AFRICA’S first vertically integrated financial market infrastructure (FMI) group, FMDQ Holdings PLC, held its 9th Annual General Meeting (AGM) recently, to transact its ordinary and special business and receive relevant approvals from its stakeholders.
As a precaution to the rising number of COVID-19 cases, the AGM was held virtually via Zoom and afforded all stakeholders the same participatory rights as with a physical meeting.
Dr Kingsley Obiora, Group Chairman of the Board of Directors, FMDQ Group, ably represented by Mr. Jibril Aku, the Group Vice Chairman of the board, presided over the AGM and as part of the ordinary business, presented the Audited Financial Statements for the year ended December 31, 2020, to shareholders, together with the reports of the directors and auditors. Recounting FMDQ’s journey in 2020, he acknowledged that “the year 2020 was understandably challenging, with the outbreak of the COVID-19 pandemic, and the attendant turbulence in the global and domestic economic landscapes”.
He further stated that despite the challenges, “2020 was a landmark year for FMDQ, as it saw the Company’s reorganisation into a Group structure, with FMDQ Group becoming a non-operating Holding Company registered by the Securities and Exchange Commission (SEC), with three SEC-registered capital market subsidiaries. These regulated subsidiaries include FMDQ Securities Exchange Limited (FMDQ Exchange).
FMDQ Clear Limited (FMDQ Clear) and FMDQ Depository Limited (FMDQ Depository), all further consolidating our business model, transforming FMDQ to Africa’s first vertically integrated FMI group, and helping to de-risk the markets across the full capital market value chain, from pre-trade, trade to post-trade.”
Speaking further, he stated that two new subsidiaries, FMDQ Private Markets Limited (FMDQ Private Markets) and iQx Consult Limited, were operationalised in 2020 to extend the opportunities in the capital market to private companies, amongst others, and ensure operational efficiency and build resilience in the FMDQ Entities through technology and digitisation, respectively.
Speaking on the product and market development activities of FMDQ’s capital markets subsidiaries, the Chairman stated that FMDQ Exchange’s Securities Admission business saw 82 securities, with a total value of N2.07 trillion, admitted on its platform.
Furthermore, the Exchange activated its Equity Market Development Project during the year, with relevant activities commencing in earnest towards full operationalisation of the market.
Also, the FMDQ Exchange-Traded Derivatives (ETD) Market Development Project, following significant financial markets developments (such as the long-awaited introduction of netting and other relevant laws in the Companies and Allied Matters Act (CAMA), 2004, to include netting and other relevant provisions in 2020), has advanced towards the eventual launch of the FMDQ ETD market, with the planned introduction of pioneer fixed income products later in 2021.
The Chief Executive Officer of FMDQ, Mr Bola Onadele. Koko, while speaking to the Group’s outlook for 2021 and beyond, stated that “FMDQ Group will continue to work assiduously to deliver innovative and critical market development initiatives, with the support of and in collaboration with its stakeholders”.
Some of the initiatives market participants can look forward to in the near-term include; the launch of FMDQ Exchange’s Fixed Income Futures products, having received the SEC’s approval for the FMDQ Exchange Derivatives Market Rulesin February 2021, and the activation of the Repo market with collateral management service; FMDQ Clear’s activation of CCP services for financial market transactions (cash and derivatives) having received the SEC’s approval for its Clearing Member Rules in April 2021; FMDQ Depository’s extension of its services to new asset classes and customer segments, and further digitisation of its Participants interfaces and services; and, the activation of FMDQ Private Markets’ Startup Accelerator and Liquidity Ecosystem (SCALE) product, supported by the Oxford Foundry, the entrepreneurial centre of the University of Oxford, UK, which will extend much-needed opportunities to market segments that are currently poorly served by capital providers and drive an inclusive growth and development of the Nigerian economy.
Mr Onadele concluded that “Despite the lingering effects of the pandemic on the economy and the minimal recovery recorded thus far in 2021, FMDQ Group assures its stakeholders of a renewed commitment to channel adequate resources towards achieving the set objectives for the markets under its purview, while continuing to work assiduously towards the swift activation of robust and thriving Derivatives and Equity Markets, as well as consolidating the Group’s Debt Markets leadership position.”
FMDQ Group is strategically positioned to provide registration, listing, quotation & noting services;integrated trading, clearing & central counterparty, settlement, risk management for financial market transactions; and depository of securities; as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries –FMDQ Exchange, FMDQ Clear, FMDQ Depository and FMDQ Private Markets – towards transforming the Nigerian financial markets to become “GOLD” (Globally Competitive, Operationally Excellent, Liquid and Diverse) in alignment with its global counterparts.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state…
Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train
The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…
[ICYMI] Lekki Shootings: Why We Lied About Our Presence — General Taiwo
The Lagos State Judicial Panel of Inquiry probing the killings at Lekki Toll Gate, on Saturday resumed viewing of the 24hrs footage of the October 20, 2020 shooting of #EndSARS protesters by personnel of the Nigerian Army…
ICYMI: How We Carried Out The 1993 Nigerian Airways Hijack —Ogunderu
On Monday, October 25, 1993, in the heat of June 12 annulment agitations, four Nigerian youngsters, Richard Ajibola Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Razak-Lawal, did the unthinkable! They hijacked an Abuja-bound aircraft, the Nigerian Airways airbus A310, and diverted it to Niger Republic. How did they so it? Excerpts…
Sahabi Danladi Mahuta, a community mobiliser and APC chieftain. Mahuta spoke to select journalists at the sidelines of an Islamic conference in Abuja recently. Excerpts…
…saying foreign aid reliance entangles nations A Professor of Economics from the College of Management…
He noted that Anambra, once a leading light in education for over a decade, has…
Prince Adewole Adebayo, the candidate of the Social Democratic Party (SDP) in the 2023 presidential…
He equally declared that by accommodating defectors, the Tinubu administration was creating a government of…
"The blackout has paralyzed economic activity here. Welders, tailors, cold drinks sellers, and barbers have…
In a drive to harness innovation for sustainable national growth and youth empowerment, the Director…
This website uses cookies.