FMDQ Group Plc, on Tuesday said it successfully navigated the numerous macroeconomic challenges such as heightened inflation, changes in monetary policies, exchange rate volatility and developments in the global economic space that that characterised the operating environment for most businesses across Nigeria in the fiscal year 2023.
Addressing shareholders at the annual general meeting to review the company’s 2023 financial year, chairman of the group, Dr. Jibril Aku, noted also that despite the turbulence revenue rose by 49.21% from ₦22.98bn in 2022 to ₦34.29bn last year.
A total 274 securities were admitted onto the exchange, representing what he described as a 70.19% growth from previous year’s 161 securities valued at ₦1.7tr, to 274 securities, with a total market value of ₦2.49bn in 2023.
FMDQ Group, he continued, achieved key milestones in 2023 such as the successful launch of the Exchange-Traded Derivatives (ETD) market in July 2023, with two pioneer products – the FGN Bond Futures and Naira-Settled Exchange-Traded FX Futures – which are traded and cleared on world-class FMDQ ETD systems, the FMDQ Q-ex Trading System and FMDQ Q-ex Clearing System, respectively.
FMDQ Clear, he said, also activated its Central Counterparty (CCP) services for the ETD market launched during the year, with its three pioneer General Clearing Members – Access Bank PLC, Stanbic IBTC Bank Limited, and Zenith Bank Plc.
Also, Approvals-in-Principle, he continued, were granted to four Deposit Money Banks in the course of the year, just as FMDQ Depository deployed world-class Central Securities Depository system – Q-ex Depository. Additionally, the group lodged 182 securities, worth ₦1.25tr, representing an impressive 54.24% increase from the 118 securities lodgements valued at ₦967.70 billion recorded in 2022.
FMDQ Private Markets equally witnessed a 29.00% decrease in the number of Private Companies’ Securities noted – a total of 10 securities were noted in 2023, compared to 14 noted in the previous year of 2022. However, the cumulative value of noted securities as of December 2023 was ₦780.96bn, surpassing the ₦345.16bn noted by the end of December 2022”.
These achievements, Aku said, remain committed to stakeholder value and the advancement of Nigeria’s financial markets. On Friday, October 25, 2024, FMDQ Group held its 12th Annual General Meeting (AGM) to transact its ordinary and special business and receive relevant approvals from its shareholders.
On his 2024 outlook for the FMDQ Group and its subsidiaries, the Chief Executive Officer of FMDQ Group, Bola Onadele. Koko said “building on the successful activation of the FMDQ ETD Market in 2023, FMDQ Exchange will expand its product offerings and prioritise the activation of the Bilateral Repurchase Agreement (Repo) market with collateral management service. Beyond ensuring efficient domestic clearing and CCP services, FMDQ Clear will continue to strategically position itself for recognition and relevance as a leading CCP on the global stage.
“FMDQ Depository will continue to expand its services to include new products and asset classes positioning itself to deliver more technology-based value-driven solutions and efficient service delivery to its stakeholders. FMDQ Private Markets will continue ramping up efforts to activate its structured solutions business, with a focus on deploying Artis DealRoom, a cutting-edge digital platform designed to facilitate activities in the supply chain market. In line with its Principal Investment Framework, FMDQ Group will continue to position itself as a fully integrated financial market infrastructure (FMI) group, by consolidating and developing its capital market businesses, and seeking investments with strategic and financial benefits, while making significant efforts to progress its capital raising agenda to further enhance the Group’s sustainability and resilience,” he stressed further.
