The Central Bank of Nigeria’s (CBN) 15.4% stake in FMDQ-OTC Securities Exchange is now carried at ₦17.75 billion on a consolidated basis, up 23.9% from ₦14.33 billion a year earlier, according to data from the Central Bank of Nigeria Annual Report 2025.
Grossed up to a full ownership basis, that implies the entire FMDQ Group was worth roughly ₦115.3 billion in book terms at the end of 2025, up from an implied ₦93.1 billion in 2024.
For FY2024, FMDQ Group grew revenue 49.9% to ₦51.41 billion and profit before tax 65.5% to ₦23.23 billion, powered largely by treasury income that jumped to ₦16.2 billion from ₦3.2 billion the prior year.
NGX Now Larger Than FMDQ
The Nigeria Exchange Group (NGX) a listed entity had a valuation of ₦137.49 billion at the end of 2025, making it now bigger than the FMDQ.
The NGX had a market capitalization of N70.7 billion compared to N93 billion for the FMDQ (at the end of 2024), making the NGX worth about 76% of the FMDQ then.
As at Friday August 07, 2026, the NGX was worth ₦356 billion, after rallying by 171.6% over the past 1-year.
NGX delivered a resilient audited full-year 2025 performance, defined by a successful transition from “borrowed growth” to operational efficiency.
Despite a massive swing in foreign exchange outcomes due to the Naira’s appreciation, the Group reported a 5.6% rise in Net Profit to ₦10.5 billion.
CBN Gets ₦801 as FMDQ Dividends
At its 13th AGM in July 2025, FMDQ Group declared its first-ever cash dividend — ₦0.20 per share, totalling ₦5.20 billion — having previously rewarded shareholders only with scrip (bonus-share) issues since 2019.
Applying CBN’s 15.4%–15.41% stake to that payout implies the central bank received roughly ₦800–₦801 million in cash from FMDQ during 2025 — a figure CBN does not disclose separately.
That’s because CBN’s summary financial statements report dividend income in a single aggregate line (Note 7), covering every equity holding at once.
An estimated ₦800 million from FMDQ would be roughly 1% of the Group’s total dividend income for the year — a rounding error next to larger equity holdings such as Bank of Industry, Africa Finance Corporation and Afrexim Bank, which sit inside the same aggregate line without individual disclosure.
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