FMDQ declares first cash dividend at AGM

At its 13th Annual General Meeting (AGM), FMDQ Group Plc presented the 2024 performance highlights and secured shareholder approval on key corporate matters, among which was a dividend payout.

The AGM, which was held as a hybrid event at FMDQ’s premises, Exchange Place, was chaired by Dr. Jibril Aku, Group Chairman, FMDQ Group. The Meeting featured the presentation of the Audited Annual Financial Statements for the year ended December 31, 2024, along with the Reports of the Directors, Auditors, and Audit Committee, in line with the Ordinary Business of the day.

In his address, Dr. Aku provided an overview of the global and domestic operating environments, which, though showing early signs of recovery, continued to reflect the lingering effects of persistent inflationary pressures, monetary policy shifts, foreign exchange volatility, and structural reforms.
He commended the Group’s efforts in maintaining operational stability and achieving its Strategic Objectives despite these challenges.

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Speaking on the Group’s financial performance, the Chairman highlighted that, “In the face of global and domestic macroeconomic headwinds in 2024, FMDQ Group delivered a remarkable financial performance, with Revenue growing by 49.93 percent from N34.29 billion in 2023 to an unprecedented N51.41 billion, the highest in the Group’s history, and Profit before Tax reaching a record N23.23 billion, representing a 65.54 percent increase from N14.03 billion recorded in 2023.”

He further stated; “In recognition of the historical strong financial performance, facilitated by the reinvestment of the Group’s returns into various strategic initiatives to drive organic growth, stability, and resilience, FMDQ Group’s Shareholders have declared the first-ever cash dividend of N0.20 per share, totaling N5.20 billion, as we enter the last year of our 5-year Strategic Horizon.

“While FMDQ Group has, over the years, implemented scrip dividends (2019: 14 bonus shares for every 1 share; 2020: 1 bonus share for every 1 share; and 2021: 1 bonus share for every 3 shares), to shareholders as a form of return, this cash dividend payout is intended to reward shareholders’ confidence in the Group, while demonstrating its commitment to delivering long-term value and returns to shareholders”.

Dr. Aku further highlighted that, during the year, FMDQ Exchange expanded its Exchange-Traded Derivatives (ETD) market with the introduction of long-dated FX Futures contracts, extending available tenors from 12 to 21 months.

This included a 13th-month contract and eight consecutive quarterly contracts, providing market participants with enhanced tools for risk management.

Additionally, the Exchange deployed a new price discovery module on its proprietary FMDQ Clients’ Trading, Reporting, and Surveillance System to facilitate seamless trade execution and improve transparency within the pension sector. FMDQ Academy, our financial markets education initiative, recorded key milestones with the receipt of 2 international certifications – the Learning Provider’s Certification from the Learning and Performance Institute (LPI) and CPD Accreditation from Continuing Professional Development Certification Services Limited (CPD) services for the novel FMDQ ETD market and intensified efforts towards operational readiness for expanding CCP coverage to Fixed Income Spot and Bilateral Repurchase Agreement (Repo) Markets.

In the Depository business, adoption of the Q-ex Depository system, deployed in 2023, advanced significantly with 47 Participants onboarded, and security lodgements rising to 150 securities valued at N1.28 trillion, a 2.40 percent increase from N1.25 trillion recorded in 2023.

Similarly, FMDQ Private Markets delivered strong growth, recording a 44.69 percent increase in the cumulative value of securities noted, which rose to N1.13 trillion in 2024 from N780.96 billion in the prior year.

Reflecting on the Group’s journey in 2024, the pioneer Chief Executive Officer, FMDQ Group, Mr. Bola Onadele. Koko, who retired from the Group on June 30, 2025, noted in his CEO’s Review that the year marked the successful conclusion of the fourth year of the Group’s 2021 – 2025 Strategic Horizon.

He stated, “Through a focused commitment to our strategic priorities, FMDQ Group continued to strengthen the resilience of the Nigerian financial markets, deepen stakeholder engagement, and reinforce its leadership as a financial market infrastructure (FMI) group.

“As we enter the final year of our current Strategic Horizon, our efforts remain on consolidating our achievements and delivering on key initiatives across our markets. FMDQ Exchange will prioritise the activation of the Repo Market, the launch of the FMDQ Equity Market and Unsponsored Depositary Receipts Market, while continuing to build capacity through FMDQ Academy by incorporating the Academy as a standalone entity. FMDQ Clear remains committed to delivering world-class CCP services and will advance its global aspirations by strategically positioning itself for recognition as a leading international CCP.

“FMDQ Depository will expand its service offerings to include Equity Market depository services, pursue global affiliations, and deepen market confidence through enhanced operational excellence.

“A key milestone for FMDQ Private Markets in 2025 will be the launch of the ARTIS DealRoom, a transformative digital platform designed to connect vendors with Qualified Institutional Investors and facilitate efficient deal-making within the supply chain market. Underpinning all these will be the Group’s continued drive for operational agility, corporate innovation, and financial resilience as it prepares to chart the next chapter in its strategic evolution”.

He further stated that “As I conclude my tenure as Chief Executive Officer of FMDQ Group, after 12 years of leading, shaping, and stewarding this great institution we have all built, I do so with a profound sense of pride and gratitude. The organisation we have built together is strong, not only in its structure, but in its people, values, impact and vision. In times of transition, we are reminded that leadership is not about permanence, but about legacy, and building institutions that endure beyond individuals. I leave knowing that FMDQ Group’s foundations are solid, its direction is sound, and its best years are indeed yet ahead.”

According to the Ag. Chief Executive Officer, FMDQ Group, Ms. Kaodi Ugoji, “The remarkable strides recorded by FMDQ Group in 2024 are a testament to the visionary leadership and strategic direction of our Board of Directors – across the Group and its subsidiaries – as well as the professionalism, resilience, and commitment of its Management and Staff. These achievements were made possible through the steadfast support of the Group’s esteemed stakeholders, including its shareholders, regulators, Members, and participants, whose collaboration continues to strengthen the integrity and vibrance of the Nigerian financial markets.

“As FMDQ Group looks to the future with renewed purpose, it remains confident in its ability to navigate an evolving landscape with courage and clarity, and will continue to forge ahead, guided by its dream in motion, ‘Born Local, Going Global.“