NEWS
FMDQ Group PLC Hosts its 7th Annual GOLD Awards for the Nigerian Financial Markets
L-R: Chief Executive Officer, FMDQ Group PLC, Mr. Bola Onadele. Koko; Group Chief Operating Officer, FMDQ Group PLC, Ms. Kaodi Ugoji; Director-General, Securities and Exchange Commission, Nigeria, Dr. Emomotimi Agama; Group Chairman, FMDQ Group PLC, Dr. Jibril Aku; Managing Director, FMDQ Securities Exchange Limited, Ms. Tumi Sekoni; and Managing Director, FMDQ Clear Limited, Mr. Ayodele Onawunmi, at the 7th FMDQ GOLD Awards held on Friday, November 8, 2024, in Lagos.
In line with its commitment to transform the Nigerian financial markets through its “GOLD” (Global Competitiveness, Operational Excellence, Liquidity, and Diversity) Agenda, FMDQ Group PLC (“FMDQ Group” or the “Group”) once again hosted its 7th annual GOLD Awards (the “FMDQ GOLD Awards”) in Lagos, on November 8, 2024, to recognise individuals and institutions whose expertise, leadership, and dedication have been integral to shaping the markets. The prestigious event, designed to acknowledge and celebrate the contributions of market participants, whose participation in the FMDQ markets and across the financial market infrastructure value chain of FMDQ’s business – Exchange, Central Counterparty, Depository – as well as Private Markets, have played a key role in fostering the growth of the Nigerian financial markets and positively impacted the development of the economy was graced by the Director-General, Securities and Exchange Commission, Nigeria, Dr. Emomotimi Agama, as the Special Guest of Honour, along with various stakeholders, industry leaders, and esteemed guests. Delivering the Welcome Address, Dr. Jibril Aku, the Group Chairman of FMDQ Group PLC, stated, “In a year marked by global and domestic economic uncertainties, our financial markets have had to adapt in the face of significant challenges. However, it is through these very challenges that our market participants have demonstrated remarkable resilience and innovation. Your unwavering commitment has been instrumental in driving stability and sustaining growth in Nigeria’s financial ecosystem, and it is our privilege to celebrate these achievements with you.” In his Keynote Address, Dr. Emomotimi Agama, the Director-General, Securities and Exchange Commission (“SEC”), Nigeria, stated, “Over the years, FMDQ has played a transformative role in revolutionising the capital market in Nigeria, particularly in providing innovative solutions for investors, especially in the fixed income and bond markets. FMDQ has provided leadership and transparency to a key sector of the capital market that, hitherto, nobody knew about and wasn’t even counted as part of the capital market. Due to the nature of the investment in fixed income space, it is vital for regulators and investors to have a clear view of the size and depth of the markets. This has definitely contributed to improved liquidity and strengthening of the financial market infrastructure landscape in Nigeria”. The prestigious 2024 GOLD Awards were presented following a rigorous verification process by Ernst & Young, Nigeria (EY), underscoring the integrity and credibility of the accolades. The GOLD Awards spanned five (5) broad categories: FMDQ Primary Market Awards, FMDQ Secondary Market Awards, FMDQ Members’ & Clients’ Choice Awards, FMDQ Leadership Award and FMDQ Recognition Award. A total of twenty-six (26) awards were presented, with Chapel Hill Denham Advisory Limited and Stanbic IBTC Bank Limited emerging as the winners of the Primary Market Champion Award (FMDQ Capital Markets Securities Origination) and Secondary Market Champion Award (FMDQ Dealing Member of the Year), respectively. Whilst the Primary and Secondary Markets Awards were data-driven, the FMDQ Members’ & Clients’ Choice Awards provided a unique opportunity for the FMDQ Exchange’s Members and clients to nominate and vote for active participants across the fixed income and currencies markets. The Leadership Award (FMDQ Capital Market Catalyst), in recognition of an entity’s potential to significantly impact the Nigerian capital markets, facilitate access to capital, value transfer and deliver effective and efficient risk management, was presented to the Federal Government of Nigeria (represented by the Federal Ministry of Finance) for the establishment of the maiden Domestic FGNUS Dollar Bond Programme). Furthermore, a highlight of the night was the presentation of the Recognition Award (FMDQ Markets Enabler) by the Group Chairman of FMDQ Group, Dr. Jibril Aku and the Group Chief Executive Officer, Mr. Bola Onadele. Koko, to the worthy recipient, Dr. Emomotimi Agama, the Director-General of the SEC, who was recognised as a capital markets connoisseur with a track record of dedicated contribution and impact in the developmental history of the Nigerian capital markets over a sustained period through knowledge transfer, policy formulation and collaboration; with an undeniable and insatiable hunger for market development, and is uniquely positioned to achieve groundbreaking change and rapid development in the Nigerian capital markets for nationwide prosperity. As part of the evening’s entertainment, the young graduates of the FMDQ Next Generation Financial Markets Empowerment Programme (“FMDQ-Next”) 2024 Summer Camp (Primary School Stream), via a captivating playlet, demonstrated their learnings from the Programme. Through their performance, they explored several key topics, including the diverse range of financial products traded in FMDQ’s markets and the comprehensive services offered by FMDQ Group and its subsidiaries. FMDQ-Next stands as FMDQ’s flagship corporate responsibility initiative, dedicated to promoting financial market awareness and literacy among students at all academic levels, equipping them with the essential knowledge needed to navigate the financial landscape. FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading platform, clearing & central counterparty, and settlement services for financial markets transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Securities Exchange Limited, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.
