FMDQ gets new chairman

FMDQ OTC Securities Exchange Board of Directors has appointed Dr Joseph Nnanna as the chairman of the board of the company.

Ms Kaodi Ugoji, Vice-President, and Divisional Head, Strategy and Corporate Communication of the company said this in a statement on Tuesday in Lagos.

According to her, Nnana, who is the Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), before his appointment, replaces Dr Sarah Alade, who on April 28.

FMDQ OTC Securities Exchange (FMDQ) is an organisation with the strategic intent of bringing about revolutionary changes and fostering the development of the Nigerian financial markets.

It was registered by the Securities and Exchange Commission (SEC) as an over-the-counter (OTC) market in 2012 and launched on to the Nigerian financial landscape in November 2013.

FMDQ has dual responsibilities of a securities exchange and self-regulatory organisation (SRO) which brings together Nigeria’s fixed income and currency operations under a single market governance structure.

Ugoji said Nnanna had served as the Alternate Executive Director, representing Nigeria and 21 other Sub-Sahara African countries on the board of the International Monetary Fund (IMF).

She also announced the shareholders’ ratification of the appointment of Mr Kennedy Uzoka and Mr Dapo Akisanya as directors of the company.

Uzoka, Ugoji said, was the Group Managing Director, United Bank of Africa and Akisanya, Managing Director/Chief Executive Officer of AXA Mansard Pensions Ltd.

She also said Uzoka and Akisanya’s appointments took effect from Aug. 1, 2016 and Jan. 1, 2017.

Ugoji said that Alade was appointed to the Board of FMDQ in July, 2014, following the retirement of its inaugural Chairman, Mr. Aigboje Aig-Imoukhuede.

The vice-president of the company also said Alade, who represented the Central Bank of Nigeria (CBN) on the board of FMDQ until her retirement, led the OTC Securities Exchange during her tenure.