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FMDQ Group Plc has appointed seasoned financial markets expert Zeal Akaraiwe as its new Chief Executive Officer (CEO), following the retirement of its pioneer chief executive, Bola Onadele, after more than a decade of leadership.
Sources familiar with the development confirmed that the appointment has received regulatory approval, clearing the way for Akaraiwe to lead one of Nigeria’s most influential over-the-counter financial market infrastructure groups.
His appointment marks a leadership transition at a critical time for Nigeria’s financial markets, as demand grows for sophisticated risk management products, derivatives, and deeper capital market innovation amid ongoing economic reforms.
Akaraiwe succeeds Onadele, who spent 12 years at the helm of FMDQ and played a pivotal role in transforming the institution into a major force in Nigeria’s fixed-income, currency, and derivatives markets.
Widely regarded as a financial markets specialist, Akaraiwe brings more than 25 years of experience spanning Nigeria, Zambia, the United Kingdom, and other African markets, with expertise across derivatives, treasury management, market development, financial regulation, and risk management.
Prior to his appointment, he served as Managing Director of Graeme Blaque Advisory, a financial consultancy firm he founded in 2014. Through the firm, he advised corporates, financial institutions, regulators, and development organisations on treasury solutions, derivatives, and enterprise risk management.
Earlier in his career, Akaraiwe spent six years at Standard Chartered Bank, where he served as Head of Global Markets Sales for Nigeria between 2008 and 2014. In the role, he oversaw treasury sales for corporate, institutional, and central bank clients, while structuring foreign exchange, commodity, and interest-rate risk management solutions.
Industry records indicate that during his tenure, the bank’s financial institutions business recorded revenue growth of more than 300 percent in 2008, while corporate sales revenues expanded by over 100 percent annually.
Akaraiwe is also recognised for his longstanding contribution to the development of derivatives markets in Nigeria and across Africa. He contributed to the Central Bank of Nigeria’s Derivative Manual released in 2011 and has advised regulators, central banks, and financial institutions on frameworks for building modern risk management markets.
Before his appointment as CEO, he served on several industry committees and advisory 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 the provision of risk and hedging support for a $2.6 billion oil and gas acquisition, regarded as one of the largest transactions in Nigeria’s energy sector.
Beyond financial markets, Akaraiwe is the founder of The Angel Project, a social intervention initiative focused on prison decongestion and medical debt support for vulnerable Nigerians.
He holds a degree in Actuarial Science from the University of Lagos and has completed executive education programmes at the London School of Economics, the University of Cambridge, and the University of Oxford.
His appointment comes as Nigeria’s financial sector continues to evolve, driven by foreign exchange market reforms, increasing investor sophistication, and rising demand for structured financial products.
Market stakeholders expect FMDQ to deepen its focus on innovation, derivatives expansion, risk management solutions, and broader capital market development under the new leadership.
Akaraiwe takes over from Bola Onadele, whose tenure witnessed some of the most significant milestones in Nigeria’s financial market infrastructure.
Among key achievements 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, bringing to a close a founding chapter in FMDQ’s history.
With Akaraiwe assuming leadership, the group is expected to build on existing institutional reforms and growth strategies, supported by its succession framework and senior management team, including Group Chief Operating Officer, Tumi Sekoni.
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