1 August 2014

Nigeria: CBN's Sarah Alade Becomes New FMDQ Chairman

Mrs Sarah Alade, Deputy Governor, Economic Policy Directorate, Central Bank of Nigeria (CBN), has emerged the new Chairman of the Board of Financial Market Dealers Quotation (FMDQ) Plc.

The News Agency of Nigeria (NAN) reports that Alade's selection, which followed a nomination by stakeholders, was disclosed at the FMDQ's second Annual General Meeting on Thursday in Lagos.

She replaces Mr Aigboje Aig-Imoukhuede who will retire as the board chairman on Aug. 1.

Speaking at the meeting, Aig- Imoukhuede urged the management and shareholders of the company to cooperate with the new chairman for improved fortunes of the company.

He commended the directors, members of the board and shareholders for their harmonious working relationship during his four-year tenure and for the achievements recorded by the company during the period.

He said that FMDQ was well positioned to empower banks, pension managers and other operators in the financial sector, to play major roles in the Federal Government's economic development programme.

According to him, Nigeria needs a virile debt capital market with world-class listing and quotation standards to support the improved business environment and the entrepreneurial energy of the private sector.

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

He, however, commended the Securities and Exchange Commission, CBN and the Debt Management Office, for their support to the company.

Also speaking, the Managing Director of FMDQ, Mr Bola Onadele, noted that the company would continue to promote development through the provision of infrastructure and governance structure in the Nigerian financial market.

Onadele said that the company was committed to the transformation of the nation's financial market.

He said that company would focus on market efficiency and liquidity by driving product innovation as a way of complementing the achievements in market transparency.

Onadele said that FMDQ would thrive on the reintroduction of defunct products, including commercial papers, restructuring of the "Repo" market, activation of securities lending and development of the loan sale market.

He said the company would 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 in the Nigerian financial market," Onadele said.

NAN reports that other FMDQ board nominees are 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.

Others are Mr Sadiq Mohammed, Managing Director, ARM Pension Managers and Mr Bayo Adeyemo, Country Treasurer & Markets Head, Citibank Nigeria Ltd.

NAN also reports that FMDQ is owned by 25 banks, CBN, Finance Dealers Association and the Nigerian Stock Exchange (NSE). (NAN)

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