The Chairman, FMDQ, Dr. Joseph Nnanna, said the new name of
the company took effect after the shareholders gave their approval at the
company’s 7th Annual General Meeting in Lagos.
He noted that the change to a holding
company was necessitated by the registration of the company’s wholly-owned
clearing and settlement company, FMDQ
Clear Limited, by the Securities and
Exchange Commission in November 2017.
Dr. Nnanna stated that the company
commenced operations on January 2, 2018, which brought about an improved
performance in the group’s account. According to him, the diversification and
expansion of the business to incorporate clearing and settlement services
brought about an increase of 423.81 per cent and 427.89 per cent from 2017 in
the consolidated revenue and company revenue, which stood at N13.20bn and
N13.25bn, respectively.
He said though consolidated expenses increased
from N2.20bn in 2017 to N5.99bn in 2018, the consolidated profit before tax of
N7.21bn significantly surpassed N349.76m in 2017.
In Dr. Nnanna’s own words, “Turnover from trading activities on our platform, in the
fixed income, currency, and foreign exchange product lines, also exceeded the
2017 performance by 22 per cent to settle at N182.62tn in 2018. Our securities
admission business continued to grow in 2018 as we admitted 78 debt securities,
up by 58 per cent from the 50 securities admitted in the previous year, with a
total value of N1.02tn in 2018, compared to N236.9bn in 2017.”
He added that the company’s membership
also grew by seven per cent, from 181 members to 195 members across all
categories. He said following the operationalisation of FMDQ Clear Limited, the
company would focus on further strengthening the clearing and settlement
franchise, operationally and strategically, to enhance its readiness to operate
a full-fledged central counterparty in 2019. “This
objective will be to further boost its value delivery to the fixed income,
foreign exchange and derivatives market,” he added.
The Managing Director/Chief Executive
Officer, FMDQ, Bola Onadele Koko,
said the company would work assiduously to implement its Derivatives Market
Implementation Roadmap towards developing the derivatives market.
He said the roadmap would ensure market
readiness ahead of the launching of derivative products into the financial
market landscape in subsequent years.
Koko stated that the company would
continue to consolidate on achievements over its first lustrum, towards
building a sustainable, well-diversified group while consistently adding value
to all stakeholders and delivering exceptional value to its shareholders.
(Punch)
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