“The Managing Director/Chief Executive Officer of FMDQ OTC Securities Exchange, Mr. Bola Onadele. Koko, in this interview, shares his view about the opportunities inherent in the Nigerian debt capital markets (DCM), how the DCM can support the actualisation of Nigeria’s Economic Recovery and Growth Plan and the role of FMDQ, the Securities and Exchange Commission, Central Bank of Nigeria etc. in achieving this, among others.”
FMDQ has, in the course of this year, achieved some notable strides in the product development space in the Nigerian fixed income market. Notable of these is the recently introduced Short-term Bonds. What exactly does this product class seek to address and who are the potential issuers it aims to target?
Short-term bonds, STB, for short, were conceived as a result of the identified funding gap in the fixed income market between short-term debt securities (your Commercial Papers, with a typical maximum tenor of 270 days) and medium- to long-term debt securities (your regular bonds with a mimimum tenor of 3 years). As you would expect, the funding requirements of corporates and commercial entities will vary, depending on the nature of the businesses. Some of these entities’ business cycles dictate that the funds they are able to access from the debt market are available for periods between 1 year and 3 years. In addition, in the current regime of high interest rates, businesses are not favourably disposed to borrowing from the capital market for the long-term and desire the option to be able to obtain financing from the market, but for a shorter tenor. Consequently, following engagements with key stakeholders and the approval of the highly supportive Securities and Exchange Commission, FMDQ introduced short-term bonds for listing on FMDQ, to address this funding gap to solve the stable debt financing needs of these businesses by providing an alternative and competitive source of financing to bank loans.
Another key factor that makes the STBs very attractive is the relatively short time to market when compared with the medium- to long-term bonds. FMDQ, in collaboration with the SEC, have developed a process whereby an issuer of an STB can commence the issuance registration process, obtain the relevant SEC approval and go to market within the space of 1 month.. This is unarguably a big win for the market. The STBs also serve to boost the investment product bouquet for the buy-side participants. All in all, the STB product is indeed a major development in the Nigerian debt capital markets, serving to move the markets even closer to the desired global standards.
The Securities and Exchange Commission has shown commitment to developing the Non-Interest Capital Market as part of its 10-year Capital Market Master Plan. What role will FMDQ play in supporting the development of this new market?
When one looks at how countries like Malaysia and the United Arab Emirates have used the non-interest capital market to support the growth and development of their economies, huge commendation has to be given to the SEC for having captured the essence of this and taking the necessary steps to promote and ensure the development of the Nigerian NICM. FMDQ, on its part, is also committed to the development of the Nigerian NICM and is receiving the SEC’s full support on the initiatives being developed by FMDQ towards growing this important market. The SEC, in April 2017, approved the FMDQ Sukuk Listing Rules, affirming the readiness of the OTC Exchange to admit for listings, Sukuk and other Sharia-compliant debt securities. In addition to these Rules, which essentially support the primary issuances, we shall also define market standards to support the emerging market structure, and facilitate secondary market trading.
The development of the non-interest capital market (NICM) falls within FMDQ’s medium-term strategic initiatives. In recognition of the key role which the NICM will play in driving funding on all government levels to support national growth and development, as well as enhancing global competitiveness of the Nigerian debt capital markets, we, in conjuction with the SEC, the Debt Management Office (DMO) and other relevant stakeholders, will commence the crucial task of engaging key market participants, on the need to immediately put requisite market structures in place towards expanding the NICM’s contribution to the Nigerian capital market, through product and market innovation, among others. During the course of next year, there will be sessions to sensitise and build the capacity of market participants on the rudiments of this market. Indeed, this sensitisation and capacity building have commenced in some way or the other this year, with FMDQ reserving a special section for discussion on this crucial topic in its 2017 Debt Capital Markets Conference, holding this week.
The discuss on green/sustainable finance has taken centre stage in the global financial markets. How can the Nigerian DCM be positioned to tap into this opportunity?
I was at the Climate Bonds Initiative Annual Conference on Green Bonds earlier this year with representatives of the SEC and the Central Bank of Nigeria (CBN) and it was very motivating to note how countries around the world are using the Green Finance Strategy to support sustainable developments in their economies, and Nigeria will have to tap into this notion, and very quickly too. Green bonds will essentially enable capital-raising and investment for new and existing projects with environmental benefits, and Nigeria is one country that the benefits, from social to economical, of tapping into this strategy, will be exceedingly experienced. From improving the liquidity of green bonds by enabling greater market connectivity to providing issuers with access to a wide range of investors, the role of exchanges in accelerating the growth of sustainable financing is very crucial, and this is where, in no small measure, FMDQ comes in.
