FMDQ Group Plc recorded a 49.93% jump in revenue to ₦51.41 billion in 2024, from ₦34.29 billion in 2023, and approved vested Share Appreciation Rights (SARs) for its Chief Executive Officer and foundation executives.
The group’s audited results for the year ended December 31, 2024, show profit before tax surged 65.54% to ₦23.23 billion, from ₦14.03 billion in 2023, driven by strategic investments and strong performance across its subsidiaries — FMDQ Securities Exchange, FMDQ Clear, FMDQ Depository, and FMDQ Private Markets.
FMDQ also posted a ₦3.65 billion gain from foreign exchange revaluation, comprising ₦172.93 million from cash and bank balances and ₦3.48 billion from the revaluation of FGN Eurobonds, compared to ₦4.07 billion in 2023.
Personnel expenses climbed 55.48% to ₦17.60 billion, mainly due to higher wages, bonuses, and share-based payments. The largest cost component was cash-settled SARs, which rose to ₦7.43 billion in 2024 from ₦4.13 billion in 2023.
According to the notes to the accounts, the Board approved vested SARs for the CEO representing 5% of the company’s shareholding, with a contractual life of 6.4 years, tied to service duration and performance KPIs. Foundation executives received SARs amounting to 4% of the company’s shareholding, with a five-year term and similar conditions. Total liabilities for these arrangements stood at ₦14.57 billion in 2024, up from ₦7.15 billion a year earlier.
Commenting on the results, FMDQ Group Chairman, 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 declared its first-ever cash dividend of ₦0.20 per share, totalling ₦5.20 billion.
Operationally, FMDQ Exchange expanded its Exchange-Traded Derivatives market by introducing long-dated FX Futures contracts, extending tenors from 12 to 21 months. FMDQ Depository onboarded 47 participants during the year, with securities lodgements rising to ₦1.28 trillion from ₦1.25 trillion in 2023. FMDQ Private Markets also recorded a 44.69% increase in the cumulative value of securities noted, reaching ₦1.13 trillion from ₦780.96 billion.
Pioneer CEO Bola Onadele, who retired on June 30, 2025, described 2024 as “a year of consolidation and strategic progress,” adding that the group has built “a structure, value, and vision” for sustained growth.
