Zeal Akaraiwe assumes new role as CEO at FMDQ

FMDQ Group Plc has appointed financial markets expert, Zeal Akaraiwe as her new Chief Executive Officer (CEO), following the retirement of Bola Onadele.

It has been confirmed that regulators have approved the appointment, making way for Akaraiwe to take over control of one of Nigeria’s leading retail financial market infrastructure groups.

His appointment comes after the exit of Onadele with 12 years at the helm of FMDQ who played a crucial role in building the group into an undeniable force in Nigeria’s financial market.

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Akaraiwe experience spans over 25 years across Nigeria, the United Kingdom, Zambia and other African markets. He has worked in treasury management, derivatives, market development, risk management and financial regulation over the years.

Prior joining FMDQ, he spearheaded Graeme Blaque Advisory, a financial consultancy he established in 2014. He advised regulators, financial institutions, corporates and development organizations on treasury solutions, derivatives and risk management through the firm.

Before his appointment as Chief Executive Officer of FMDQ Group, Zeal Akaraiwe built an extensive career in financial markets, notably serving as Head of Global Markets Sales, Nigeria at Standard Chartered Bank between 2008 and 2014.

In that role, he led treasury sales for corporate, institutional, and central bank clients, driving significant business growth. Under his leadership, the bank’s financial institutions business recorded revenue growth of over 300 percent, while corporate sales revenues more than doubled annually.

Akaraiwe is widely recognized for his contributions to the development of Nigeria’s derivatives and risk management markets. He contributed to the Central Bank of Nigeria’s Derivatives Manual released in 2011 and has advised regulators, central banks, and market participants across Africa on financial market development.

He also served on the FMDQ OTC Derivatives Advisory Group and the Securities and Exchange Commission’s ISDA Workgroup, providing advisory support on major transactions, including a landmark $2.6 billion oil and gas acquisition.

He succeeds Bola Onadele, whose tenure oversaw key milestones such as the launch of the USD/NGN Non-Deliverable Forwards market in 2016 and FMDQ Exchange Traded Derivatives in 2023.

With a degree in Actuarial Science from the University of Lagos and executive education from leading global institutions, Akaraiwe assumes leadership at a pivotal time for Nigeria’s financial markets, with expectations that he will drive innovation, deepen risk management solutions, and support the continued growth of the capital market.