FMDQ Group Plc has granted substantial Share
Appreciation Rights (SARs) to its top leadership, rewarding a year of strong
financial performance and long-term growth. Details of the awards were
disclosed in the company’s 2024 annual report released to investors and the
public.
According to the report, Chief Executive Officer, Mr.
Bola Onadele Koko, received 1.3 billion shares valued at ?9.9 billion,
representing 5% of the company’s shareholding. Executive management personnel,
identified as “foundation executives,” were also allocated 1.04 billion shares
worth ?4.6 billion, equivalent to 4% of the company’s shares.
The CEO’s SARs will vest over a 6.4-year period, tied
to key performance indicators specified in his employment contract. The
foundation executives’ awards will vest over five years. The SARs are priced at
?8.03 per share, up 44.42% year-on-year, with exercise prices of ?0.37 for the
CEO and ?3.59 for the foundation executives, and vesting prices of ?7.66 and
?4.44, respectively.
Mr. Onadele, who has served as CEO for 12 years, will
be among the main beneficiaries of the awards as he prepares to retire later in
2024.
About Bola Onadele Koko
Mr. Onadele is the founding CEO of FMDQ Group Plc and a non-executive director
on the board of FMDQ Securities Exchange Limited. His banking career spans over
two decades, including senior roles at Citibank Nigeria, FCMB, Trust Bank of
Africa, and Leadbank Plc.
He is widely credited with pioneering derivatives in
Nigeria, leading two landmark market innovations: the launch of USD/NGN
Non-Deliverable Forwards in 2016 and the debut of FMDQ Exchange Traded
Derivatives in 2023, which introduced bond futures and naira-settled FX
futures.
2024 Performance Highlights
FMDQ Group Plc reported a 65.54% jump in pre-tax profit to ?23.2 billion in
2024, up from ?14.03 billion in 2023. The growth was driven by a surge in
treasury income, which rose from ?3.2 billion to ?16.2 billion, and an increase
in other income from ?7.4 billion to ?15.5 billion.
Margin management fees contributed the largest share
of other income at ?10.1 billion, followed by commercial paper quotation fees
(?1.6 billion) and processing fees (?1.2 billion). Total operating income
climbed 49.93% to ?51.4 billion, while operating expenses stood at ?30.8
billion.
On the balance sheet, total assets reached ?446
billion, and retained earnings more than doubled to ?19 billion from ?9.6
billion in the prior year.
With his tenure coming to an end, Mr. Onadele’s exit
marks the close of a pivotal chapter for FMDQ Group Plc — one defined by market
innovation, record-breaking performance, and significant shareholder rewards.
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