By Peace Udugba
FMDQ Group PLC has announced the appointment of Mr. Zeal Akaraiwe as its Group Managing Director/Chief Executive Officer, subject to the approval of the Securities and Exchange Commission (SEC), as part of a broader leadership transition aimed at strengthening the Group’s strategic direction and governance.
The financial market infrastructure group also announced the appointment of Mr. Funso Sobande as Chairman of its Board, alongside four new directors, in what it described as a significant milestone in its leadership evolution.
Mr. Akaraiwe succeeds Mr. Bola Onadele. Koko, the pioneer Group Managing Director/Chief Executive Officer of FMDQ Group, who retired in July 2025 after 12 years of leadership credited with transforming the organisation.
With over 25 years of experience in financial markets, treasury, derivatives, structured finance, risk management and regulatory advisory, Akaraiwe brings extensive expertise gained from working in Nigeria, Zambia and the United Kingdom.
Before his appointment, he was the Founder and Chief Executive Officer of Graeme Blaque Advisory, a financial markets consultancy providing advisory services in derivatives, risk management and regulatory matters. He also held senior roles at Standard Chartered Bank, where he contributed to the development and execution of financial market solutions across several African markets.
According to the Group, Akaraiwe has worked closely with regulators, financial institutions, corporates and other market participants to strengthen market structures, improve risk management practices and support the development of financial market products and infrastructure.
As part of the Board reconstitution, Mr. Joseph Olaoye Jaiyeola and Mrs. Miriam Olusanya have been appointed Non-Executive Directors, while Mrs. Kemi Adewole and Mr. Innocent Isichei will serve as Independent Non-Executive Directors.
The company said the new Board members bring extensive experience in banking, financial markets, treasury, corporate governance, public policy, risk management and strategic advisory, which will further strengthen the Group’s governance framework and long-term growth strategy.
Commenting on the appointments, the new Chairman, Mr. Funso Sobande, described the changes as the beginning of an exciting new chapter for the organisation.
He said the appointment of Akaraiwe, alongside the strengthened Board, reflects the Group’s commitment to ensuring it is led by individuals with the vision, expertise and integrity required to drive sustainable growth and innovation.
Sobande added that the Board’s diverse experience would enhance governance and strategic oversight, positioning the Group to execute its priorities, create long-term value for stakeholders and continue advancing efficient, innovative and globally competitive financial markets.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, providing services across the financial markets value chain through its subsidiaries, including FMDQ Securities Exchange Limited, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. The Group also operates the FMDQ Green Exchange, one of Africa’s leading platforms for sustainable finance.