NEWS
Rescue Mission: Governor Dauda Lawal Approves N7.2 billion for Community Projects Across Zamfara
Zamfara State Government under the leadership of Governor Dauda Lawal has earmarked N7.2 billion for development projects across 375 communities in the state, under the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES), a World Bank-funded initiative. Deputy Governor Mani Mummuni disclosed this in Gusau on Tuesday while flagging off a free project implementation training programme for participants drawn from 158 communities across the state.
He explained that Governor Dauda Lawal had approved the N7.2 billion for various community development projects through the State Community and Social Development Agency (CSDA), adding that the funds would finance projects spanning health, education, water supply, agriculture and drainage, among others, across the state’s 14 Local Government Areas. The deputy governor noted that the projects would be implemented by Community Project Monitoring Committees (CPMCs) under the supervision of the CSDA, and reiterated the state government’s commitment to providing social amenities to vulnerable communities.
Mummuni urged participants to ensure transparency and accountability in managing resources for project execution in their communities, describing the initiative as part of Governor Lawal’s administration’s effort to extend the dividends of democracy to the people, especially at the grassroots level. He expressed confidence that the training under CSDA would encourage community participation in project implementation, while also promoting transparency, accountability, and commitment to the development of their communities.
In his remarks, the General Manager of CSDA, Umar Nakwada, revealed that the participants were drawn from CPMCs responsible for monitoring projects in their communities, and that the training was designed to sensitise them on effective project implementation. He stated that the training covered Batch A projects worth N3.2 billion, spanning 158 communities, and assured that the agency would ensure effective monitoring of all projects to be implemented by CPMC members in benefiting communities. Nakwada also commended Governor Lawal for his unwavering support in improving the livelihoods of grassroots communities.
Also speaking, the State NG-CARES Coordinator, Mukhtar Ibrahim, praised the Zamfara Government for its commitment to supporting the livelihoods of vulnerable households. He explained that NG-CARES aims to expand access to livelihood support, food security services, and grants for poor and vulnerable households and firms, focusing on three result areas: livelihood and social support, food security and agricultural value chain, as well as micro and small enterprises recovery. small enterprises recovery,” Ibrahim said.
NEWS
ICPC, PenCom recover N3bn unremitted pension deductions from defaulting firms
The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from defaulting employers as both agencies intensified efforts to enforce compliance with the Pension Reform Act 2014.The recovery was disclosed in a statement issued by the National Pension Commission on Wednesday, which said the funds had been fully remitted into the Retirement Savings Accounts of affected employees.According to the commission, the recovery was achieved through a joint ICPC-PenCom enforcement initiative designed to address pension contribution defaults and protect workers’ retirement savings.It stated, “The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from employers.”
PenCom explained that the recovered funds were obtained from defaulting employers in the electricity sector and credited to the respective Retirement Savings Accounts of affected workers in line with the Pension Reform Act 2014.“The recovered funds, obtained from defaulting employers in the electricity sector, have been fully remitted into the respective Retirement Savings Accounts of affected employees in accordance with the provisions of the Pension Reform Act 2014,” the statement read.The commission said the development demonstrated the effectiveness of its partnership with the ICPC in ensuring compliance with pension laws and compelling employers to fulfil their statutory obligations.
It said, “The recovery demonstrates the effectiveness of the partnership between PenCom and ICPC in enforcing compliance with the PRA 2014 and ensuring that employers fulfil their statutory pension obligations.”PenCom recalled that it signed a Memorandum of Understanding with the ICPC in October 2025 to strengthen collaboration in the recovery of unremitted pension contributions, the investigation of pension-related infractions, and the enforcement of compliance with the Pension Reform Act 2014.
The commission added that the ICPC was currently investigating several private-sector employers referred by PenCom for alleged non-compliance with the Act, expressing optimism that further recoveries would be made as the investigations progressed.“The ICPC is currently investigating several private-sector employers referred by PenCom for non-compliance with the PRA 2014. With the ongoing collaboration, additional recoveries would be achieved as the investigations progress,” it stated.PenCom reiterated that the Pension Reform Act requires employers to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after salaries are paid.It warned that employers who fail to comply risk sanctions.“Failure to comply with this requirement constitutes a violation of the law and attracts sanctions, including the recovery of outstanding contributions, penalties and, where necessary, prosecution,” the statement said.
The commission urged employers, particularly those in the private sector, to regularise outstanding pension remittances and comply fully with the provisions of the Act to avoid regulatory and enforcement action.It reaffirmed its commitment to protecting workers’ retirement savings, promoting compliance with the Contributory Pension Scheme, and ensuring that pension contributions deducted from employees are promptly remitted into their Retirement Savings Accounts.The PUNCH recently reported that the National Pension Commission intensified its enforcement drive to ensure nationwide compliance with the Contributory Pension Scheme by launching a specialised, high-level monitoring platform targeting non-compliant subnational governments.The initiative is part of an ongoing strategy to deepen pension reform at the subnational level and secure a sustainable retirement future for public servants across the states of the federation.
PUNCH
NEWS
DSS Arrests Former Minister Geoffrey Nnaji; Hands Over to ICPC
Operatives of the Department of State Services (DSS), on Wednesday morning, arrested former Minister of Science and Technology, Uche Nnaji, at the Akanu Ibiam International Airport, Enugu.Security sources said Nnaji, who resigned last October under controversial circumstances, was arrested by DSS officers on request by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and handed him to the Anti-Graft Agency.The sources further notes that the ICPC had extended several invitations to the former minister following petitions on how he managed his Ministry, and therefore contacted the DSS to assist in arresting him.
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