The Climate Bonds Initiative estimates that USD 130 billion Green Bonds are to be issued in 2017 alone. The Nigerian debt capital markets must therefore adequately equip itself to take advantage of this opportunity. Capacity building in this area is crucial and key stakeholders in the market, from the Federal Government to the private sector must collaborate to ensure that Nigeria’s Sustainable Finance Strategy is, first and foremost, developed appropriately, and then realised. The FMDQ-championed market-wide DCM Development Project initiative, the DCMD Project 2020/25, is about to launch a new sub-committee, the Sustainable Finance Sub-Committee, which will focus on demanding environmental, social and governance (ESG) issues affecting business and investment decisions and how the Nigerian DCM can access long-term funding for such impact-related projects in the country. The DCMD Project is adequately suited to synthesise ongoing efforts within the nation in the sustainable finance space, as it will pull together the key stakeholders (both local and international) under a single umbrella to foster the development/integration of sustainable or green finance into the Nigerian capital market. Incidentally, the lauch of this new Sub-Committee, and a Sustainable Finance Roundtable organised by FMDQ will take place a day after the 2017 DCM Conference.
Indeed, the discuss on sustainable finance has taken centre stage for the emergence of the global financial markets of the future, and this concept has been gaining good momentum in the Nigerian economy, culminating in the proposed issuance of a Sovereign Green Bond. Providing market education and encouraging effective dialogue on the subject matter to build the nation’s capacity in this area are crucial. The right market structure and the right guidelines will have to be put in place, and FMDQ is commited to supporting these initiatives which will include other key aspects like the development of robust standards and strategic initiatives to boost transparency and liquidity to ensure success and sustainability of the strategy.
Following the listing of the $1.00bn FGN Eurobond on the Nigerian domestic Exchanges, there was some news about FMDQ introducing ‘Afrodollar Bonds’. What are these and what role is FMDQ playing in developing this asset class?
Indeed, the listing of the first-ever FGN Eurobond domestically on Nigerian Exchanges was a phenomenal and highly commendable move by the Federal Government and it paving the way for the emergence of ‘Afrodollar Bonds’ is not a far fetched concept. Essentially, this idea was premised on the concept that with the right market structures and alliances, local issuers, including the FGN, can raise foreign currency by issuing foreign currency debt securities in Nigeria, akin to raising Eurobonds abroad. Nigerians who have foreign currency domiciled in Nigeria can invest the foreign currency in debt securities of credible institutions in the country, whilst gaining from additional returns on their foreign currency holdings and at the same time, supporting the growth and development of the nation, and size of the Nigerian capital market. The institutions, on the other hand, will gain from more competitive issuance costs, whilst also boosting Nigeria’s economic development. I see it as a ‘win-win’ for all concerned. On FMDQ’s part, support on the adequate market structure, platform for trading, transparency and adequate data and information, among others, will be put in place. The idea of the ‘Afrodollar Bond’ is still a dream. However, the DMO has helped to organise our thoughts. Innovation and teamwork & collaboration are two of FMDQ’s corporate values, therefore FMDQ in collaboration with key stakeholders will ensure the dream is realised.
With the liquidity requirements of Basel 3 and bank borrowing already on a decline, given the current economic situation, what is the plan to include and increase the participation of corporates in the DCM?
Some of the Nigerian, significantly important, private companies in oil & gas, power, telecommunications, manufacturing and infrastructure require long-term funding. Currently, their long-term funds are structured as loans and funded by banks thereby putting the banks’ balance sheets under significant risk management, liquidity and capital adequacy pressures.
By introducing tighter capital and liquidity requirements, the provisions of Basel 3 will further tighten bank borrowing, whilst seeking to improve the banking sector’s ability to deal with financial stress, improve transparency and risk management, among others. By implication therefore, the banking sector may cut back on its support for long-term lending to businesses. In actual fact, to drive sustainable borrowing in Nigeria, corporates need to start looking at other sources of funds apart from bank loans. Nevertheless, key pressures on the nation’s development like infrastructure, cannot be funded through the banks, and most certainly, the Federal Government cannot be left and is unable to bear this burden on its own. The answer lies in the Nigerian debt capital markets.
