The Man Between Market and the State

Economic reform in Nigeria is driven by two types of figures: the reformers and the interlocutors. The interlocutors are institutional leaders who translate reform into capital and market reality. Temi Popoola, Group Managing Director and CEO of the Nigerian Exchange Group (NGX Group), embodies this role. During a recent meeting with President Bola Ahmed Tinubu at the State House, the NGX Group presented data on the rising market capitalisation and All-Share Index, reflecting the positive response to macroeconomic reforms.

However, the president also affirmed that NNPC Limited will be reformed and listed on the capital market, recognizing the market's role in financing Nigeria's ambition of becoming a one-trillion-dollar economy. Popoola has been a key advocate for positioning the capital market as an active participant in national development, rather than just a spectator of economic policy.

During his tenure, Popoola has helped reposition the capital market as infrastructure for national growth through various achievements. These include the domestic mobilisation of funds for banking sector recapitalisation, efficient post-trade settlement, evidence-based responses to market structure concerns, and encouraging leading enterprises to seek long-term capital from Nigerian markets.

The president's commitment to reforming NNPC Limited on the stock exchange represents a significant test of this partnership between government and the capital market. If successful, it could become one of the defining institutional reforms of this era, providing audited accounts, market discipline, and broader public participation in one of the country's most strategic commercial enterprises.