FMDQ hits N51.41bn revenue, grants executive share rights
CHIGOZIE AMADI
FMDQ Group Plc grew its revenue by 49.93 per cent to N51.41bn in 2024, up from N34.29bn in 2023, while approving vested Share Appreciation Rights for its Chief Executive Officer and Foundation Executives.
According to the firm’s audited annual report for the year ended December 31, 2024, profit before tax surged 65.54 per cent to N23.23bn, up from N14.03bn in 2023. The group attributed the performance to strategic investments and robust market activity across its subsidiaries, FMDQ Securities Exchange, FMDQ Clear, FMDQ Depository, and FMDQ Private Markets.
A breakdown of the results showed that the group made a N3.65bn gain on foreign exchange revaluation, comprising N172.93m from cash and bank balances and N3.48bn from the revaluation of FGN Eurobonds. In 2023, the total gain from such revaluations stood at N4.07bn.
Personnel expenses rose sharply by 55.48 per cent to N17.60bn from N11.32bn in 2023, driven by higher wages, bonuses, and share-based payments. Wages and salaries increased to N4.73bn from N3.35bn, while productivity bonuses climbed to N4.80bn from N3.43bn. Other staff costs and pension contributions were N302.92m and N341.50m, respectively.
The most significant personnel cost item was the cash-settled SARs, which jumped to N7.43bn in 2024 from N4.13bn in 2023. The SARs entitle recipients to cash payments based on the increase in the share price of FMDQ Group Plc between the grant date and the time of exercise.
The notes to the accounts revealed that the group’s Board approved vested SARs for the CEO, representing five per cent of the company’s shareholding, with a contractual life of 6.4 years and linked to service duration and key performance indicators in the employment contract. Foundation executives were granted SARs amounting to four per cent of the company’s shareholding, with a five-year contractual life and similar KPI-linked vesting conditions.
The total carrying amount of liabilities for these cash-settled arrangements was N14.57bn as of December 31, 2024, compared with N7.15bn a year earlier. The intrinsic value of vested benefits was also N14.57bn in 2024, with no equivalent in 2023.
Commenting on the performance, the Chairman of FMDQ Group, Dr Jibril Aku, said, “In the face of global and domestic macroeconomic headwinds in 2024, FMDQ Group delivered a remarkable financial performance. This was achieved through strategic focus, market innovation, and the resilience of our people and partners.”
The group also declared its first-ever cash dividend of N0.20 per share, amounting to N5.20bn, as a reward to shareholders for their confidence.
On market operations, the report noted that FMDQ Exchange expanded its Exchange-Traded Derivatives market by introducing long-dated FX Futures contracts, extending tenors from 12 to 21 months. The Depository business onboarded 47 participants in the year, with securities lodgements rising to N1.28tn from N1.25tn in 2023, while FMDQ Private Markets saw the cumulative value of securities noted increase by 44.69 per cent to N1.13tn from N780.96bn.
The pioneer Chief Executive Officer, Bola Onadele, who retired on June 30, 2025, described 2024 as “a year of consolidation and strategic progress,” adding that the organisation has built together a structure, value, and vision.