Private companies in Nigeria, it has been observed, are increasingly seeking new and innovative ways to fill these gaps, and indeed, they may be, if appropriately empowered, the vehicles to effectively achieve this mission. In order to support this institutional growth, FMDQ is establishing the building blocks to improve access to short-, medium- and long-term debt capital for private companies in Nigeria. As an innovative OTC exchange, following engagements with the key stakeholders, we have upgraded the Commercial Papers market to international standards and are in the process of upgrading the standards for the existing Private Companies’ Bonds (PCBs) market to help pave the way for this growth in the Nigerian DCM. My counsel is to private companies to start building their track records in the debt capital markets. They need to start issuing debt papers, especially bonds, to establish track records with the buy-side.
Through PCBs, medium- to large private companies will be able to raise funds by issuing bonds in a regulated market. Interestingly, through Public Private Partnerships, PCBs will be able to support the government’s economic development plan, focused on the capital market, as these medium – to large companies will now have a structured avenue to effectively complement and support the work of the Federal Government in developing the economy. FMDQ as an OTC exchange and thought-leader in the DCM, intends to have standards for admitting private bonds into its valuations board of debt securities i.e. the Daily Quotations List as a sign of credibility which in turn builds investor confidence. Invariably, FMDQ’s private bonds market will help the issuers build their corporate profiles towards increased participation in the DCM.
Worthy of mention is the existing, but unknown, secondary market trading of debt securities issued by large and credible private companies in Nigeria, therefore the memorandum quotation of such debts on FMDQ will formalise the current arrangement, bringing, among other benefits typical of an FMDQ quotations service, the valuation of all debt securities, consequently providing numerous benefits to the issuers, investors, Dealing Members, regulators etc. and ultimately deepening the market for debt securities of corporates in Nigeria and improving the Nigerian financial market as a whole.
How does FMDQ plan to sustain the confidence in the repo market, given the increased volume of trades recorded between participants in this market?
As part of FMDQ’s market development initiatives, standardising the repo market is a 2017 deliverable. This is a market that is crucial to increasing the liquidity of securities for active secondary market trading and the development of OTC derivatives in Treasury bills and FGN bonds. Well-structured repurchase agreement (repo) markets can help reduce credit risk in the market, and the Nigerian financial market is overdue for one.
In order to help better structure the existing repo market, FMDQ, in collaboration with the Financial Markets Dealers Association (FMDA) conducted an extensive review and developed a framework for repo with collateral management in line with international standards. FMDQ has defined the framework and modalities for the repo market, and standardised the repo tenors as well as those of the traded securities.
To further sustain the confidence which this market requires to thrive, FMDQ is positioning requiste market architecture towards the introduction of system-based repo trading for improved market transparency. Also, building the capacity of market participants, and the introduction of more participants (e.g. the asset/fund managers) into the repo market are key steps which will directly boost the activities in this market.
We got to know that FMDQ conducted a feasibility study on the ‘Introduction of Derivatives’ to the Nigerian OTC financial market, what insights were gained from this study and what are the next steps?
When we look at the lessons learned from the developed economies, we see that the development of a vibrant derivatives market to effectively hedge risks is pivotal to the rebound of Nigeria and its financial markets. Indeed, as a frontier economy in the global financial markets space, this country is undoubtedly an exploratory gold mine for hedging transactions.
Last year, FMDQ set out to conduct a feasibility study to determine the readiness of the Nigerian financial market for hedging products. From this study, we gained insights into the base challenges facing the introduction of derivatives in our market – from the educational gap which needs to be bridged in order to build capacity amongst the market participants to the depth of the legal and operational frameworks required for the introduction of derivatives products.
Further to this report, FMDQ, in line with our product diversification focus, has gone ahead to develop a Derivatives Products Plan for the Nigerian OTC financial markets, and is currently putting structures in place to introduce at least two (2) new derivatives product in the medium-term.
Recall that last year, there were regulatory reforms, led by the CBN and the associated market activities, which led to the introduction of the Naira-settled OTC FX Futures product with FMDQ playing the crucial role as the ‘Futures Exchange’, putting the right market structure and standard in place, and creating necessary awareness to support the trading of the products. This product, in its just over one (1) year of existence, has been adjudged an innovative and much-welcomed development in the Nigerian financial markets.
In terms of next steps, FMDQ will continue to help bridge the knowledge gap that exists by leading market engagements to ensure that all key stakeholders understand and are in sync with what is required to facilitate an efficient derivatives market. FMDQ will also support this with the appropriate market infrastructure. Others include: implementation of risk management processes and procedures and the facilitation of liquidity in these markets. FMDA will play an important role in the establishment of a well-structured derivatives market.
