In order to boost its operations, stakeholders of FMDQ OTC Plc have unanimously agreed with the company’s Board of Directors to raise a N5 billion capital. Though, a date is yet to be disclosed to the public for the fundraising, but the company’s Chairman, Dr. Joseph Nnanna made known that the fund would be raised through a mix of rights issue and public offering.
According to Nnanna, the fund would be raised in portions and would be used for products development and subsidiries.
Shareholders ratified the appointment of Mr. Segun Agbaje (Managing Director/CEO of Guaranty Trust Bank PLC); Mr. Uzoma Dozie (Group Managing Director/CEO of Diamond Bank PLC); Mr. Charles Kie (outgoing Managing Director of Ecobank Nigeria PLC);
Mr. Kayode Akinkugbe (Managing Director/CEO of FBNQuest Merchant Bank); and Mr. Samuel Ocheho (Head, Global Markets West Africa, Stanbic IBTC Bank PLC ), as Non-Executive Directors of FMDQ
In June 2018, the Security and Exchange Commission (SEC) gave operational approval to FMDQ Clear Limited, subsidary of FMDQ OTC Securities Exchange which is a big player in debt capital, currencies/derivatives as well as OTC exchanges. With this approval, FMDQ Clear Limited became the first ever clearing house in Nigeria.
In July, 2018, FMDQ OTC Securities Exchange listed Dangote Cement Plc’s N50 billion commercial papers. Nairametrics reported that the listing was the biggest Commercial Paper programme so far on the Nigeria debt capital market on its platform.
About FMDQ OTC
With the strategic intent of bringing about revolutionary changes and fostering the development of the Nigerian financial markets, FMDQ OTC is Nigeria’s foremost debt capital, currencies securities exchange and derivatives over-the-counter securities exchange.
Registered by the Securities and Exchange Commission (SEC), as an over-the-counter (OTC) market in 2012, and launched on to the Nigerian financial landscape in November 2013, FMDQ has dual responsibilities of a securities exchange and self-regulatory organisation (SRO) and brings together Nigeria’s fixed income and currency operations under a single market governance structure.
