As Mr. Bola Onadele Koko, the pioneer and visionary Chief Executive Officer (“CEO”), FMDQ Group PLC, completes his twelve-year trailblazing journey at the helm of leadership in June 2025, the opportunity to reflect on his remarkable journey could not be more timely. Under his transformative leadership, FMDQ Group PLC (“FMDQ Group” or “FMDQ”) evolved from an idea and a dream, from an OTC market, into a world-class, integrated financial market infrastructure (FMI) group, that has become critically important to not just the smooth-functioning, but also the sustainable development of the Nigerian financial markets and economy.
This interview seeks to look back at his time in office, explore future aspirations for FMDQ Group and its subsidiaries, and the Nigerian financial markets; as well as deliver his farewell message to the key stakeholders (market participants, policymakers, regulators and future leaders) in the broader Nigerian financial system.
Looking back over the past twelve (12) years, what key milestones are you most proud of and would consider the most transformational under your leadership at FMDQ Group?
It would be stereotypical as a CEO to reel out major corporate milestones of FMDQ (using strategic, competitive, financial and operational metrics) that would leave any business stakeholder in awe of our journey over the last twelve (12) years, however, anyone who knows me well would likely tell you that the moment you use the word “transformational” or “most transformational”, then you have struck a different chord in me. While it is not my intention to diminish the importance of those traditional corporate achievements, which I remain immensely proud of, I would say that what stands out for me are the initiatives and milestones targeted at market development and sustainable social responsibility, particularly in the area of human empowerment in the Nigerian financial markets, which showcased FMDQ’s institutional innovation and commitment to purpose. Some notable milestones which I consider truly transformational include:
Firstly, our evolution from a single over-the-counter (OTC) market venue to a vertically integrated FMI group, comprising entities and critical service providers across the Nigerian financial markets value chain (from pre-trade and trade to post-trade activities) stands out as a bold and defining achievement. We successfully built Africa’s first vertically integrated FMI Group comprising a Securities Exchange, a Central Counterparty (CCP), and a Central Securities Depository – all of which are strategically positioned and critical to the Nigerian financial markets, and complemented by a Private Markets ecosystem and a Technology company to support all the businesses within the Group. Essentially, we transformed the business from an OTC market venue into a one-stop ecosystem enabling institutions and investors to carry out end-to-end value chain activities in the Nigerian financial markets. What is even more impressive and truly transformational about this evolution are the lesser-known ancillary actions and milestones which we actively drove and participated in, towards actualising this corporate evolution. For us to truly operate as a vertically integrated FMI group, with the capacity to host and facilitate the completion of a financial market transaction, from trade initiation and execution to settlement, in addition to establishing FMIs across the value chain, we also actively drove and participated in the promulgation of new laws, statutes, regulations and operational protocols which had to be put in place!
Secondly, among my proudest moments and transformational milestones in market development are our new product and market venue launches over the years, each one marking a step forward in evolution of Nigeria’s financial markets. Notable mention for me is our pioneering role in derivatives in the Nigerian financial markets, which occurred in two (2) phases with relevant product and market venue launches by FMDQ: the first phase was the introduction and launch of the Cleared Naira-settled Non-Deliverable Forwards (“Cleared USD/NGN NDFs”) Market (erstwhile OTC FX Futures Market) in July 2016. This milestone was pivotal and truly transformational. Through institutional innovation, we introduced a hybrid derivative product – combining elements of both an OTC and exchange-traded structures, despite the prevailing legal and regulatory deficiencies at the time. The Cleared USD/NGN NDFs Market remains the pioneer and prototype for centralised trading, clearing and risk management of derivatives in Nigeria. The second phase was the introduction and launch of the FMDQ Exchange-Traded Derivatives (ETD) Market in July 2023, exactly seven (7) years after the launch of the Cleared USD/NGN NDFs Market, which essentially birthed the introduction of two (2) pioneer standard ETD products: Bond Futures (FGN Bond Futures) and standard FX Futures (Naira-Settled Exchange-Traded FX Futures) offered within a market venue that mirrors the structure and sophistication of globally recognised ETD markets. Particularly, overseeing the launch of the ETD Market was akin to reliving historical records and memoirs of how renowned ETD markets globally were birthed here in Nigeria.