Earlier this year, FMDQ signed a Memorandum of Understanding with S&P Dow Jones Indices, what is the implication of this and how does this benefit the Nigerian financial market?
The partnership between FMDQ and S&P Dow Jones Indices (S&P) is indeed a landmark achievement, as the signing of the Memorandum of Understanding (MoU) will not only usher in improved global visibility for the Nigerian fixed income market, but also sends a signal to the world that the Nigerian fixed income market is indeed ready to do what is required to develop itself towards global competitiveness. The signing of the MoU marked the adoption of the S&P Nigeria Sovereign Bond Index by FMDQ, ahead of the co-branding of the Index in the near-term. The S&P Nigeria Sovereign Bond Index tracks the performance of the Federal Government of Nigeria’s local currency denominated bonds.
Development of FMDQ and S&P co-branded fixed income indices will provide investors with a consistent, credible and objective measure for the performance of their investments in the Nigerian fixed income markets. These indices will likewise serve as an acceptable benchmark for the Nigerian fixed income market and provide transparent and credible information to the investing public and other persons with interest in this market. This partnership is fundamental, as it will serve to instill and build confidence in Nigeria’s financial markets, providing access to global markets and investors, something the nation is very much in need of.
The partnership is an interesting one indeed, as it will also see the development and introduction of index-linked products to further deepen the capital markets, in line with global best practices.
How can the CBN actively support the deepening of the Nigerian DCM, as part of efforts towards actualising the Economic Recovery and Growth Plan for the country?
The CBN remains a key stakeholder in the Nigerian financial markets, and its policy reforms and actions have continued to impact on the level of activities and transactions by investors, domestic and foreign, and other market participants in the DCM. The CBN can play a very active role towards deepening the nation’s DCM through ‘securitisation’ of some aspects of its balance sheet and in turn helping to provide incentives for the debt structures designed in the realisation of the Federal Government’s Economic Recovery and Growth Plan.
At the moment, the CBN over the years, in its laudable support of some key sectors of the economy, directly intervenes in these sectors by providing them with term-funds/loans at more favourable rates than market, typically at a deep discount to prevalent market rates. It is important to note that it is always more desirable to allow the markets operate as they should and consistently promote activity within same to help boost any economy. Subsidies, concessions and the like should be introduced via alternative routes without distorting the operations of the financial markets. The CBN is able to achieve its objective via, as an alternative, making some form of guarantees and “interest differential” payments to players in these sectors they wish to support, who would have gone to the DCM to raise funds at the prevailing rates. This “interest differential” would be the difference between the rate the funds have been raised from the market and the rate the CBN would have granted the loan to these players (which will always be lower than the market rate). This rebate structure will rightly channel activities through and into the DCM, and has the capability of deepening the market, especially for corporate debt securities.
Securitisation of the CBN intervention funds, that is “transforming” the subsidised loans to securities by repackaging them as tradeable notes/papers, will serve to tremendously boost activity in the Nigerian DCM. The potential for this market is huge and runs close to trillions of Naira.
The role of CBN in the debt capital market, and the market itself, in promoting growth and development cannot be overempahsised. Therefore, the CBN’s economic development programs and monetary policy decisions are very crucial to the growth and development of the DCM. Being mindful of this, the apex bank’s decisions must be consciously directed at positively impacting investments into the DCM. FMDQ, on its part, shall continue to provide its efficient platform for the listing, quotation and trading of debt securities, whilst articulating the relevant guidelines and frameworks to develop same, in line with international best practice.
So far, how has the CBN’s policies around the FX market impacted the activities and development of the DCM?
2017 has seen a number of reforms and interventions from the CBN towards supporting the autonomous FX market, with the most recent, and arguably, most impactful, of these being the launch of the Investors’ & Exporters’ (I&E) FX Window. The CBN has continued to demonstrate its resilience and commitment in maintaining FX market stability whilst striving to attract and retain foreign capital into the economy.
The I&E FX Window has been proactively supported by the NAFEX – the Nigerian Autonomous Foreign Exchange Rate Fixing – developed by FMDQ to reflect the activities, through depicting the Spot FX rates, in the I&E FX Window. The Fixing which promotes transparency in the market-driven I&E FX Window, has been the reference rate for settlement of the CBN-inspired Naira-settled OTC FX Futures product since April 2017. The effects of having a market-driven FX market, i.e. the I&E FX Window, cannot be over-emphasised. Overall activity in the Nigerian FX market and investor confidence in this market are gradually building.
