FMDQ Securities Exchange to Provide Long-term Funding for SMEs

FMDQ Securities Exchange Plc, which recently transformed into a full-blown securities exchange, has said it will create new entities that will assist in the development of the nation’s economy.

Managing Director of FMDQ Securities Exchange Plc, Mr. Bola Onadele.Koko, who said this at a media briefing in Lagos, explained that the new securities exchange would work with Small and Medium Enterprises (SMEs) and private companies to create new entities for the future.

According to him, FMDQ’s decision to go into the equities market was to work and nurture SMEs and private companies in Nigeria that had no access to long-term financing.

Onadele said: “We are not playing the game of attacking the NSE. That is not our role or our job or the way we do business. Rather we are looking at how to create new entities for the future, to work and nurture them, to work with SMEs, private companies in Nigeria who has not had access to long term financing. “So, we are in the business of planning 20-30 years ahead and working with Nigerian entities in getting prosperity to Nigerians.”

He explained that FMDQ was putting some internal touches as regards equities, noting they will be in the equities market when they do the first listing.

“We do not think any other African country should have financial market better than the financial market in Nigeria.

Our audacious aspiration is to become Africa’s most diversified and vertically integrated financial market infrastructure driven by innovation, collaboration, relationship and technology, “he said. Onadele, said the FMDQ would continue to work with the government and regulators in developing the Nigerian capital market. He, however, assured that the exchange would continue to trade in all securities including fixed income, derivatives, commodities and foreign exchange.

Onadele said the FMDQ was geared towards promoting transparency, liquidity, market efficiency, market conduct and market organisation, among others.