The pioneer Chief Executive Officer of FMDQ Group Plc, Mr Bola Onadele, is set to retire from the group in 2025 after 11 years of exceptional achievements and outstanding strides.
This is contained in a statement issued by FMDQ Group on Tuesday in Lagos.
The statement said that effective Dec. 31, 2024, Onadele would have served a term of five years as the Group Managing Director/Chief Executive Ofiicer, after serving as the pioneer Managing Director/CEO of FMDQ Securities Exchange Plc for almost six and a half years.
“In June 2024, Onadele notified the Board of Directors of FMDQ Group of his intention to retire as the CEO at the end of his tenure.
“However, to enable a smooth transition to a suitable successor, and as part of the FMDQ Group Board’s governance approach to succession planning, Koko will carry on in his role as the CEO of FMDQ Group until next year.
“Koko has successfully led and grown the FMDQ franchise as CEO since its inception in 2013 from when it commenced as an OTC platform for the inter-bank markets, the erstwhile FMDQ OTC Plc, to becoming Africa’s first vertically integrated financial market infrastructure group, FMDQ Group PLC, with five wholly owned subsidiaries – three Securities and Exchange Commission-registered
Exchange, Central Counterparty and Depository subsidiaries, a Private Markets Information Repository and a technology company – collectively referred to as “FMDQ”.
“FMDQ Group has also achieved associate company status with a 22.66 per cent equity stake in Central Securities Clearing System Plc.
“Throughout Koko’s tenure leading FMDQ, outstanding achievements have been recorded across the markets, franchise and financial parameters, amongst others. Some of these include, but are by no means limited to the establishment of Africa’s first vertically integrated financial market infrastructure group, achievement of financial resilience with Shareholders’ Funds’ growth from N585.00 million in 2013 to N70.28 billion as at September 2024,” it said.
The statement noted that the Group, under his leadership, spearheaded key sustainability initiatives, including the establishment of Africa’s premier Green Exchange, FMDQ Green Exchange and the Financial Center for Sustainability, Lagos, with the support of the United Nations Environment Programme and other stakeholders in the financial market ecosystem.
“Other significant achievements during his tenure include the rejuvenation of the Nigerian Commercial Paper (CP) market; with CP Programme registrations and CP issuances growing from zero to N6.90 trillion and N5.85 trillion respectively over the period.
“Activation of the first-ever and continuous publication of comprehensive data & information in the Nigerian fixed income, derivatives and foreign exchange markets and the administration of credible and globally accepted benchmarks, the establishment of the FMDQ brand as the Nigerian Financial Markets Diplomat, and the launch of the hugely successful flagship corporate social responsibility programme for the promotion of financial markets literacy and development among primary, secondary and tertiary students, the FMDQ Next Generation Financial Markets Empowerment Programme (“FMDQ-Next”).
After over a decade of incredible dedication, resilience, passion and innovation, Koko’s visionary leadership has undoubtedly been instrumental in the successes and strides recorded by FMDQ and indeed, in the positive and significant evolution of the nation’s financial markets.
“In November 2023, FMDQ marked its 10th Anniversary, celebrating a decade-long of dedicated service to the Nigerian financial markets, and launched its agenda for its next decade, “Born Local…Going Global”, it said.
