With the support of market stakeholders, FMDQ Depository said it has onboarded some of the choicest bonds onto its platform, with its appointment as sole depository to the Lagos State Government N100 billion Bond, and as a joint depository to the Dangote Cement N100 billion Bond.
The foresight of Lagos State Government in choosing FMDQ Depository for its most recent bond is an indication of the State’s alignment with progressive market development in Nigeria.
Indeed, Dangote Cement should also be commended as it has made history by giving investors power, for the first time in the Nigerian capital market, to determine which depository to lodge their assets with, thereby validating the Securities and Exchange Commission (SEC) vision of diversification and healthy competition for the market.
In June 2019, SEC registered FMDQ Depository Limited in the Nigerian capital markets; thereby empowering issuers and investors with freedom of choice, value and enhanced service delivery.
Following its operationalisation in August 2019 and leveraging on active stakeholder engagements across the Nigerian capital market value chain, FMDQ Depository commenced delivering on its operational mandate to implement value-added products and service offerings; with FMDQ Group providing efficient listing and trading services through FMDQ Securities Exchange Limited and FMDQ Clear Limited; offering market participants an unrivalled opportunity to experience enhanced liquidity and straight-through-processing.
Investment banker from one of the leading financial advisory firms opined that, “It will take a while for market participants to fully dimension the significant value FMDQ Group has brought to the financial market ecosystem in Nigeria.
“With FMDQ’s focused GOLD Agenda for the market, it will certainly not be business as usual for the market operators.”
The chief executive officer of FMDQ Group, Mr Bola Koko, said “We are excited as we embark on another phase of implementing FMDQ’s GOLD Agenda – with the overarching objective of making the Nigerian financial market globally competitive, operationally excellent, liquid and diverse.
“FMDQ Depository completes the value chain of pertinent market infrastructure for the pretrade, trade and post-trade spectrums provided by FMDQ Group, from listing to trading, clearing, settlement, asset servicing and data & information, amongst other services.”
According to him, with the support and collaboration of its stakeholders, FMDQ’s much sought after goal of delivering power of choice to the hands of the investors has been actualised and FMDQ Group remains committed to fostering prosperity to all its stakeholders, especially the issuers and investors, through FMDQ’s capital market value chain services.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group and a one-stop platform to commence and finalise all securities transactions activities in the Nigerian financial market in a seamless, timely and cost-efficient manner.