News Column

FMDQ Reiterates Commitment to Market Efficiency, Transparency

August 1, 2014

Helen Oji

THE Financial Market Dealers Quotation (FMDQ) OTC Plc, has stressed its commitment to continue to focus on market efficiency by creating innovative products that would drive liquidity and transparency in the market.

The Managing Director, Bola Onadele, while addressing shareholders at the second yearly general meeting of the company in Lagos yesterday said the company was committed to the transformation of the nation's OTC financial market.

Onadele said that FMDQ would thrive on the reintroduction of defunct products, such as commercial papers, restructuring of the repo market, activation of securities lending and development of the loan sale market.

He said that the company would commence feasibility studies on the derivative market and employ technology regulation and examination franchises to promote FMDQ as a world-class front-line regulator.

He added that the company would promote market development through the provision of infrastructure and governance structure in the Nigerian financial market.

"We will continue to forge ahead on our business strategy to organise, regulate, disseminate information and advocate in the Nigerian financial market," Onadele said.

The outgoing Chairman of Aigboje Aig-Imoukhuede urged the company's shareholders to support

Mrs Sarah Alade, who emerged the new Chairman of the company.

Alade is the Deputy Governor, Economic Policy Directorate, the Central Bank of Nigeria (CBN). has emerged as the new board Chairman of Financial Market Dealers Quotation (FMDQ) OTC Plc.

Alade's nomination was disclosed at the FMDQ's second yearly general meeting held in Lagos yesterday.

Alade would replace Mr Aigboje Aig-Imoukhuede who retired as FMDQ Board Chairman at the meeting.

Aig- Imoukhuede urged the management and shareholders of the company to give the incoming chairman maximum cooperation to move the company forward.

He commended the outgoing directors of the board for the achievement recorded by the company over the years.

Aig-Imoukhuede said that FMDQ was well positioned to empower banks, pension managers and other operators to play major roles in the economic development programme of the Federal Government.

According to him, Nigeria needs a virile debt capital market with world-class listing and quotation standards to support the improved business environment and the entrepreneurial energy of the private sector.

Aig-Imoukhuede said that the company would continue to introduce initiatives that would drive economic change in the nation by promoting the growth of financial markets within the nation and beyond.

He, however, commended the Securities and Exchange Commission, CBN and the Debt Management Office, for their support to the company.

Other FMDQ board nominees were Group Managing Director, First Bank of Nigeria Limited, Olabisi Onasanya; Group Managing Director, Zenith Bank Plc, Peter Amangbo: Group Managing Director, UBA Plc: Phillips Oduoza, Director, ARM Pension Managers Limited, Sadiq Mohammed: and Country Treasurer & Markets Head, Citibank Nigeria Limited, Bayo Adeyem

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Source: AllAfrica

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