FMDQ Announces New Board Members. The Board of FMDQ OTC PLC (FMDQ) today announced that in line with its governance policy, six (6) of its inaugural Board members have retired from its Board of Directors at its 2nd Annual General Meeting held on July 31, 2014. They are: Mr. Aigboje Aig-Imoukhuede, CON (Chairman); Mr. Emeka Onwuka (Director); Mr. ‘Laoye Jaiyeola (Director); Dr. Demola Sogunle (Director); Mr. Akinsowon Dawodu (Director) and Mr. Sola Adegbesan (Director). FMDQ as a self-regulatory organisation subscribes to the highest standards of corporate governance which has guided the smooth reconstitution of its Board.
Following the retirement of the above mentioned Directors and upon very strategically focused nominations, six (6) new Directors have been elected to FMDQ’s Board, with Dr. (Mrs.) Sarah Alade, OON – Deputy Governor, Economic Policy Directorate of the Central Bank of Nigeria – as the new Chairperson. The other new members of the Board are: Mr. Bisi Onasanya (Group Managing Director/Chief Executive Officer – First Bank of Nigeria Limited); Mr. Phillips Oduoza (Group Managing Director/Chief Executive Officer – United Bank for Africa PLC); Mr. Peter Amangbo (Group Managing Director/Chief Executive Officer – Zenith Bank PLC); Mr. Sadiq Mohammed (Managing Director/Chief Executive Officer – ARM Pensions (PFA) Limited) and Mr. Bayo Adeyemo (Country Treasurer & Markets Head – Citibank Nigeria Limited).
The Management of FMDQ expresses its profound gratitude to the retiring Directors for their invaluable contributions to the achievement of the FMDQ dream and its development so far. It also heartily welcomes the new Directors to the FMDQ Board.
Similarly, Mr. Aig-Imoukhuede (the retiring Chairman) welcomes this Board of highly accomplished professionals with assurances that they will further the development of FMDQ and the achievement of its strategic objectives.
Commenting on the changes, Mr. Aig-Imoukhuede pointed out that “as the Central Bank of Nigeria (CBN) Deputy Governor, Economic Policy and a member of the Bankers’ Committee, Dr. Alade has been pivotal to the transformation of the Nigerian financial market over the years and was instrumental in promoting the FMDQ dream. Indeed, she appreciates the role of FMDQ as a tool for economic development and has made various strategic inputs to the company’s achievements. I look forward with excitement to FMDQ continuing the “GOLD” Agenda, under Dr. Alade’s visionary chairmanship.”
The new Chairperson expressed her pleasure in joining the Board of FMDQ and stated that “she has been involved with FMDQ since its inception and maintained close interaction with its leadership. Indeed, the FMDQ “GOLD” Agenda is in perfect alignment with the CBN’s financial markets vision”. She also commended the inaugural Board and the Management of FMDQ on their achievements thus far and promised that the new Board will provide the necessary leadership to FMDQ.
FMDQ is a Securities and Exchange Commission (SEC) registered OTC securities exchange and self-regulatory organisation (SRO) primarily focused on fixed income securities and currencies, launched unto the Nigerian financial markets space on November 7, 2013. It was established to organise, govern and develop the already existing inter-bank markets into a more integrated and robust OTC market in line with international best practices. The achievements recorded so far buttress the commitment of FMDQ to this mandate.
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FMDQ is positioned to be a systemically important financial markets infrastructure as well as a catalyst for economic development in Nigeria, as it drives its vision to be the number one OTC market in Africa.