FMDQ OTC Securities Exchange Announces New Board Members at its 6th Annual General Meeting

The Board of Directors of FMDQ OTC Securities Exchange (“FMDQ” or the “OTC Exchange”) has, at its 6th Annual General Meeting (AGM), which held at the OTC Exchange’s new building complex – Exchange Place, 35 Idowu Taylor Street, Lagos – on Friday, July 27, 2018, announced the appointment of five (5) new Directors to the Board of the Company, effective immediately.

As part of the ordinary business of the AGM, the shareholders ratified the appointment of Mr. Segun Agbaje (Managing Director/CEO of Guaranty Trust Bank PLC); Mr. Uzoma Dozie (Group Managing Director/CEO of Diamond Bank PLC); Mr. Charles Kie (outgoing Managing Director of Ecobank Nigeria PLC); Mr. Kayode Akinkugbe (Managing Director/CEO of FBNQuest Merchant Bank); and Mr. Samuel Ocheho (Head, Global Markets West Africa, Stanbic IBTC Bank PLC ), as Non-Executive Directors of FMDQ.

Furthermore, the shareholders ratified the retirement of four (4) Non-Executive Directors, following the end of their terms in accordance with the Company’s governance guidelines, from the Board – Dr. Demola Sogunle (served on the Board from 2017 – 2018), Dr. Adesola Adeduntan (served on the Board from 2016 – 2018), Mr. Kennedy Uzoka (served on the Board from 2016 – 2018); and Mr. Bayo Adeyemo (served on the Board from 2014 – 2018). The changes in the Board have brought the total number of Directors on FMDQ to eleven (11).

During the AGM, the shareholders also received the Financial Statements of the OTC Exchange for the year ended December 31, 2017, together with the Reports of the Directors and Auditors to the Shareholders; reappointed the Auditors, Messrs. KPMG Professional Services, to serve as the Company’s External Auditors for another year, and authorised the Directors to fix the External Auditors’ remuneration. In addition, the following three (3) new members were appointed to serve on the Company’s Audit Committee – Mr. Nnamdi Okonkwo (Managing Director/CEO of Fidelity Bank PLC); Mr. Abubakar Jimoh (Managing Director/CEO of Coronation Merchant Bank Limited); and Mrs. Hamda Ambah (Managing Director/CEO of FSDH Merchant Bank Limited).

Presiding over the AGM, the Chairman of FMDQ, Dr. Okwu Joseph Nnanna, stated that “An impressive number of fifty (50) debt securities, up 74% from the previous year, with a total value of ?236.87bn, was admitted on the OTC Exchange. FMDQ recorded a total of thirty-seven (37) Commercial Papers (CPs), ten (10) Bonds and three (3) Funds quoted and listed on our platform. Furthermore, we also attracted foreign currency-denominated securities listings to the tune of $4.98bn, with the Federal Republic of Nigeria making history by listing, for the first time on a Nigerian Exchange, its Eurobonds and the inaugural Diaspora Bond on the OTC Exchange”. The Chairman also listed some of the major achievements FMDQ in 2017 as the successful registration of FMDQ Clear Limited (FMDQ Clear), a fully-owned subsidiary of FMDQ, by the Securities and Exchange Commission (SEC), the approval of the OTC Exchange’s Sukuk Listing Rules by the SEC, and the partnership with S&P Dow Jones Indices by the signing of a memorandum of understanding (MoU) for the development and publication of co-branded fixed income indices in the Nigerian financial market, whilst thanking all stakeholders for their unrivalled support.

Speaking to the financial performance of FMDQ, the Managing Director/CEO of FMDQ, Mr. Bola Onadele. Koko, noted that in 2017, FMDQ recorded a commendable financial performance with total revenue of ?2.57bn; a 25.94% increase from ?2.04bn in 2016, which was driven by the OTC Exchange’s revenue diversification drive. Optimistic of the future, he further restated FMDQ’s commitment to becoming a fully diversified and integrated market infrastructure group, commencing with the operationalisation of FMDQ Clear, and the activation of its multi-asset Proprietary Market System, FMDQ Q-ex, to facilitate straight-through-processing in the fixed income markets through the integration of FMDQ’s trading systems with the Central Bank of Nigeria (CBN)’s settlement system. He also revealed that the full activation of FMDQ’s flagship corporate responsibility programme, the Next Generation Financial Market Empowerment Programme (“FMDQ Next”) will be achieved in 2018, to foster financial markets education amongst students – primary, secondary and university levels – and fresh graduates in Nigeria.

FMDQ, as a change agent, and in its quest towards becoming a fully diversified and integrated market infrastructure, providing an Exchange – an efficient platform for registration, listing, quotation, noting, trading, order execution and trade reporting within its markets (fixed income, currency and derivatives); a central clearing house – facilitating the clearing, settlement and delivery of securities and financial market products within the Nigerian capital market; as well as offering a full suite of products, inter alia, remains resolute in its commitment to its strategic mandate of aligning the markets within its purview to international standards.