FMDQ becomes FMDQ Group in rebirth after 9 years
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Nine years after its launch as FMDQ OTC PLC, FMDQ Holdings will now be known as FMDQ Group following its change of name effective Wednesday, February 2, 2022, as a Securities and Exchange Commission (SEC)-registered capital market holding company, according to an emailed notification to stakeholders signed by Bola Onadele Koko, its group chief executive officer.
Onadele. Koko said the change of name is intended to better position the company to consolidate on its vision, “To be the leading African builder of ecosystems of financial infrastructure and services for markets.”
The group which has evolved over the years in Nigeria and Africa is positioned to provide registration, listing, quotation and noting services; integrated trading, clearing and central counterparty, settlement, risk management for financial market transactions; and depository of securities; as well as data and information services, across the debt capital, foreign exchange, derivatives, and equity capital markets, through its wholly-owned subsidiaries.
“We are pleased to inform you of our company’s change of name from FMDQ Holdings PLC to FMDQ Group PLC, effective February 2, 2022. Launched as FMDQ OTC PLC in 2013, FMDQ Group has evolved over the years from an OTC Market to a full-fledged Securities Exchange, to a budding financial market infrastructure (FMI) Group, now structured as a Securities and Exchange Commission (SEC)-registered capital market holding company, warehousing five wholly-owned subsidiaries, including FMDQ Securities Exchange Limited (Nigeria’s largest exchange by market turnover – with an annual average of $166 trillion), FMDQ Clear Limited (Nigeria’s only operating Central Counterparty – with over $60 billion derivatives contracts cleared), FMDQ Depository Limited (Nigeria’s integrated Securities Depository), FMDQ Private Markets Limited (Nigeria’s private capital marketplace organiser) and 1Qx Consult Limited (an information technology services company),” the memo reads.
It further noted that the name change will place the company in a better position to serve for the registration and listings of securities of both listed and unlisted firms on the continent.
“As a valuable stakeholder of FMDQ Group and the Nigerian financial markets, this update on our change of name is for your information and records. Please note that there are no changes to our business operations, governance structure, corporate structure, or any other aspect of the business, as a result of this name change.
“We are excited about the opportunities in 2022 and beyond, and with your continued support and collaboration, we remain committed to facilitating the transformation of our financial markets to become ‘GOLD’ (Globally Competitive, Operationally Excellent, Liquid and Diverse),” it noted.