Temi Popoola: A Storm in a Teacup

You cannot make an omelette without breaking the egg. The NGX has for some time now lost its bearing. It has been floating aimlessly into irrelevance with other such parallel institutions taking its place as the premier engine of economic growth in the capital market.

Then a new board was constituted. Alhaji Kwairanga whom I have known forever and was even there when he got his first car – a Toyota Tercel, it was a Tokunbo – emerged as chairman. Instantly supported by such astute and cerebral men like my brother Nonso Okpala and perhaps one of the most brilliant investment bankers ever, Mohammed Garuba, the Board set about redirecting the NGX and giving it back its bite.

That was how Temi Popoola emerged as the Group Managing Director/CEO. Wait, let me tell you guys about Temi. This is one of the most brilliant traders you will ever come across in this generation. See, two major stockbrokers are iconic: Bolaji Balogun and Egwakhide Longe but that was in that generation. Dem don old now.

In this generation, Temi stands head over heels. I worked closely with him at CSL and saw just how he worked his magic and it didn’t come as a surprise when Rencap came for him from where he landed at the NGX.

Immediately, the markets started responding, recording some very stupendous results and in one instance emerging as the best performing globally.

Now faced with the ever-important challenge of sustaining the performance, he set about right-sizing the place, taking out those that were not aligned either by capacity or outlook to make space for more serious operatives that would push for the institution of reforms.

In that guise, 25 people were let go. Only 25 and come and see wahala. The attacks started and I received a call at midnight from an operative begging me to “attack” Temi for what he was doing.

This made me wonder why disruptors and visioners face almost the same pushback. The man has grown the sector phenomenally, they have paid dividends for the first time in four years, they are getting international respect and the markets are responding because of a right sizing exercise that was even recommended and guided by one of the most prominent consulting firms, you now want to crush his balls?

No, I won’t yab Temi but will say well done even as we continue to watch very closely, making sure that he stays true to his job description while wishing him success. Well-done bro.