It is no doubt that a liquid FX market would boost the confidence of investors and consequently, increase the participation of foreign (and Nigerian) portfolio and foreign direct investors in the Nigerian financial markets. The fixed income market, with the attractive yields it presents, will indeed see a boost. As long as the CBN maintains this posture, increased supply and ultimately adequate liquidity, will eventually return to the Nigerian FX market, positioning us once again, as the destination for capital in Africa. All of this, in perfect alignment with the Federal Government’s Economic Recovery & Growth Plan.
A key area which particular attention is being paid and one which is also a measure to help boost the vibrancy of the Nigerian FX market, is transparency. All hands are on deck, between the CBN, FMDQ and systems providers like Bloomberg and Thomson Reuters, to provide the transparency required of any market to thrive to the Nigerian FX market. The CBN is commited to this with the Governor particular about best execution for clients’ trades and integrity of the processes. Work is ongoing on strategic initiatives to provide the relevant information and price discovery for transactions that are taking place in the FX market on both the local and international scales, serving to further boost confidence, and in turn, liquidity and vibrancy in our markets. Clients are also expected to execute trades with the banks to boost transparency. The CBN already issued circulars on the onboarding of clients to the FMDQ FX trading systems. Expect to see more (and major) development in our markets in the coming months.
Can the Nigerian DCM support the implementation of the Economic Recovery & Growth Plan of the country, given that infrastructural developments remain at the forefront of issues, amidst the recurring budget deficits and government borrowing?
What you find the world over is that, most of the developed countries have leveraged on their debt markets to impact positive development in their economies. Therefore, learning from the lessons of model economies, the Nigerian DCM should be a key driver of economic growth and development in Nigeria. Indeed, as I have alluded to earlier in this interview, by employing the DCM, a clear and sustainable strategy by all tiers of government can progressively close current gaps in housing and infrastructural development in Nigeria.
We can begin addressing the course towards homeownership, for instance, from accessibility to affordability, adequate and quality housing in the Nigerian economy, through the promotion and development of the primary and secondary mortgage markets in Nigeria. Further to this, the Federal Government and its agencies can create public private partnerships/special purpose vehicles for infrastructural projects, through which capital can be raised from the DCM. There is so much the DCM can do in support of the Federal Government’s objectives, that this interview will not even permit us scratching the surface, however, the upcoming FMDQ-hosted DCM Conference in a few days aims to delve into this further. We are passionate about housing in FMDQ. Its economic and social multiplier effects are tremendous.
What are your thoughts towards building and promoting assets under management for buy-side participants?
I will say just three (3) words – National Savings Scheme. There is a huge base of untapped funds in the retail space that can be used to build assets under management in the nation over a period. It will take just a little innovation, resilience of the markets, and of course, government’s full support.
Over the last 12 months, there has been an increased number of debt securities listed/quoted on the FMDQ platform. What, in your opinion is the FMDQ edge?
Value-adding, Innovation, Teamwork & Collaboration and Integrity! Our core values, yes, but these ring true in all we do as we aim to positively impact the market within which we operate. FMDQ is committed to facilitating growth and development in the Nigerian financial markets through its efficient platform for the registration, listing, quotation and valuation of debt securities. Time to market, for one, is essential in the debt capital markets, consequently, FMDQ has put adequate measures in place to ensure unrivalled time to market in our registrations and listings/quotations processes.
Asides the quick turnaround time, debt securities listed/quoted on FMDQ are afforded the essential and indispensable requirements of any listing/quotation, which include, among others, unprecedented market transparency, improved secondary market liquidity, unparalleled information disclosure, efficient price formation and access to a large investor base, through the FMDQ Systems, Information Portal and website.
FMDQ essentially promotes an efficient, transparent and well-regulated market; one where all issuers, traders, investors etc. attracted and retained. The Dealing Members, Registration Members and Associate Members of FMDQ are all committed to FMDQ’s GOLD (Globally competitiveness, operational excellence, liquidity, diversity) Agenda. FMDQ is supported by a highly progressive Board and enterprising staff focused on the development of the Nigerian financial markets. I must not fail to recognise the support of the media, especially BusinessDay!
Launching the FMDQ Academy to provide financial markets training is quite a laudable initiative. What really is the driving vision for FMDQ?
A key strategic mandate for FMDQ is to promote financial markets literacy for its Members and other market participants with the ultimate aim of deepening and building the Nigerian financial markets towards global competitiveness.. The FMDQ Academy was established to deliver financial markets education to these stakeholders of FMDQ, in line with the OTC Exchange’s market and product development agenda in the fixed income, currency and derivatives markets.
