9th Senate Committee On Capital Markets Visits FMDQ, Pledges To Drive Pro-Market Legislations


Friday, March 20, 2020 / 11:25 AM / FMDQ / Header Image Credit: @FMDQGroup


The Management of FMDQ Holdings Plc, recently hosted the Executive members of the Ninth (9th) Nigerian Senate Committee on Capital Market led by the Chairman, His Excellency, Senator Ibikunle Amosun and accompanied by Ms. Mary Uduk, Ag. Director-General, Securities and Exchange Commission (SEC) and other SEC representatives on a courtesy visit on Thursday, March 19, 2020, to Exchange Place, Lagos.


The Senate Committee on Capital Market is the legislative arm of the government responsible for providing supervision over the Nigerian capital market and proffering strategic direction, where required, for the associated regulators, operators and financial market infrastructures such as FMDQ.


Finding Common Grounds

The visit provided an avenue for the Senate Committee and FMDQ to collaboratively discuss further areas of mutual interest as well as associated initiatives towards building a resilient capital market in the country.


The visit was in line with FMDQ's "GOLD" - Global Competitiveness, Operational Excellence, Liquidity and Diversity - Agenda for the empowerment and alignment of the Nigerian financial market with its international counterparts.


Welcoming the Senators to the Exchange Place, Mr. Bola Onadele Koko, Chief Executive Officer of FMDQ Group applauded the Senate Committee for its efforts at bridging the gap between the legislature and the market; stressing the importance of stakeholder engagement such as this to the achievement of the desired economic progress in Nigeria.


"Koko", as fondly called by the market, recognized the commitment of the Committee to foster a collaborative capital market in support of the realization of the 10-Year Nigerian Capital Market Master Plan and further, Nigeria's Economic Recovery and Growth Plan (ERGP).


Senate Support

Also commenting on the engagement between the Senate Committee and FMDQ Group, the Senate Committee Chair, Senator Ibikunle Amosun, commended FMDQ on the "laudable initiatives being implemented to deepen the capital market". He went on to offer the "unequivocal support of the Committee to FMDQ Group to propel growth and improve investor confidence in the Nigerian financial market."


Presenting initiatives to unlock Nigeria's potential through the capital markets, Mrs. Adaeze Uzor-Kalu, Head of External Relations at FMDQ Group, highlighted FMDQ's role in championing the realization of the Nigeria that we desire. She noted that, through the Group's strategic initiatives focused on the growth of various sectors of the economy including Housing, Transport, Power, etc. that the Nigerian

capital market is able to effectively support national development whilst boosting the economic impact of Small-and Medium- Scale Enterprises towards promoting prosperity for all.


Presenting the FMDQ tombstone following the signing of the e-Visitor's Register by the Senate Committee Chairman, Ms. Kaodi Ugoji, the Group Chief Operating Officer at FMDQ Group, thanked the Executive Delegation for its recognition of FMDQ's achievements in the Nigerian financial market, and reiterated the Group's unwavering commitment to work with the Legislators and other capital market stakeholders to make the Nigerian financial market credible and globally competitive.


FMDQ Group is Africa's first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide seamless execution, clearing and settlement of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries - FMDQ Securities Exchange Limited, FMDQ Clear Limited, FMDQ Depository Limited, FMDQ Private Markets Limited and iQx Consult Limited.


The Senate Committee Chairman on Capital Markets His Excellency, Senator Ibikunle Amosun, used the occasion to commend FMDQ for achieving great strides in the market ecosystem, and assured the exchange that it will push for pro-market legislations to unlock its potentials.


Diversifying The Economy

Senator Amosun believed the Capital Market plays a significant role in diversifying Nigeria's economy, which informs the need for the right policies and legislation mix.


He commended the FMDQ for achieving a well-organized and structured securities exchange, and expressed the readiness of the committee to engage the management on ways of deepening the market


"We will support the FMDQ to attain Global standards. It has shown seriousness in implementing its mission and strategy and I commend the leadership for its achievements. I urge them not to rest on their oars but work to attaining to global relevance" He said.

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