FMDQ Group Plc has granted Share Appreciation Rights (SARs) to its top leadership, according to its 2024 annual report released to investors and the public.
The report shows that the Chief Executive Officer received 1.3 billion shares valued at N9.9 billion, representing 5% of the company’s shareholding.
Executive management personnel, identified as foundation executives, were also granted 1.04 billion shares worth N4.6 billion, equivalent to 4% of the company’s shareholding.
According to FMDQ, the CEO’s SARs have a 6.4-year vesting period tied to key performance indicators outlined in his employment contract, while the foundation executives’ awards will vest in five years.
The SARs are priced at N8.03 per share, up 44.42% year-on-year, with exercise prices of N0.37 for the CEO and N3.59 for the foundation executives, and vesting prices of N7.66 and N4.44, respectively.
This allocation means Mr. Bola Onadele Koko, who has served as CEO of FMDQ Group Plc for 12 years, will be among the beneficiaries of the award.
About Mr. Bola Onadele
Mr. Bola Onadele is the pioneering Chief Executive Officer of FMDQ Group Plc and serves as a non-executive director on the board of FMDQ Securities Exchange Limited.
He has built an extensive career spanning over two decades in banking, holding senior roles such as Chief Dealer at Citibank Nigeria, Treasurer at FCMB, Managing Director/CEO of Trust Bank of Africa, and Chief Operating Officer at Leadbank Plc.
Among his career milestones, Mr. Onadele is credited with pioneering derivatives in Nigeria through two landmark phases: the 2016 launch of USD/NGN Non-Deliverable Forwards and the 2023 debut of FMDQ Exchange Traded Derivatives, which introduced bond futures and naira-settled FX futures.
In late 2024, he announced plans to retire after more than 11 years at the helm, capping a standout performance year for the company.
2024 Performance
FMDQ Group Plc delivered a strong financial performance in 2024, posting a pre-tax profit of N23.2 billion, up 65.54% from N14.03 billion in 2023.
The surge was driven largely by treasury income, which climbed to N16.2 billion from N3.2 billion, and other income, which rose to N15.5 billion from N7.4 billion.
- Of the total ‘other income’, margin management fees accounted for the largest share at N10.1 billion, followed by commercial paper quotation fees of N1.6 billion, processing fees of N1.2 billion, and other revenue streams making up the remainder.
As a result, total operating income grew 49.93% to N51.4 billion. Even with operating expenses of N30.8 billion, the Group closed the year solidly in profit.
- On the balance sheet, total assets stood at N446 billion, while retained earnings more than doubled to N19 billion from N9.6 billion.
After serving 12 years as CEO of FMDQ Group Plc, Mr. Bola Onadele Koko will receive a payout from Share Appreciation Rights (SARs), incentives that reward executives and employees when the company’s share price rises.
