Sarah Alade named new chairman of FMDQ board

The deputy governor, Economic Policy Directorate, Central Bank of Nigeria (CBN), Mrs Sarah Alade, has emerged as the new board chairman of the Financial Market Dealers Quotation (FMDQ) OTC Plc.

Alade emerged the new chairman on Thursday at the FMDQ’s second Annual General Meeting (AGM) in Lagos.

She replaces Mr. Aigboje Aig-Imoukhuede, who retires on August 1.

Otgoing Aig-Imoukhuede urged the management and shareholders of the company to cooperate with the new chairman in order to move the company higher.

Aig-Imoukhuede also commended the board members and shareholders for their harmonious working relationship in the past four years.

He commended the outgoing directors of the board for the company’s achievements 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 listings and quotation standards to support the improved business environment and the entrepreneurial energy of the private sector.”

Aig-Imoukhuede said the company would continue to champion change in the nation’s economy by promoting the growth of financial markets within the country and beyond.

He also commended the Securities and Exchange Commission (SEC), CBN and the Debt Management Office (DMO) for their support to the company.

Also speaking, its managing director, Mr Bola Onadele, said the company would continue to promote market development through the provision of infrastructure and governance structure in the Nigerian financial market.

Onadele said the company remains committed to the transformation of the nation’s OTC financial market.

“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.

“We will commence feasibility studies on the derivative market and employ technology regulation and examination franchises to promote FMDQ as a world-class front-line regulator.

“We will continue to forge ahead on our business strategy to organise, regulate, disseminate information and advocate for in the Nigerian financial market.”

Other FMDQ board nominees were Mr Olabisi Onasanya, managing director, First Bank of Nigeria Ltd; Mr Peter Amangbo, managing director, Zenith Bank; and Mr Phillips Oduoza, managing director, UBA Plc.

Also nominated were Mr Sadiq Mohammed, managing director, ARM Pension Managers; and Mr Bayo Adeyemo, country treasurer & markets head, Citibank Nigeria Ltd.

FMDQ OTC is a securities exchange for listing and trading of fixed income products and currency derivatives to offer financial security.

It was licensed by the Securities and Exchange Commission (SEC) in 2012 to provide oversight on the OTC market in Nigeria.

It is owned by 25 banks, the Central Bank of Nigeria (CBN), the Finance Dealers Association and the Nigerian Stock Exchange (NSE).