The Managing Director/Chief Executive Officer of FMDQ OTC Securities Exchange, Mr. Bola Onadele.Koko has said the exchange will focus on, amongst others, the diversification of products offerings to include consolidation of OTC FX futures, the introduction of new derivative products such as fixed income, interest rate and currency derivatives this year. He stated this at the fifth annual general meeting (AGM) of the company held in Lagos last Friday.
Speaking on the financial performance of the OTC exchange in 2016, he said in 2016, the challenges in the Nigeria financial markets, particularly, the foreign exchange market, resulted in a 1.71 per cent decrease in FMDQâ€™s total revenue to N2.04 billion, from N2.07 billion in2015.
He, however, noted that FMDQ was able to diversify its revenue sources resulting in an increase in the contribution of non-transaction fees to total revenue from 20.56 per cent in 2015 to 32.3 per cent in 2016, in line with its strategic objectives.
He said the further diversification of its products offerings going forward would go a long in boosting its performance.
The Chairman of FMDQ, Dr. Sarah Alade said the exchange was in a strong position despite the fact that 2016 was a tough year for all Nigerian businesses, FMDQ included.
â€œFurthermore, FMDQ was able to sustain its growth by continuing to explore new opportunities to expand and enhance its activities, markets and reach. This expansion was clearly noticeable in the listings and quotations business which saw a total of 27 debt securities, amounting to N233.98 billion, listed and quoted on the OTC exchange, and in the number of FMDQâ€™s members which grew from 75, as at December 31, 2015, to 157, as at December 31, 2016,â€ she said.
Alade retired as chairman of the FMDQ, following her retirement from Central Bank of Nigeria (CBN) which she represented on the board and she will be replaced by Mr. Joseph Nnanna, CBN, deputy governor.
She lauded the shareholders of the company for according her the pleasure of serving them and her fellow board members , the staff and management of FMDQ.
“Itâ€™s a privilege of leading the FMDQ Board since 2014, barely eight months after the launch of the OTC exchange onto the Nigerian financial markets, the time has come for me to say goodbye, as I will be retiring from the board, effective April 28, 2017,” she said.