The Academy is targeted at addressing the observed knowledge and skills gaps in the Nigerian financial markets and ensuring that capacities are aligned with the structural transformations and product innovations that are rapidly revolutionising the markets. This FMDQ wholly-sponsored initiative offers e-learning course modules in fixed income, foreign exchange and derivatives, ahead of deploying other engagement channels such as face-to-face, tailored and blended learning programs for optimum market impact, all at no cost to the beneficiaries of this initiative.
FMDQ also intends to go a step further to extend this financial markets literacy cause to empower the youths through its corporate social responsibility mandate. The commencement of the FMDQ Financial Markets Youth Empowerment Program is one initiative we are all looking forward to in 2018.
In November 2016, SEC launched the DCMD Project 2020. How does this work with the Securities and Exchange Commission’s Capital Market Master Plan Implementation Council to drive actionable strategies?
The Debt Capital Markets Development (DCMD) Project 2020/2025 is a market-driven initiative, spearheaded by FMDQ and supported by the SEC aimed at positioning the Nigerian DCM to deliver on its developmental role in the economy. The Project was set up following the 2015 Debt Capital Markets Workshop organised by FMDQ, to ensure the effective implementation of the recommendations and resolutions drawn from the widely attended Workshop on how to address the challenges hindering the growth of the nation’s DCM. The DCMD Project provides a transformation framework with workable solutions that will stimulate growth and accelerate the development of the Nigerian DCM, to become a world class, properly functioning DCM by 2020/2025, which aligns very nicely with the Nigerian Financial System Strategy 2020 and the SEC’s Nigerian Capital Market Master Plan 2025.
Sequel to the 2015 Nigerian DCM Workshop, FMDQ has announced its plans to host a follow-on Conference in September 2017. Please provide some insights into this upcoming event?
One of the key takeaways from the 2015 DCM Workshop was that the Workshop was intended to be the last of its kind where there was a session of just talk with no real action. However, periodic Conferences, to stimulate discussions on progress being made in and generate additional recommendations for the Nigerian DCM in line with current global trends, some of them as a direct consequence of the efforts of the DCMD Project participants, will be held. Consequently, circa two years after the Workshop, on Thursday, September 28, 2017, FMDQ will be hosting the 2017 Nigerian DCM Conference & Awards. This event – the Conference and maiden Awards – seeks to not only bring together various domestic and international financial market participants to map out innovative strategies on effectively positioning the Nigerian DCM for growth within the global financial markets space, but also to recognise and reward a few stakeholders who have contributed exceptionally to the progress we are seeing in the markets. Whilst all recognition is given to all DCM stakeholders in the markets as each and everyone contributes one way or another to the development, it is always good to seize the opportunity to single out those demonstrably outstanding contributors.
FMDQ won the BusinessDay Award for Most Innovative in Financial Markets, earlier this year. Many congratulations.
We are a unique OTC exchange straddling product innovation and operational excellence, for the transformation of the Nigerian financial markets. I had earlier said that FMDQ lives by its core values and it is very encouraging to see that we are truly “walking our talk” and being recognised for it. We are indeed most honoured to have been nominated and come out tops in this category. This Award is a testament to and validates all our efforts towards staying true to FMDQ’s commitment to empower the financial markets to be innovative and credible, in support of the Nigerian economy.
About Bola Onadele. Koko
Bola Onadele. Koko is the pioneer Managing Director/Chief Executive Officer of FMDQ OTC Securities Exchange. Prior to this engagement, Koko was the President of FDHL, a financial markets and risk management consulting firm he founded in 2001, where he provided business leadership in the empowerment of the Nigerian fixed income market and consulted extensively for the Central Bank of Nigeria and the Securities and Exchange Commission.
With over twenty-five (25) years’ financial services experience, including involvement in financial markets architecture and diplomacy, Koko championed various financial markets infrastructure development initiatives in Nigeria. He also served as consultant to the World Bank-IFC on the development of the Nigerian corporate bond market and was appointed the Country Manager of the Efficient Securities Market Infrastructure Development (ESMID) program in 2009.
Koko’s career spanned Coopers & Lybrand (PWC), FCMB Limited, Citibank Nigeria, Trust Bank of Africa (Merchant Bankers) and Leadbank PLC. He is an economist and a first-class chartered accountant with a passion for the development of Nigerian financial markets and housing finance.
