Who We Are

FMDQ was launched into the Nigerian financial market as an OTC Market  (FMDQ OTC PLC), in 2013. As an OTC Market organiser, FMDQ championed the introduction of several innovations and market development initiatives to the financial markets, including the introduction of the Naira-settled OTC FX Futures product (in collaboration with the Central Bank of Nigeria); the launch of its prestigious Listings & Quotations Service; the reform of the Nigerian Inter-bank Offered Rate (NIBOR) in line with the International Organisation of Securities Commissions (IOSCO) Principles for Financial Benchmarks; and the launch of its e-Markets Portal, a knowledge and information portal, amongst many others.

FMDQ evolved over the years, following continued collaboration, innovation and resilience, and attained its first lustrum; notably evolving from a Securities Exchange to a critically important Financial Market Infrastructure (FMI) Group. The FMI status was achieved following the approval received from the Securities and Exchange Commission, Nigeria (SEC) for a change in status from an OTC market to a Securities Exchange (August 2019), the incorporation and operationalisation of FMDQ Clear Limited (FMDQ Clear) (2018) and FMDQ Depository Limited (FMDQ Depository) (2019), to provide efficient post-trade services, amongst others, for the Nigerian financial market.

Furthermore, in 2019, FMDQ was reorganised into a non-operating holding company structure, with FMDQ Holdings PLC (FMDQ Group) warehousing its wholly owned subsidiaries: FMDQ Exchange, FMDQ Clear, FMDQ Depository and iQx Consult Limited (iQx Consult).

The Group’s Vision – “To be the leading African builder of ecosystems of financial infrastructure and services for markets” and Mission – “We collaborate to empower markets for economic progress towards delivering prosperity” – underpins the strategy of all its subsidiaries which run with their individual visions: