Shareholders of FMDQ Securities Exchange Plc have given their consent for the company name to be changed to FMDQ Holdings Plc. The Chairman, FMDQ, Dr Joseph Nnanna, said the new name of the company took effect after the shareholders gave their approval at the company’s 7th Annual General Meeting in Lagos on Friday. He noted that the change to a holding company was necessitated by the registration of the company’s wholly-owned clearing and settlement company, FMDQ Clear Limited, by the Securities and Exchange Commission in November 2017. Nnanna stated that the company commenced operations on January 2, 2018, which brought about an improved performance in the group’s account. According to him, the diversification and expansion of the business to incorporate clearing and settlement services brought about an increase of 423.81 per cent and 427.89 per cent from 2017 in the consolidated revenue and company revenue, which stood at N13.20bn and N13.25bn, respectively. He said though consolidated expenses increased from N2.20bn in 2017 to N5.99bn in 2018, the consolidated profit before tax of N7.21bn significantly surpassed N349.76m in 2017. Nnanna said, “Turnover from trading activities on our platform, in the fixed income, currency, and foreign exchange product lines, also exceeded the 2017 performance by 22 per cent to settle at N182.62tn in 2018.
Punch