FMDQ Group, a financial market infrastructure group in Nigeria has reiterated the important role the market plays in the stability and growth of the economy.
Despite the slow economic growth, FMDQ’s markets (Fixed Income, Currencies, and Derivatives) have continued to show resilience, on the premise of which the Group recognised the contributions of its market participants, including its Members, regulators, government agencies, local and foreign portfolio investors, corporates and a host of others, through the FMDQ GOLD Awards.
Instituted in 2018 to mark the 1st FMDQ Group Lustrum and now in its 5th year, the 2022 FMDQ GOLD Awards in Lagos, on Friday, was the first physical ceremony since the onset of the COVID-19 pandemic.
According to a statement yesterday, the GOLD Awards ceremony was headlined by Vice President Yemi Osinbajo, as the Special Guest of Honour, who was represented by the Director-General, Bureau of Public Enterprises (BPE), Alexander Okoh.
It said the event also brought together various stakeholders and provided a platform to acknowledge and formally recognise the contributions of participants within the FMDQ markets for the one-year period covering October 2021 to September 2022.
In his keynote, Osinbajo was quoted as saying: “over the years, FMDQ Group has evolved from an over-the-counter market to a full-fledged Capital Market Holding Company, with five wholly owned subsidiaries. This is a laudable achievement.
“It is pertinent to acknowledge that in order for the Nigerian economy to grow and ensure that businesses thrive, access to capital-raising channels and opportunities is a key prerequisite.”
He commended FMDQ Group and its leadership, for its role in “consistently contributing towards filling this gap in Nigeria’s financial markets.”
Awards verification
The statement said the 2022 GOLD Awards was duly verified by Ernst & Young Nigeria, a global assurance services firm, and were presented across four broad Award Categories.
The categories include the Primary Market Awards; Secondary Market Awards; FMDQ Members’ & Clients’ Choice Awards, which afforded the Exchange Members and clients an opportunity to nominate and vote active participants across the fixed income and currencies markets; and the FMDQ Leadership Awards that saw 29 Awards, and 30 Award winners (including two joint winners).
The Leadership Awards also saw the Presidential Enabling Business Environment Council (PEBEC), represented by its Executive Secretary, Dr. Jumoke Oduwole, receive the FMDQ Capital Market Catalyst Award for the introduction of over 160 key reforms over a period to improve Nigeria’s business environment, with the Companies and Allied Matters Act 2020, being the most impactful on the financial markets.
Other winners at this year’s awards included MTN Nigeria Communications PLC, which bagged four awards in the Primary Market Category and one in the Members’ & Clients’ Choice Awards Category, while Chapel Hill Denham Advisory Limited won two in the Primary Market Category, including the Champion Award (FMDQ Capital Markets Securities Origination).
Similarly, Stanbic IBTC Bank PLC won two awards in the Secondary Market Category, including the Champion Award (FMDQ Dealing Member of the Year).
It is pertinent to acknowledge that in order for the Nigerian economy to grow and ensure that businesses thrive, access to capital-raising channels and opportunities is a key prerequisite.
Event highlights
The statement also listed one of the highlights of the GOLD Awards as the Farewell Reception in honour of the Group Chairman of FMDQ Group, Dr. Okwu Joseph Nnanna, and 14 other directors, who retired between January 2018 and September, for the roles they played in the growth and development of FMDQ and its markets.
Addressing the retirees, the Group Vice Chairman, Jibril Aku, said: “Under your astute leadership, FMDQ evolved from an OTC Market into Africa’s first vertically integrated FMI group, with three SEC-registered capital market subsidiaries – FMDQ Securities Exchange Limited, FMDQ Clear Limited, and FMDQ Depository Limited – thereby entrenching its presence across the financial market value chains (pre-trade, trade and post-trade).
“In this same period, two (2) other subsidiaries, FMDQ Private Markets Limited and iQx Consult Limited, were operationalised to extend private companies’ access to institutional investors, and to ensure operational efficiency and build resilience in the FMDQ Entities through technology and digitisation, respectively.”
He also thanked them for their “resilience and guidance through what has been a very challenging period for the markets, and the economy at large. Your innovative and patient leadership laid the foundations of the FMDQ Group we see today, and on which we build for the future.”
In his farewell remarks, Nnanna, represented by the Chief Economist, Development Bank of Nigeria (DBN) PLC, Prof. Joseph Nnanna, said: “Serving as the Chairman of FMDQ for the three succeeding years has been greatly fulfilling. It has been an honour to play my part in thrusting the Nigerian financial markets forward through FMDQ.
“I want to emphasise how much I appreciate the past Chairmen and my colleagues on the FMDQ Group Board for their unrelenting support and tenacity in delivering FMDQ’s mandate.”
Also, in commemoration of Nnanna’s tenure, a special publication: The Agent of Change (Volume 3), FMDQ Group’s avenue for cataloguing significant milestones achieved during the term of a Board Chairman, was unveiled.
Other highlights included a play-let, centred on the role of lawyers and investment bankers in the financial markets, performed by representatives of the 2022 Summer Camp (Primary School Stream) of the FMDQ Next Generation Financial Markets Empowerment Programme (FMDQ-Next).
This is FMDQ Group’s flagship corporate responsibility initiative aimed at promoting financial market awareness and literacy among students across all levels.
Also speaking, the Group Chairman, Dr. Kingsley Obiora, represented by the Chief Executive Officer, FMDQ Group, Bola Onadele Koko, appreciated all stakeholders “who have worked tirelessly to ensure continuous depth, liquidity, and diversity in the Nigerian financial markets.”
He added that “Undoubtedly, your contributions, immense support, and unceasing willingness to collaborate, are a significant part of the FMDQ story.
“The Board of FMDQ Group remains committed to providing strategic direction, maintaining robust oversight over FMDQ Group’s affairs, and ensuring the Group continues to tow the right path in meeting its objectives.”
