Leadership Changes at the Helm of FMDQ OTC Securities Exchange

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The Board of Directors (the “Board”) of FMDQ OTC Securities Exchange (“FMDQ” or the “OTC Securities Exchange”), has announced the retirement of the second Chairman of the Board of Directors, Dr. (Mrs.) Sarah O. Alade, OON, from the Company, effective April 28, 2017. The outgoing Chairman, Dr. Alade, was appointed to the Board of FMDQ in July 2014, following the retirement of its inaugural Chairman, Mr. Aigboje Aig-Imoukhuede, CON. Representing the Central Bank of Nigeria (CBN) on the Board of FMDQ, Dr. Alade was the Deputy Governor, Economic Policy Directorate, CBN, until her retirement in March 2017. Dr. Alade, who has been pivotal to the transformation of the Nigerian financial markets over the years, led the OTC Securities Exchange astutely for almost three (3) years and was instrumental to the successes achieved by FMDQ during the period.

Speaking to her retirement, Dr. Alade said “having had the privilege of leading the FMDQ Board since 2014, barely eight (8) months after the launch of the OTC Exchange onto the Nigerian financial markets, the time has come for me to say goodbye. Over the years, I have had the pleasure of working with a team of highly passionate and result-driven professionals, from FMDQ staff members to the Management team and my fellow Board members. I would formally like to extend my personal appreciation for their individual and collective efforts displayed throughout my tenure. I would also like to particularly thank the retiring Directors for their invaluable contributions to the achievement of the FMDQ dream and heartily welcome the new Directors to the FMDQ Board.”

Dr. Alade has been replaced by Dr. Joseph Nnanna, the Deputy Governor, overseeing the Economic Policy Directorate, which covers the CBN’s Financial Markets’ franchise. Dr. Nnanna joins the Board of FMDQ with a wealth of experience having previously served as the Alternate Executive Director, representing Nigeria and twenty-one (21) other Sub-Sahara African countries on the Board of the International Monetary Fund, amongst numerous other relevant financial markets’ appointments. He is currently the Chairman of the Board of Directors of Africa Finance Corporation (AFC).

The Board has also announced the shareholders’ ratification of the appointment of Mr. Kennedy Uzoka, Group Managing Director/CEO of United Bank of Africa PLC, and Mr. Dapo Akisanya, Managing Director/CEO, AXA Mansard Pensions Limited, whose appointments to the FMDQ Board as Directors took effect on August 1, 2016 and January 1, 2017 respectively. This is in addition to the retirement of Mr. Yinka Sanni (Director and Chair, Board Governance and Human Resources Committee) from FMDQ. Mr. Sanni is Chief Executive Officer (CEO) of Stanbic IBTC Holdings PLC and represented the Financial Markets Sub-Committee of the Bankers’ Committee on the Board of FMDQ, in his capacity as erstwhile CEO of Stanbic IBTC Bank PLC.

Expressing appreciation to the outgoing Chairman, the Managing Director/CEO, FMDQ, Mr. Bola Onadele. Koko said “on behalf of the Directors and Management, I will like to seize this opportunity to express our deepest appreciation to her [Dr. Alade] for the exemplary leadership and superior counsel provided in directing the affairs of the FMDQ. I wish her many more healthy years ahead”.

As Nigeria’s foremost OTC Securities Exchange, FMDQ, under the leadership of Dr. Nnanna, remains committed to transforming the Nigerian financial markets in line with its GOLD (Global Competitiveness, Operational Excellence, Liquid and Diverse) Agenda.


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