Finally, and perhaps closest to my heart, is the launch of the FMDQ Next Generation Financial Markets Empowerment Programme (FMDQ-Next). Designed to provide early-stage financial markets education to children and young adults, FMDQ-Next has reached over one thousand, two hundred (1,200) students, from primary school to university level. It has transcended beyond being a corporate responsibility initiative for FMDQ and become a legacy! I still get emotional when I hear primary school pupils confidently talk about financial market products after attending our Programmes. It is a reminder that we are not just building markets; we are shaping futures and inspiring a generation.
All of these milestones for me are truly transformational, and have ensured that the Nigerian financial markets are ready to take its right of place on the global stage.
FMDQ has become a critical player in the Nigerian financial markets. What were the biggest challenges in establishing and growing a new financial market infrastructure group from scratch?
Starting a company like FMDQ Group from scratch came with significant challenges, some anticipated, others not. One of the biggest initial hurdles was earning the trust and confidence of market participants, regulators and other stakeholders. At the start, we were essentially the “new kid on the block,” and had to work arduously and diligently to validate the hypothesis and guiding principles underlying the establishment of FMDQ, through transparency, consistency, operational excellence and product/market innovation. It simply wasn’t enough to run with the initial ideas of our founding principals; we needed to prove our credibility, execution capacity, creativity and adaptability to deliver the vision and desired strategic impact of FMDQ.
Another challenge was operating in an economy still recovering from the aftermath of the global financial crisis between 2008 – 2010, alongside prevailing legal, regulatory and broader macroeconomic constraints. We often found ourselves advocating for legal and regulatory reforms, establishing new strategic partnerships, and sometimes envisioning and instituting entirely new structures from scratch to support the rollout of market development initiatives, while taking on additional responsibilities for galvanising and mobilising relevant stakeholders for action. It often demanded grit, resilience, perseverance and diplomacy, all at once. A third critical challenge was the need to generate and mobilise financial resources to drive critical investments in people and technology to sustain our early achievements (in operational excellence and market efficiency) and power our future aspirations (around global competitiveness and market diversity, amongst others). We were intentional about building a digital-first infrastructure that would power efficient and secured financial markets transactions, and that required significant resources and commitment.
Perhaps one of the more subtle but impactful challenges was the human capital gap in the Nigerian financial markets. Many of the newer market participants, particularly treasury professionals, were neither familiar nor had the technical expertise in relation to evolving market conventions and sophisticated financial markets products globally. This required us to invest and engage in extensive market sensitisation and stakeholder engagement efforts, to ensure market and product adoption while fostering a culture of sophistication within the Nigerian financial ecosystem.
Finally, on the internal front, attracting and retaining top-tier talent was another significant challenge. We had to build a culture of high performance from the ground up, one that recognised and valued integrity, innovation, and excellence. This involved not just hiring the right people, but continuously developing, recognising and rewarding them while instilling a shared vision for the organisation.
Looking back, while these challenges were significant, they were also formative, as they shaped FMDQ into the resilient, innovative and trusted institution it is today.
With FMDQ’s new mantra “Born Local… Going Global”, what role do you envision for the Group on the international stage?
“Born Local… Going Global” is more than just a mantra for me, it is an evolution of FMDQ’s vision. We’ve always believed that Nigeria has the potential to take its rightful place on the global financial markets stage, and FMDQ, as a proudly Nigerian institution, is uniquely positioned to lead that charge.
Over the years, we have built resilient and innovative financial market infrastructures that have earned the trust of both local and international stakeholders. Now, the time has come to leverage that success to scale to new heights by connecting domestic capital with global opportunities, facilitating seamless access for international stakeholders and embedding global best practices within our local markets.
This global agenda is also about showcasing the Nigerian excellence and expertise in financial markets development, exporting our learnings and lending our know-how to support the establishment of a transformational financial markets hub that will drive the sustainable development of the African continent, through relevant cross-border strategic and operational collaborations, as well as targeted investments both locally and internationally. As I prepare to hand over the baton, I do so with confidence, knowing that the foundation we have laid is strong and that FMDQ is poised to make an enduring impact far beyond our borders.
With decades of experience as a financial markets professional, what do you believe the ideal state of the Nigerian financial markets should be?
