Goddy Egene
FMDQ OTC Securities Exchange has reaffirmed its commitment to engaging in initiatives that will develop and make the debt securities market globally competitive by improving liquidity, transparency, governance and efficiency in 2016.
Chairman of FMDQ OTC, Dr. Sarah Alade made the commitment at the fourth annual general meeting of company in Lagos on Friday.
According to her, 2015 was been a busy year for the exchange as it worked hard to position itself as Nigeria’s foremost debt capital market securities exchange.
She said in 2015, FMDQ listed Federal Government of Nigeria (FGN) bonds and several corporate bonds as well as quoted Nigerian treasury bills and commercial papers.
“The exchange also successfully organised the FMDQ 2015 Nigerian Debt Capital Market (DCM) workshop, as part of its contribution to the Nigerian financial market space.
FMDQ remains committed to engaging in initiatives that will develop and make the FMDQ markets globally competitive by improving liquidity, transparency, governance and efficiency in 2016,” she said.
Speaking on FMDQ’s financial performance, the Managing Director/CEO, Mr. Bola Onadele.Koko, said appreciated all stakeholders for their contributions towards ensuring a successful 2015 for the exchange.
He promised that in 2016, FMDQ would not rest on its oars as it remained poised to consolidate on the progress already made to ensure that the Nigerian financial markets are continually empowered to be innovative and credible in support of the nation’s economy.
FMDQ OTC ended 2015 with revenue of N2.091 billion, up from N1.753 billion in 2014. Profit before tax stood at N473.730 million, while total assets was N2.242 billion, compared to N1.576 billion in 2014.
FMDQ OTC was licensed by the Securities and Exchange Commission (SEC), on December 6, 2013 as an over-the-counter (OTC) securities exchange and self-regulatory organisation to run the fixed income trading platform and organise the market to international standards. Onadele.Koko had said in its capacity as an OTC securities exchange as well as a self-regulatory organisation, the company has been fulfilling its responsibility and has taken up the challenge of tackling the attendant inadequacies evident in any unregulated market by developing Quotation Rules for bonds issued by private companies with the aim of providing adequate governance over the registration, quotation and trading of bonds of private companies on FMDQ, thereby potentially serving as the benchmark for how this market is regulated in Nigeria as a whole.
