Modupe Gbadeyanka
By Modupe Gbadeyanka
Dr Joseph Nnanna has been announced as the new Chairman of the Board of Directors of FMDQ OTC Securities Exchange. This followed the retirement of Mrs Sarah Alade from the position on Friday, April 28, 2017.
Dr Nnanna is the Deputy Governor of the Central Bank of Nigeria (CBN), overseeing the Economic Policy Directorate, which covers the apex bank’s Financial Markets’ franchise.
He joins the Board of FMDQ with a wealth of experience having previously served as the Alternate Executive Director, representing Nigeria and 21 other Sub-Sahara African countries on the Board of the International Monetary Fund (IMF), amongst numerous other relevant financial markets’ appointments. He is currently the Chairman of the Board of Directors of Africa Finance Corporation (AFC).
Mrs Alade, who retired from FMDQ, was appointed to the board in July 2014, following the retirement of its inaugural Chairman, Mr Aigboje Aig-Imoukhuede.
Representing the CBN on the board of FMDQ, Mrs Alade was the Deputy Governor, Economic Policy Directorate of the apex bank, until her retirement in March 2017.
She had been pivotal to the transformation of the Nigerian financial markets over the years and led the OTC Securities Exchange astutely for almost three years and was instrumental to the successes achieved by FMDQ during the period.
Commenting on her decision to quit the board, Mrs Alade said, “Having had the privilege of leading the FMDQ Board since 2014, barely eight months after the launch of the OTC Exchange onto the Nigerian financial markets, the time has come for me to say goodbye.
“Over the years, I have had the pleasure of working with a team of highly passionate and result-driven professionals, from FMDQ staff members to the management team and my fellow board members.
“I would formally like to extend my personal appreciation for their individual and collective efforts displayed throughout my tenure. I would also like to particularly thank the retiring Directors for their invaluable contributions to the achievement of the FMDQ dream and heartily welcome the new Directors to the FMDQ Board.”
Expressing appreciation to Mrs Alade, Managing Director/CEO of FMDQ, Mr Bola Onadele Koko, stated that, “On behalf of the directors and management, I will like to seize this opportunity to express our deepest appreciation to (you) for the exemplary leadership and superior counsel provided in directing the affairs of the FMDQ. I wish her many more healthy years ahead.”
It was also gathered that the board announced the shareholders’ ratification of the appointment of Mr Kennedy Uzoka, Group Managing Director/CEO of United Bank of Africa Plc; and Mr Dapo Akisanya, Managing Director/CEO, AXA Mansard Pensions Limited, whose appointments to the FMDQ board as directors took effect on August 1, 2016 and January 1, 2017 respectively.
This is in addition to the retirement of Mr Yinka Sanni (Director and Chair, Board Governance and Human Resources Committee) from FMDQ.
Mr Sanni is Chief Executive Officer (CEO) of Stanbic IBTC Holdings Plc and represented the Financial Markets Sub-Committee of the Bankers’ Committee on the board of FMDQ, in his capacity as erstwhile CEO of Stanbic IBTC Bank Plc.
