On Friday, September 18, 2026, FMDQ Group PLC (“FMDQ Group” or the “Group”) convened its 14th Annual General Meeting (“AGM” or the “Meeting”) as a hybrid event at Exchange Place. The AGM provided an opportunity for the Group to present its performance for the financial year ended December 31, 2025, highlight key developments across its businesses, and transact other corporate matters, including the presentation of the Audited Annual Financial Statements and the Reports of the Directors, Auditor, and Audit Committee, among others.
The Meeting was chaired by Mr. Funso Sobande, Group Chairman, FMDQ Group, who in his address, reflected on 2025 as a year of transition for the Group, marked by changes in its regulatory and operating environment, as well as transitions within its Board and leadership architecture. Notwithstanding these developments and the prevailing macroeconomic challenges, he noted that FMDQ Group remained focused on delivering value to stakeholders while reinforcing the principles of the FMDQ GOLD Agenda (Global Competitiveness, Operational Excellence, Liquidity, and Diversity), which underpin its institutional ambition.
Speaking on the Group’s financial performance, the Chairman highlighted the resilience of FMDQ Group’s business model and its ability to deliver improved profitability while continuing to invest in the development of its core franchises. For the year ended December 31, 2025, FMDQ Group recorded Revenue of ₦51.87 billion, a marginal 0.90% increase from ₦51.41 billion in 2024, while Profit Before Tax rose by 23.42% to ₦28.67 billion, from ₦23.23 billion in the preceding year.
Mr. Sobande also highlighted key initiatives and developments that contributed to the continued deepening and diversification of Nigeria’s financial markets. He stated, “FMDQ Group formalised a landmark partnership agreement with Frontier Clearing Corporation B.V. to promote cross-border money transactions, deepen financial market integration, and strengthen operational linkages between domestic and global capital markets. FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”) admitted one hundred and sixty-two (162) securities in 2025, comprising one hundred and fifty-eight (158) Commercial Papers valued at ₦1.77 trillion, three (3) Corporate Bonds valued at ₦129.09 billion, and one (1) Fund valued at ₦10.28 billion.
In the post-trade space, FMDQ Clear Limited (“FMDQ Clear”) advanced preparations to expand its Central Counterparty (“CCP”) services to additional markets, including the Repurchase Agreement (“Repo”) Market, as well as other market venues. FMDQ Depository Limited (“FMDQ Depository”) recorded one hundred and forty-six (146) securities lodgements valued at approximately ₦2.61 trillion, representing a 103.91% increase from ₦1.28 trillion in 2024, and closed the year with one hundred and sixty-seven (167) Direct Participants, representing an 11.33% increase. FMDQ Private Markets Limited (“FMDQ Private Markets”) grew its membership base by 4.35% to forty-eight (48) Members, while the cumulative value of securities noted since inception increased by 131.86% to ₦2.62 trillion.”
Building on the foundations laid in prior years, the 2025 financial year was marked by key strategic initiatives and a pivotal institutional transition following the retirement of the Pioneer Group Managing Director/Chief Executive Officer, Mr. Bola Onadele. Koko. This ushered in a leadership succession and strategic realignment. Amid this transition, the Group continued to advance its strategic priorities, driving operational efficiency, market transparency, and long-term value creation.
Commenting on the Group’s strategic outlook, the Group Managing Director/Chief Executive Officer, Mr. Zeal Akaraiwe, noted that FMDQ Group’s focus remains focused on consolidating the gains achieved over the current strategic cycle while accelerating its evolution into a globally competitive financial market infrastructure (“FMI”) group. Guided by its strategic mantra, “Born Local…Going Global,” the Group will continue to scale its platforms, deepen market participation and strengthen its position as a gateway for capital flows into and out of Nigeria.
Key priorities for FMDQ Exchange include operationalising its Equity Market franchise, commercialising FMDQ Academy, advancing the Repo Market, and launching the FMDQ Non-Interest Finance Market. FMDQ Clear will focus on expanding its CCP services across additional markets and trading venues, while progressing towards Qualified Central Counterparty status. FMDQ Depository will prioritise increased adoption of its Central Securities Depository platform and the expansion of securities lending, settlement, and supply chain finance services, while FMDQ Private Markets will advance supply chain finance services and private equity and venture capital transactions. At Group level, FMDQ will continue to pursue deeper market integration, stronger cross-border capital flows, and enhanced global participation, while contributing to the development of Africa’s FMI landscape.
As FMDQ Group progresses through the extended final phase of its strategic cycle, it remains focused on strengthening the foundations for sustainable growth and long-term value creation. The Group’s 2025 performance and strategic progress reflect the collective efforts of its Board, Management, and staff, as well as the continued confidence and support of its shareholders, regulators, Members, Participants and other stakeholders. The Group remains committed to executing with clarity, upholding the highest standards of stewardship and advancing its role as a catalyst for financial markets development.
FMDQ Group is Africa’s first vertically integrated FMI group, strategically positioned to provide end-to-end services across the financial markets value chain. The Group offers registration, listing, quotation, and noting services; integrated trading platforms; clearing & central counterparty, and settlement services for financial markets transactions; securities depository services; and market data & 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. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.