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FMDQ says 23% of Revenues Come from CBN in Response to MoneyCentral Report

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FMDQ in a detailed response to an August 23 report by MoneyCentral that its revenues come largely from fees paid to it by the Central Bank of Nigeria (CBN), said its revenues are from diverse sources, contrary to what was reported.

These include 23% (2019: 8%) from the CBN (as a transaction party in the OTC FX Futures market), 41% (2019: 53%) from clients (local and foreign), 17% (2019: 14%) from Dealing Member (Banks) and 18% (2019: 25%) from other sources including securities admissions, interest income, settlement and depository services, private market notings, amongst others.

FMDQ also said its CEO, Bola Onadele.Koko was issued stock options as part of his compensation, vesting at the end of his contract, based on pre-specified key performance indicators.

“As the stock options are not due to be exercised till 2024, no cash settlement has been made to the CEO, and none will be until the terms of the agreement are fully met at the end of his contract,” the response noted.

“The stock options as at Dec 31, 2020, as professionally valued by our External Auditor, KPMG, is N2.51bn as accounted for in our financial statements. There is no record of the N4.66bn in our financial statements.”

Please see the detailed FMDQ response on page 10 of PDF or physical PRINT copy.

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