivative Manual released in 2011 and has advised regulators, central banks and market participants on the frameworks needed to build modern risk management markets.
Before he was appointed CEO, Zeal Akaraiwe served on several industry bodies, including the FMDQ OTC Derivatives Advisory Group and the Securities and Exchange Commission’s ISDA Workgroup. Among notable transactions linked to his advisory work was risk and hedging support for a $2.6 billion oil and gas acquisition, one of the largest deals in Nigeria’s energy sector.
Beyond financial markets, he founded The Angel Project, a social intervention initiative focused on prison decongestion and the settlement of medical debts for vulnerable Nigerians.
He holds a degree in Actuarial Science from the University of Lagos and has completed executive programmes at the London School of Economics, the University of Cambridge and the University of Oxford.
His appointment comes at a time when demand for sophisticated risk management products is growing as economic reforms and foreign exchange market changes reshape Nigeria’s financial sector.
Market watchers expect FMDQ to place greater emphasis on innovation, derivatives, risk management solutions and broader capital market development under the new leadership.
Akaraiwe takes over from Onadele, whose tenure saw some of the most significant developments in Nigeria’s fixed-income, currency and derivatives markets.
Among the major milestones recorded during that period were the introduction of the USD/NGN Non-Deliverable Forwards market in 2016 and the launch of FMDQ Exchange Traded Derivatives in 2023, which introduced bond futures and naira-settled foreign exchange futures to the market.
Onadele had announced plans to step down in late 2024 after more than a decade leading the institution. His departure closes a founding chapter in FMDQ’s history, while Akaraiwe assumes leadership as the group prepares for its next phase of growth.
The transition is expected to be supported by the company’s existing succession framework and senior management team, including Group Chief Operating Officer Tumi Sekoni.
