FMDQ Group Plc has appointed financial markets expert, Zeal Akaraiwe as its new Chief Executive Officer, marking a leadership change at the helm of Nigeria’s over-the-counter financial market infrastructure operator.

The appointment follows the retirement of pioneer Group Managing Director and CEO Bola Onadele Koko, who completed a 12-year tenure during which he oversaw the organisation’s growth from an emerging trading platform into a central institution in Nigeria’s financial markets system.

Sources familiar with the development confirmed to Nairametrics that the appointment of Akaraiwe has received regulatory approval, according to Nairametrics.

Akaraiwe brings more than 25 years of experience across financial markets in West Africa, Southern Africa and the United Kingdom, with core expertise in derivatives, risk management, treasury solutions, market development and financial market regulation.

Before his appointment, he was Founder and Chief Executive Officer of Graeme Blaque Advisory, a boutique advisory firm that provides risk, derivatives and treasury solutions to corporates, financial institutions and development partners across Africa.

His career includes a six-year tenure at Standard Chartered Bank, where he served as Head of Global Markets Sales for Nigeria from January 2008 to February 2014.

In that role, he led the bank’s treasury sales franchise across corporate, institutional and central bank clients, overseeing the structuring and execution of foreign exchange, interest rate and commodity solutions.

During his time there, the business reportedly accounted for over 40 per cent of the bank’s total Global Markets revenue in Nigeria.

Revenue from the Financial Institutions segment also grew by more than 300 per cent in 2008, while corporate sales revenues recorded annual growth of over 100 per cent within the period.

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 needed to build modern risk-transfer markets.

He is also active in public policy and governance discourse, hosting the weekly Critical Thinking programme on LagosTalks 91.3 FM and authoring the book It Is Time It Is Time.

His appointment is seen as a signal of FMDQ’s intent to deepen its focus on market innovation, expand risk management products, and accelerate capital market development as Nigeria seeks to broaden its financial markets and attract greater domestic and foreign investment.