The Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr. Sarah Alade, has been named Chair of The Financial Dealers Markets Quotations (FMDQ) OTC Plc, replacing Mr. Aigboje Aig-Imoukhuede, who retired from the board at the company’s Annual General Meeting on Thursday.
The Group Managing Director and Chief Executive Officer, First Bank of Nigeria Limited, Mr. Bisi Onasanya, and the Group Managing Director and Chief Executive Officer, United Bank for Africa, Mr. Philip Oduoza, along with three others, were also appointed to the company’s board at the AGM.
The other directors are: Group Managing Director and Chief Executive Officer, Zenith Bank Plc, Mr. Peter Amangbo; the Managing Director and Chief Executive Officer, ARM Pension Managers Limited, Mr. Sadiq Mohammed; and the country Treasurer and Markets Head, Citibank Nigeria Limited, Mr. Bayo Adeyemo.
The move followed the retirement Aig-Imoukhuede and five other directors of the company. According to the company, the new appointments will become effective on August 1 (today).
FMDQ OTC (Over-the-Counter) is a Securities and Exchange Commission-licensed OTC market securities exchange and self-regulatory organisation, which is owned by 24 banks, the Central Bank of Nigeria, Financial Markets Dealers Association and the Nigerian Stock Exchange through its wholly owned subsidiary, the NSE Consult Limited.
At the AGM, Aig-Imoukhuede assured the company’s shareholders that “FMDQ is well-positioned to empower banks, pension managers and other operators to play major roles in the economic development programmes of the Federal Government.”
Aig-Imoukhuede, who attributed the successful takeoff and progress of FMDQ OTC to the spirit of collaboration, said, “There is no doubt collaboration with all stakeholders will remain critical in the development of our market.”
He called on the company’s shareholders and staff members to show the new board the same support they gave him in the four years for which he served as chairman, saying, “Together, all of us stakeholders have played wonderfully (like an orchestra). I pray that the spirit remains. That way, there will be no limit to what FMDQ can achieve.”
Reviewing the performance of the company in 2013, the Managing Director and Chief Executive Officer, Mr. Bola Onadele, told the shareholders the company recorded revenue of N155.65m in 2013, despite the challenges of the-start-up year.
In order to control its expenses as it fully commenced business operations, Onadele said the management adopted a prudent approach to its operations to minimise impact on shareholders’ funds.
In line with the approach, he said the directors agreed to forgo directors’ fees and allowances throughout the year.
He promised that the company would continue to engage its stakeholders as it worked to achieve its goals.
“As FMDQ continues to implement its five-year strategic plan, consolidating on each goal as it progresses, the securities exchange will continue to focus on boosting price discovery, transparency and further develop the cash markets,” he said.
Onadele thanked Aig-Imoukhuede for the “visionary leadership, personal sacrifice and enormous contributions” in securing the Bankers’ Committee’s support for an OTC securities exchange, among other things.
