FMDQ Group Surges Forward with Major Milestones Amid Economic Turmoil
Detailed Breakdown:
Navigating Economic Challenges in 2023
Amid significant global and domestic economic challenges in 2023, including high inflation, volatile exchange rates, and fluctuating monetary policies, FMDQ Group Plc successfully advanced its mission of strengthening Nigeria’s financial markets. Despite these obstacles, the Group has remained resilient, showcasing commitment to delivering value to stakeholders.
12th Annual General Meeting (AGM)
On October 25, 2024, FMDQ Group held its 12th AGM, chaired by Jibril Aku. The Group presented its 2023 Audited Financial Statements to shareholders, reflecting the achievements of FMDQ and its subsidiaries in driving market innovation and growth.
Financial Performance and Market Activity Growth
FMDQ reported a 49.21% rise in revenue, from N22.98 billion in 2022 to N34.29 billion in 2023. Additionally, securities admissions by FMDQ Exchange increased by 70.19%, with the value rising from N1.70 trillion in 2022 to N2.49 trillion in 2023.
Key Milestones and Innovations
In 2023, FMDQ launched the Exchange-Traded Derivatives (ETD) market, introducing two key products: FGN Bond Futures and Naira-Settled Exchange-Traded FX Futures. FMDQ Clear also began providing Central Counterparty (CCP) services, with Access Bank, Stanbic IBTC, and Zenith Bank serving as pioneer clearing members. Additionally, FMDQ Depository deployed its Q-ex Depository system, increasing securities lodgement by 54.24%.
Outlook for 2024
Bola Onadele. Koko, CEO of FMDQ Group, outlined strategic priorities for 2024, including expanding FMDQ’s product offerings, activating the Repo market, and advancing CCP services on a global scale. FMDQ Private Markets plans to further develop its digital platform, Artis DealRoom, to support supply chain activities.
Commitment to Growth
With a vision of “Born Local…Going Global,” FMDQ Group aims to strengthen Nigeria’s financial infrastructure and sustain its position as a leading Financial Market Infrastructure (FMI) group. The Group remains dedicated to overcoming challenges through strategic growth and resilience, with an unwavering focus on advancing Nigeria’s financial markets.
Detailed Breakdown:
Navigating Economic Challenges in 2023
Amid significant global and domestic economic challenges in 2023, including high inflation, volatile exchange rates, and fluctuating monetary policies, FMDQ Group Plc successfully advanced its mission of strengthening Nigeria’s financial markets. Despite these obstacles, the Group has remained resilient, showcasing commitment to delivering value to stakeholders.
12th Annual General Meeting (AGM)
On October 25, 2024, FMDQ Group held its 12th AGM, chaired by Jibril Aku. The Group presented its 2023 Audited Financial Statements to shareholders, reflecting the achievements of FMDQ and its subsidiaries in driving market innovation and growth.
Financial Performance and Market Activity Growth
FMDQ reported a 49.21% rise in revenue, from N22.98 billion in 2022 to N34.29 billion in 2023. Additionally, securities admissions by FMDQ Exchange increased by 70.19%, with the value rising from N1.70 trillion in 2022 to N2.49 trillion in 2023.
Key Milestones and Innovations
In 2023, FMDQ launched the Exchange-Traded Derivatives (ETD) market, introducing two key products: FGN Bond Futures and Naira-Settled Exchange-Traded FX Futures. FMDQ Clear also began providing Central Counterparty (CCP) services, with Access Bank, Stanbic IBTC, and Zenith Bank serving as pioneer clearing members. Additionally, FMDQ Depository deployed its Q-ex Depository system, increasing securities lodgement by 54.24%.
Outlook for 2024
Bola Onadele. Koko, CEO of FMDQ Group, outlined strategic priorities for 2024, including expanding FMDQ’s product offerings, activating the Repo market, and advancing CCP services on a global scale. FMDQ Private Markets plans to further develop its digital platform, Artis DealRoom, to support supply chain activities.
Commitment to Growth
With a vision of “Born Local…Going Global,” FMDQ Group aims to strengthen Nigeria’s financial infrastructure and sustain its position as a leading Financial Market Infrastructure (FMI) group. The Group remains dedicated to overcoming challenges through strategic growth and resilience, with an unwavering focus on advancing Nigeria’s financial markets.