FMDQ says not out to compete with NSE, recent corporate upgrade is to create future entities

Bola Onadele, managing director FMDQ Securities Exchange Plc, has explained that it is not out to compete with the Nigerian Stock Exchange (NSE) in equities trading but to create new entities for the future.

FMDQ recently became a full blown securities exchange, having secured necessary approvals for a name change to ‘FMDQ Securities Exchange PLC, in preparing for an upgrade in its activities that will include the listing and trading of company shares.

But Onadele, at a media parley in Lagos said that the new securities exchange would work with Small and Medium Enterprises (SMEs) and private companies to create new entities for the future.

FMDQ’s intention is not going into the equities market to compete with the NSE or ask companies to delist, the FMDQ boss said.

He explained that the FMDQ was rather looking at how to create new entities for the future, work with and nurture SMEs and private companies in Nigeria that had no access to long-term financing.

“We are not playing the game of attacking the NSE, that is not our role or our job or the way we do business.

“Rather we are looking at how to create new entities for the future, to work and nurture them, to work with SMEs, private companies in Nigeria who have not had access to long term financing.

“So, we are in the business of planning 20-30 years ahead and working with Nigerian entities in getting prosperity to Nigerians,” he said.

The managing director stressed the need to position the nation’s capital market to become number one in terms of standards, governance and transparency.

Onadele said FMDQ would continue to work with government and regulators develop the Nigerian capital market.

He assured that the exchange would continue to trade in all securities including fixed income, derivatives, commodities and foreign exchange.

Also speaking, Tumi Sekoni, associate executive director, capital markets, FMDQ, said the exchange would continue to educate and enlighten investors and operators on its products and services.

Sekoni said the exchange would launch the first derivatives product in the first quarter of 2020.

She said preparations were in top gear to ensure the launch of the product, noting that the exchange would continue to meet the yearnings and aspirations of its stakeholders.