FMDQ Group records significant achievements amid challenging economic conditions
In 2023, FMDQ Group Plc navigated significant economic challenges, including inflation, fluctuating exchange rates, and shifting monetary policies, affecting Nigerian and global markets. Despite these difficulties, the Group held its 12th Annual General Meeting on October 25, 2024, emphasizing its commitment to strengthening Nigeria’s financial markets and stakeholder value. During the AGM, the company presented its audited financial results for 2023, showcasing robust growth.
Group Chairman Jibril Aku highlighted a revenue increase of 49.21% to N34.29 billion from N22.98 billion in 2022, with FMDQ Exchange experiencing a 70.19% surge in market activity. Key milestones in 2023 included the launch of the Exchange-Traded Derivatives market, featuring products like FGN Bond Futures, and the successful activation of Central Counterparty services with prominent banks as initial members. Additionally, FMDQ Depository lodged 182 securities worth N1.25 trillion, marking a 54.24% increase from the previous year.
Looking forward, CEO Bola Onadele. Koko outlined FMDQ’s strategic plans for 2024, including expanding product offerings, developing a Bilateral Repurchase Agreement market, and enhancing tech-driven solutions. The Group’s focus remains on solidifying Nigeria’s capital markets, driving sustainable growth, and furthering its role as a key financial infrastructure provider.
