Home Business News FMDQ OTC appoints Diamond Bank to its board

FMDQ OTC appoints Diamond Bank to its board


The Board of FMDQ OTC Plc, Nigeria’s debt capital, currencies securities exchange and derivatives over-the-counter securities exchange, has announced the appointment of

Diamond Bank Plc, a leading retail bank in Nigeria with a track record of quality banking solutions for customers, into its board.

According to the letter of appointment sourced from the securities exchange, the lender’s appointment and induction take effect from July 27, 2018.

The FMDQ OTC stated that Diamond Bank’s selection as a member to the board was based on the bank’s leadership in the financial space, which has been adjudged by stakeholders in FMDQ as relevant to FMDQ markets, as well as recognitions as a Financial Market Active Bank (FMAB) and a Systemically Important Bank (SIB).

Reacting to the bank’s appointment, its Head, Corporate Communications, Chioma Afe, was quoted as saying that “this appointment is great news for us at Diamond as it not only validates our strategy, we also have an opportunity to develop the nation’s financial industry through the securities exchange”.

By its appointment into the FMDC OTC board, the bank will work in collaboration with other board members in setting out the broad operational and governance architecture designed to drive the OTC Securities Exchange.

Diamond Bank Plc is a leading Nigerian financial services company, which commenced operations as a private limited liability company on March 21, 1991. In May 2005, it was listed on the Nigerian Stock Exchange.

The FMDQ OTC Securities Exchange (FMDQ) was registered by the Securities and Exchange Commission (SEC), Nigeria, in 2012, and launched in 2013 as an OTC securities exchange with a primary focus on organizing and deepening Nigerian financial markets.

FMDQ OTC Securities Exchange is the debt capital, foreign exchange and derivatives over-the-counter securities exchange, strategically driven to transform the Nigeria financial markets through its “GOLD” (Global Competitiveness, Operational Excellence, Liquidity and Diversity) agenda.

With an average annual market turnover of about N118 trillion over the last three years, FMDQ operates the largest securities exchange in the country.