Under the theme 30 Years of Trust, the gala event brought together the “who’s who” of the Nigerian capital market, including regulators, Pension Fund Administrators (PFAs), and institutional investors, to celebrate a legacy that began in 1996.

The Backbone of Nigeria’s Capital Market

While retail banking often takes the spotlight, the Nominees business serves as the critical infrastructure for the country’s institutional wealth.

Since its inception, Stanbic IBTC Nominees has evolved from a nascent unit into a market leader, managing the safekeeping and settlement of assets for the nation’s largest investors.

The Zero Tolerance Benchmark:

Babatunde Majiyagbe, CEO of Stanbic IBTC Nominees, highlighted the firm’s track record of zero tolerance for operational errors.

Service Scope: Beyond simple safekeeping, the firm provides settlement efficiency, accurate reporting, and critical regulatory compliance support for institutional clients.

Market Impact: The business is a pivotal partner for insurance companies, asset managers, and PFAs, ensuring the integrity of the multi-trillion naira pension industry.

Strategic Vision: Global Expertise meets Local Insight

Wole Adeniyi, chief executive of Stanbic IBTC Bank, emphasized that the custody business is not just a support function but a strategic pillar for the Group’s pan-African ambitions.

“The next 30 years will be about combining global expertise with local insight to create unparalleled value… supporting Nigeria’s capital market growth with infrastructure that meets global standards,” Adeniyi stated.

Jude Chiemeka, CEO of the Nigerian Exchange Limited (NGX), provided a client-side perspective, describing the relationship as transformative.

According to Chiemeka, the partnership provides the Exchange with the peace of mind required to manage large-scale market operations.

In the world of high-finance, custody is the ultimate trust business. The 30-year survival and growth of Stanbic IBTC Nominees reflects a successful navigation of Nigeria’s volatile regulatory cycles and technological shifts.

As Nigeria’s capital market looks toward more complex instruments, including derivatives and exchange-traded funds (ETFs), the role of a sophisticated custodian becomes even more vital.

Stanbic IBTC’s continued investment in cutting-edge technology suggests it is preparing to defend its market share against emerging fintech competitors who are increasingly eyeing the institutional asset servicing space.

This roundtable had in attendance, top cybersecurity and tech experts from diverse sectors to engage in critical deliberations on current and emerging digital security issues. It emphasised the critical role of collaboration in addressing Nigeria’s cybersecurity challenges.

The roundtable emphasised the critical role of collaboration and information sharing in addressing Nigeria’s cybersecurity challenges including to:

• Foster a synergized approach to addressing Nigeria’s cybersecurity challenges, leveraging the collective expertise of participants.
• Establish a platform for continuous collaboration and knowledge exchange among stakeholders from various sectors to enhance cybersecurity practices.
• Identify and assess cross-cutting needs and challenges across regulatory, supply, and demand sides, to inform future cybersecurity strategies and policies.
• Create a platform that enables demand and supply side actors to have visibility and access to state-of-the-art cybersecurity solutions that benefit all.

Key takeaways from the roundtable include the importance of public-private partnerships in combating cyber threats, the need for continuous education and training for cybersecurity professionals, the development of effective strategies to combat cybercrime and the promotion of cybersecurity awareness among individuals and organisations.

Commenting, Mark Smithson, country director for the UK’s Department for Business and Trade (DBT) in Nigeria, said:

“As a recognised global leader in cyber security innovation across a range of applications, the UK is uniquely placed to partner with Nigeria to raise awareness and tackle emerging threats and cybersecurity challenges affecting our two countries.”

Speaking at the event, Kashifu Inuwa Abdullahi, the director general the National Information Technology Development Agency (NITDA), stated: 

“Cybersecurity is a shared responsibility that requires coordinated action at every level. Together, we must take proactive steps to safeguard our digital sovereignty, protect our critical information assets, and build a resilient, secure future for all”

Haruna Jalo-Waziri, the chief executive officer, Central Securities Clearing System (CSCS) Plc, emphasised:

“As we all know, cyber threats are becoming more sophisticated, diverse, and pervasive. Here in Nigeria, businesses face an alarming volume of attacks, with financial services being particularly vulnerable. Addressing these emerging threats demands a security culture rooted in continuous education and awareness. Cybersecurity is not a challenge any organization can tackle in isolation; it requires coordinated efforts, cross-industry partnerships, and a collective commitment to protecting our digital future.”

He also commended the event organisers, saying,

“I extend my gratitude to the UK Department for Business and Trade, the Office of the National Security Adviser, NITDA, NGX, the National Data Protection Commission, and Tech4Dev for organizing this roundtable outside of Cybersecurity Awareness Month. This setting offers a unique and invaluable opportunity to deepen our discussions on pivotal areas in cybersecurity.”

Also speaking on the need for robust cybersecurity frameworks in Lagos, Jude Chiemeka, the chief executive officer of Nigerian Exchange Limited, stressed that such measures are essential to unlock growth potential and restore investor confidence in Nigeria’s digital future.

He said:

“Cybersecurity threats present a serious economic risk that could undermine Nigeria’s vision as Africa’s digital powerhouse,” he said, highlighting the concerning impact on Nigerian banks, which lost ₦14.65 billion ($33 million) to electronic fraud in 2021 – a 187% increase from the previous year.”

This move leads the retirement of the current GMD, Oscar Onyema, slated for March 31, 2024.

The Chairman of NGX Group, Umaru Kwairanga, commended the effective succession planning, expressing gratitude to Onyema for his leadership. Onyema led the demutualization and restructuring of The Nigerian Stock Exchange to NGX Group Plc and orchestrated its listing on the main board of NGX.

In his comments, outgoing GMD/CEO Oscar Onyema commended the accomplishments achieved since 2011 and noted confidence in Popoola’s ability to continue the legacy and growth of NGX Group. 

Temi Popoola, the current CEO of NGX, acknowledged the deep sense of responsibility that comes with the role and pledged to build on the foundation laid by Onyema.

The transition involves Jude Chiemeka, Executive Director of Capital Markets at NGX, stepping into the role of Acting CEO of Nigerian Exchange Limited from January 1, 2024.

Currently the CEO of NGX and a member of NGX Group Executive Committee, Popoola began his career as a portfolio manager in London, focusing on African energy markets. He later served as a senior equity derivatives trader with Bank of America Securities in New York, contributing to firm profitability by providing derivative solutions to U.S. corporations and family offices. 

Prior to his current role, Temi Popoola served as the Managing Director and CEO for West Africa at Renaissance Capital (Rencap). 

He holds a first-class degree in Chemical Engineering from the University of Lagos and a Master’s degree from the Massachusetts Institute of Technology. Additionally, he is a Chartered Financial Analyst and a Chartered Stockbroker.

Jude Chiemeka, the current Executive Director of Capital Markets at NGX, will assume the role of Acting CEO of Nigerian Exchange Limited from January 1, 2024. Chiemeka brings nearly 30 years of experience in Securities Trading and Asset Management across African markets to this role. Before joining NGX, he served as the MD/CEO of United Capital Securities, a subsidiary of United Capital Plc listed on NGX.