Monda, July 29, 2019 / 07:00PM / Bukola
Akinyele for Proshare WebTV
FMDQ OTC Securities Exchange Plc achieved a 22% increase in turnover in FY 2018 with its sales revenue settling at N182.62trn; trading activities covered its three main business lines of fixed income, currency, and foreign exchange activities.
Looking at the Consolidated profit before tax, it rose to N7.21 bn in 2018, significantly surpassing the N349.76 m recorded in 2017.
Dr. Joseph Nnanna, Chairman FMDQ OTC, said the performance could also be attributed to the successful commencement of activities of FMDQ Clear Limited.
He also reported that FMDQ OTC Exchange experienced a 58% growth in its securities admission, which was 78 in 2018, compared to 50 admitted in the previous.
In 2018, the total value of the securities listed was N1.027trillion compared to N236.87billion in 2017.
Nnanna pledged to stakeholders that the Exchange will continue to work collaboratively with stakeholders, and the regulators in order to empower the markets to be innovative and credible, in support of the Nigerian economy.
On the 2019 outlook for the OTC market, the FMDQ Chairman believed that the successful establishment of its wholly-owned central clearinghouse (CCH) subsidiary, FMDQ Clear, in 2018 the Company will focus further on strengthening further the clearing and settlement franchise operationally and strategically, and enhance its readiness to operate a full-fledged central counterparty (CCP) in 2019.
He noted that 2018 was the year in which FMDQ consolidated its business offering, by extending it from just the provision of a trading venue for execution, to the clearing and settlement spectrum of the securities transaction cycle.
Mr Bola Onadele Koko, MD/CEO of the Exchange, in his statement assured stakeholders that FMDQ will continue its drive towards building a sustainable and well-diversified group, consistently adding value to all stakeholders, and delivering value to its shareholders.
Onadele said FMDQ will be focused on delivering the following initiatives in 2019;
External Auditors KPMG and the Audit Committee in their separate reports agreed that FMDQ’s 2018 financial statement, aligned with the provisions of the IFRS and CAMA.
Other strides of the FMDQ in the 2018 financial year include;
During the year, the exchange launched the Next Generation Financial market Empowerment Initiative (FMDQ-Next). This is a learning and development programme aimed at promoting financial market awareness and literacy among students across all levels. Since its launch, the FMDQ-Next Initiative positively impacted over 40 secondary school students. In 2019, the Initiative intends to reach about 350 students.