FMDQ, Thomson Reuters Partner to Strengthen Nigerian Financial Market

Goddy Egene

Thomson Reuters, providers of intelligent information for businesses and FMDQ OTC Securities Exchange have entered into a strategic collaboration to deepen capacity to help drive liquidity and enhance the visibility of the Nigerian financial market to domestic and international investors.

According to the organisations, they are committed to combine forces to help drive Nigeria’s global competitiveness and visibility to global investors.

Speaking on the development, the Managing Director/CEO, FMDQ OTC Securities Exchange, Mr. Bola Onadele. Koko, said: “We are pleased to be formalising our partnership with Thomson Reuters as we cooperate towards the development of the Nigerian financial markets. Having sought a like-minded company with similar values and drive to FMDQ, I believe that this partnership will see both parties leveraging on the knowledge, experience, expertise and uniqueness of one another, in a bid to deepen the markets’ capacity and enhance its visibility to domestic and international investors,” he added.

Managing Director for Africa at Thomson Reuters, Sneha Shah, said: “Thomson Reuters has been investing in Nigeria and Africa for over 100 years, and has worked closely with FMDQ and the Central Bank of Nigeria to support the development of the market over the years. FMDQ has been a key driver of many of the financial market innovations coming from Nigeria, and these are going to be important for other developing markets as well.”

“Nigeria is an economic giant of West Africa and the continent and it is vital that global companies who want to reach the fastest growing markets in the world have access to the opportunities here. We are excited about the opportunity this partnership brings to help drive sustainable long-term investment into Nigeria.”

Part of the action plan includes conducting joint financial markets events that promote transparency and liquidity as well as skills training to educate the market.

The Chairman of FMDQ, Dr. Joseph Nnanna last Friday, at the annual general meeting (AGM) of the company listed the achievements recorded in 2017.

“An impressive number 50 debt securities, up 74 per cent from the previous year, with a total value of N236.87 billion, was admitted on the OTC Exchange. FMDQ recorded a total of 37 Commercial Papers (CPs), 10 Bonds and three Funds quoted and listed on our platform,” he said.

He added that the exchange also attracted foreign currency-denominated securities listings to the tune of $4.98 billion, with the Federal Republic of Nigeria making history by listing, for the first time on a Nigerian exchange, its Eurobonds and the inaugural Diaspora Bond on the OTC Exchange.