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NEWSLETTER EDITION 31 – MAY 2017

New Stories

  • Leadership Changes at the Helm of FMDQ
  • FMDQ Wins BusinessDay’s Most Innovative in Financial Markets Award
  • FMDQ Commences Publication of Weekly Turnover in Investors’ & Exporters’ FX Window
  • CBN Sustains Commitment to the OTC FX Futures Market, as 11th OTC FX Futures Contract Settles on FMDQ

 

FMDQ Listings & Quotations

  • Stanbic IBTC Holdings Registers ₦20.00bn Commercial Paper Programme on FMDQ
  • FMDQ Approves Registration of The Rand Merchant Bank ₦80.00bn Commercial Paper Programme

 

FMDQ Turnover and Dealing Member (Banks) League Table

  • FMDQ OTC Market Turnover (January – April 2017)
  • Top Ten (10) Dealing Member (Banks) in FMDQ Market (January – April 2017)

 

FMDQ Learning

  • Fundamentals of Derivatives – Part 2

Leadership Changes at the Helm of FMDQ

The Board of Directors of FMDQ OTC Securities Exchange (“FMDQ” or the “OTC Exchange”), 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. Dr. Alade, who has been pivotal to the transformation of the Nigerian financial markets over the years, led the OTC Exchange astutely for almost three (3) years and was instrumental to the successes achieved by FMDQ during the period. In addition to Dr. Alade, three (3) other Directors, having served in varying capacities also retired from the Board. 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 results-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. Okwu Joseph Nnanna, the CBN Deputy Governor currently overseeing the Economic Policy Directorate. 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. The Board of FMDQ 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 the 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 FMDQ. I wish her many more healthy years ahead”. As Nigeria’s foremost OTC 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, Liquidity and Diversity) Agenda. FMDQ Wins BusinessDay’s Most Innovative in Financial Markets Services Award In recognition of the contributions made by FMDQ to the development of the Nigerian financial markets, the OTC Securities Exchange won the ‘Most Innovative in Financial Markets’ Award at the first BusinessDay Top 25 Most Innovative Companies & Institutions in Nigeria Awards 2017. The Nigerian financial markets have undergone significant changes in recent years, and FMDQ, having risen to its commitment to transform the markets, by, among others, bringing them to par with the global markets, has continued to lead the pace through timely service, product and market development innovations. From its visionary stride in successfully facilitating the Naira-settled OTC FX Futures Market, launching the short-term bonds product initiative, pioneering a Nigerian securities exchange learning institution, the FMDQ Academy; to championing the market-wide Nigerian Debt Capital Markets Development Project, FMDQ has indeed and in no small measure, created value geared towards the ultimate growth and development of the Nigerian economy. As an innovation-driven OTC Securities Exchange, availing the markets unique opportunities and aligning its operations and activities with international standards, this Award validates FMDQ’s efforts in transforming the Nigerian financial markets.