FMDQ Group owners of Nigeria’s fixed income securities exchange FMDQ have confirmed plans to launch its equities market placing it in direct competition with the NGX.
The Chairman of FMDQ Group Plc, Dr. Jibril Aku, also revealed that the Exchange increased the holding period for long-term investors from 12 to 21 months with the introduction of long-dated FX Futures contracts.
The update was disclosed in a press release summarizing key highlights from the company’s 13th Annual General Meeting (AGM).
Dr. Aku explained that in 2024, the Exchange worked to provide greater flexibility for investors who prefer long-dated FX Futures instruments.
He added that the Exchange also introduced a new price discovery mechanism to improve trade execution through its proprietary trading platform, Pen Dealer.
On the depository side, the statement reported solid growth.
“The Qex Depository System, introduced in 2023, now serves 47 participants. Total securities lodged in the depository climbed to 150 securities valued at N1.28 trillion, up from N1.25 trillion.”
Looking ahead, FMDQ’s outgoing Chief Executive Officer, Bola Onadele Koko, confirmed plans to launch the FMDQ Equity Market and the Unsponsored Depositary Receipts Market.
“FMDQ will prioritise the activation of the FMDQ Equity Market,” he said, reaffirming the Group’s commitment to expanding its offerings and deepening Nigeria’s capital markets.
The launch will pit FMDQ against the NGX which has been the sole equities market exchange for years. Attempts to launch competing exchanges have failed in the past.
For example the Abuja Stock Exchanged launched in 2001 but was closed soon after by the government.
The NGX has experienced impressive traction in 2025 with market capitalization nearing N100 trillion mark.
FMDQ Exchange said it will focus on activating the repurchase agreement market for short-term funding, as well as launching its equity market and unsponsored depositary receipts market.
In the private markets segment, the Group will introduce the ARTIS DealRoom, a digital platform aimed at linking vendors with institutional investors to improve supply chain deal-making efficiency.
According to the exchange, these steps are intended to support its next phase of operations, with a focus on agility and innovation.
For 2024, the Group reported a pre-tax profit of N23.2 billion, up 66.54%, mainly due to higher treasury income.
For 2024, the Group reported a pre-tax profit of N23.2 billion, up 66.54%, mainly due to higher treasury income.
FMDQ’s 2024 performance was supported mainly by a sharp increase in treasury income, which rose to N16.2 billion from N3.2 billion in 2023, and other income, which increased to N15.5 billion from N7.4 billion.
Acting Chief Executive Officer of FMDQ Group, Ms. Kaodi Ugoji, noted that these results reflect the contributions of the Group’s stakeholders, including shareholders, regulators, members, and market participants, whose collaboration supports the Nigerian financial market.