- Directors at the AGM
FMDQ Group PLC, las week in Lagos, held its 13th Annual General Meeting, where the directors unveiled its audited financials for the year ended December 31, 2024, which they noted demonstrate strong financial resilience and strategic focus, despite various headwinds during the period.
The group, they noted in a statement, continues to advance its mandate to drive innovation, deliver stakeholder value, and deepen Nigeria’s financial markets.
The hybrid AGM, held at FMDQ’s premises, Exchange Place, and chaired by Dr. Jibril Aku, Group Chairman, FMDQ Group was used to secure shareholder approval on key corporate matters.
Speaking at the event, Aku commended the Group’s efforts in maintaining operational stability and achieving its Strategic Objectives despite the challenges.
The Group, he noted, “delivered a remarkable financial performance, with Revenue growing by 49.93% from ₦34.29 billion in 2023 to an unprecedented ₦51.41 billion – the highest in the Group’s history, and Profit before Tax reaching a record ₦23.23 billion, representing a 65.54% increase from ₦14.03 billion recorded in 2023.” He further stated that “
In recognition of the historical strong financial performance, facilitated by the reinvestment of the Group’s returns into various strategic initiatives to drive organic growth, stability, and resilience, the directors declared the first-ever cash dividend of ₦0.20 per share, totaling ₦5.20 billion.
as we enter the last year of our 5-year Strategic Horizon.
Having implemented scrip dividends (2019: 14 bonus shares for every 1 share; 2020: 1 bonus share for every 1 share; and 2021: 1 bonus share for every 3 shares) over the years to shareholders as a form of return, the group said the “cash dividend payout is intended to reward shareholders’ confidence in the Group, while demonstrating its commitment to delivering long-term value and returns to shareholders.”
Dr. Aku further highlighted that, during the year, FMDQ Exchange expanded its Exchange-Traded Derivatives (ETD) market with the introduction of long-dated FX Futures contracts, extending available tenors from twelve (12) to 21 months.
This included a 13-month contract and eight consecutive quarterly contracts, providing market participants with enhanced tools for risk management. Additionally, the Exchange deployed a new price discovery module on its proprietary FMDQ Clients’ Trading, Reporting, and Surveillance System (“PenDealer”) to facilitate seamless trade execution and improve transparency within the pension sector.
In the Depository business, adoption of the Q-ex Depository system, deployed in 2023, the group said advanced significantly with 47 participants onboarded, and security lodgements rising to 150 securities valued at ₦1.28 trillion, a 2.40% increase from ₦1.25 trillion recorded in 2023. Similarly, FMDQ Private Markets delivered strong growth, recording a 44.69% increase in the cumulative value of securities noted, which rose to ₦1.13 trillion in 2024 from ₦780.96 billion in the prior year.
Reflecting on the Group’s journey in 2024, the pioneer Chief Executive Officer, FMDQ Group, Bola Onadele. Koko, who retired from the Group on June 30, 2025, noted in his CEO’s Review, that the year marked the successful conclusion of the fourth year of the Group’s 2021 – 2025 Strategic Horizon.
According to him, “through a focused commitment to our strategic priorities, FMDQ Group continued to strengthen the resilience of the Nigerian financial markets, deepen stakeholder engagement, and reinforce its leadership as a financial market infrastructure (FMI) group.
“As we enter the final year of our current Strategic Horizon, our efforts remain on consolidating our achievements and delivering on key initiatives across our markets. FMDQ Exchange will prioritise the activation of the Repo Market, the launch of the FMDQ Equity Market and Unsponsored Depositary Receipts Market, while continuing to build capacity through FMDQ Academy by incorporating the Academy as a standalone entity. FMDQ Clear remains committed to delivering world-class CCP services and will advance its global aspirations by strategically positioning itself for recognition as a leading international CCP. FMDQ Depository will expand its service offerings to include Equity Market depository services, pursue global affiliations, and deepen market confidence through enhanced operational excellence.”
According to the Acting Chief Executive Officer, Ms. Kaodi Ugoji, “The remarkable strides recorded by FMDQ Group in 2024 are a testament to the visionary leadership and strategic direction of our Board of Directors – across the Group and its subsidiaries – as well as the professionalism, resilience, and commitment of its Management and Staff. These achievements were made possible through the steadfast support of the Group’s esteemed stakeholders, including its shareholders, regulators, Members, and participants, whose collaboration continues to strengthen the integrity and vibrance of the Nigerian financial markets. As FMDQ Group looks to the future with renewed purpose, it remains confident in its ability to navigate an evolving landscape with courage and clarity, and will continue to forge ahead, guided by its dream in motion, “Born Local…Going Global”.