Globally, the ultimate objective for financial markets is to be efficient i.e., market efficiency. For any market to be considered efficient, it must be deep and liquid, enabling frictionless financial intermediation and allowing for the accurate pricing of all available information on the underlying assets. As simple as that may sound, in practical terms, that would mean that such a market must have: a diverse range of financial products, sophisticated market participants, depth, meaning a sizeable volume and value of investable products to meet investor demand and liquidity, to support active trading and seamless entry and exist. Taking a cue from that, my perspective on the ideal state of the Nigerian financial markets remains unchanged. It aligns with FMDQ’s long-standing agenda for our markets to be GOLD – Globally Competitive, Operationally Excellent, Liquid and Diverse. This vision is centred on promoting investors confidence, both local and foreign, powering economic prosperity for Nigeria, fostering inclusion and remaining at the forefront of innovation. It should provide access to capital to meet the financing needs of businesses and government, as well as offer investors a broad spectrum of instruments across multiple asset clasess in the cash/spot and derivatives markets, suited to their risk appetites and return objectives. I believe the Nigerian financial markets were steadily advancing toward a commendable level of efficiency, until the turn of the current decade in 2020 when exogenous shocks brought on by the Coronavirus disease (“COVID-19”) pandemic, and successive geopolitical tensions, from trade wars to actual conflicts, significantly disrupted the progress, further highlighting the increasing integration of Nigeria’s financial markets with global markets, as well as re-underlining the importance of accelerating our efforts toward achieving true market efficiency.
The ideal Nigerian financial markets must be underpinned by robust and resilient self-regulatory organisations and market infrastructures, supported by strong technical expertise and digital capabilities that drive both efficiency and participation, and are backed by a progressive regulatory environment. To achieve all of the above, the Nigerian financial markets must prioritise financial literacy, ensure investor protection, and embrace sustainable finance, all while aligning with global best practices.
Ultimately, the ideal state of the Nigerian financial markets should be one which catalyses economic growth, provide opportunities for the next generation of financial professionals, and ensure Nigeria’s relevance in the global markets as a critical hub and international financial centre.
What are your expectations for FMDQ in this next era, and how do you envision the Group evolving under new leadership?
My expectation is that the new leadership will build on the strong foundation we have laid, preserving the Group’s core values of Teamwork & Collaboration, Innovation, Integrity, and Value-adding, while steering it towards new horizons in terms of industry, economic and international relevance.
As laid out in our strategic blueprint, I am hoping to see continuity, greater innovation and grit in FMDQ’s efforts towards expanding and revolutionising its digital infrastructure, while increasing regional collaboration across Africa, and launching new initiatives that will enshrine the Nigerian financial markets at the centre of economic growth and prosperity. As the leadership baton changes hands, I also eagerly anticipate newer perspectives to FMDQ’s corporate endeavours and I am confident that with the right vision and support from internal and external stakeholders, the next era will not only sustain FMDQ’s legacy but take it to higher levels, further cementing its role as a global financial market infrastructure brand rooted in African excellence.
Finally, what message would you like to leave for the Nigerian financial market community, policymakers, and the next generation of financial market architects?
To the financial markets community – thank you for your trust, collaboration, and belief in FMDQ’s vision. We have achieved a lot together, but the journey to a mature and globally integrated market continues. Stay committed, stay innovative and please continue to support FMDQ.
To regulators and government — I urge continued support for progressive reforms and market-friendly policies. A thriving capital market is essential for national development, and alignment between policy and private sector efforts will be critical.
To the next generation — dream boldly, work with purpose, and always lead with integrity. The future of our markets lies in your hands. Be daring enough to challenge the status quo and visionary enough to build institutions that outlive us all.
Beyond FMDQ, what are your personal plans for the next chapter? Should we expect to see you in another leadership role, public service, or something entirely new?
That is a great question and one I have had time to reflect on deeply as this transition approached. First, I plan to take a well-deserved break. After twelve years of building and leading FMDQ, I am looking forward to slowing down for a few months, travelling to a few of my favourite places, discovering new ones, and most importantly, spending quality time with family.
Following that, I will be stepping into a new chapter with a bespoke advisory firm which will be positioned to focus on business transformation and financial markets strategy, with a strong pan-African outlook. The firm would be driven by a bold and purposeful mission — to empower visionary leaders, strengthen market-shaping institutions, and deliver innovative financial solutions that unlock capital, support private sector growth, and catalyse prosperity across Africa.
We will engage with both the public and private sectors, contributing meaningfully to policy reforms and financial markets development, while also building impactful solutions that reflect the same values of innovation, integrity, and excellence that have defined my journey at FMDQ.
This next phase is not merely a continuation, it is an evolution. I look forward to using the experience and insights I have gained over the years to help shape stronger, more resilient economies and support the next generation of market architects and business leaders across the continent.
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