governance structure
Workgroups
The workgroups are a vital component of the Financial Markets Dealers Association, serving as the technical and professional backbone of the organization. These workgroups are comprised of industry experts and practitioners who are passionate about driving excellence and innovation in the financial markets.
Key Characteristics:
Specialized Focus
Each workgroup focuses on a specific segment of the financial markets, allowing for in-depth analysis and expertise in that area.
Thought Leadership
The workgroups drive thought leadership in their respective areas, providing insights and perspectives that shape the industry’s direction.
Market Standards
The workgroups play a crucial role in developing and promoting market standards, best practices, and guidelines that enhance market efficiency and stability.
Industry Engagement
The workgroups engage with industry stakeholders, including regulators, market participants, and other industry associations, to promote collaboration and knowledge-sharing.
Role in Governance:
Governing Council
The Chairpersons of the workgroups collectively constitute the Governing Council, ensuring that decisions reflect broad market expertise and practitioner insight.
Market Expertise
The workgroups provide critical market expertise and insights that inform the Association’s decision-making processes.
The workgroups bring together industry experts and practitioners to provide valuable insights and perspectives, facilitate collaboration and knowledge-sharing among stakeholders, drive innovation and thought leadership, and ensure the Association’s decisions reflect the needs and interests of the broader market.
The Money Market Workgroup is a vital component of the Financial Markets Dealers Association, driving initiatives that promote efficiency, transparency, and stability in the money market.
The group’s core functions include:
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Developing Industry Standards and Best Practices
Collaborating with regulators to establish standardized documentation and processes for money market transactions, trading, and settlement. -
Regulatory Advocacy
Engaging with policymakers to advocate for balanced regulations that support market integrity and operational efficiency. -
Market Research and Analysis
Providing valuable insights on market trends, investment strategies, and risk management best practices to inform decision-making.
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Promoting Market Liquidity
Fostering market-making practices and electronic trading platforms to enhance liquidity in the money market. -
Educational Initiatives
Delivering workshops, webinars, and educational resources to educate members on money market operations, innovations, and emerging trends.
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Name
|
Institution
|
Status
|
|---|---|---|
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Kehinde Wole-Olomojobi
|
|
Chairman
|
|
David Enilolobo
|
Access Bank Plc
|
Vice Chairman
|
|
Akueche Ifeanyi
|
Wema Bank Ltd
|
Member
|
|
Ayomide Gbenga-Kareem
|
Stanbic IBTC Bank Ltd
|
Member
|
|
Olujobi Olutola
|
Ecobank Nig. Ltd
|
Member
|
|
Daniel Olafimihan
|
First Bank Nig. Ltd
|
Member
|
The Foreign Exchange Workgroup is a key driver of innovation and efficiency in the FX market.
The group’s core functions include:
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Market Development and Liquidity Enhancement
Enhancing FX market liquidity and efficiency through trend analysis and infrastructure strengthening. -
Regulatory Engagement and Advocacy
Bridging market participants and regulators to promote balanced and effective regulation. -
Standardization of Market Practices
Establishing standardized procedures for FX transactions to promote transparency and reduce risk.
-
Capacity Building and Professional Development
Equipping market participants with the latest knowledge and skills through training and education. -
Market Dynamics Monitoring and Analysis
Providing insights on FX market trends, risks, and opportunities to inform strategic decisions and policy recommendations.
|
Name
|
Institution
|
Status
|
|---|---|---|
|
Anwuli Femi-Pearse
|
Sterling Bank Plc
|
Chairman
|
|
Abiola Junaid
|
Standard Chartered Bank Ltd
|
Vice Chairman
|
|
Damilola Gbadamosi
|
First Bank Nig. Ltd
|
Member
|
|
Idris Salami
|
Citibank Nig. Limited
|
Member
|
|
Stella Udeh
|
Ecobank Nig. Limited
|
Member
|
|
Uzor Anakebe
|
Access Bank Plc
|
Member
|
The Swaps and Derivatives Workgroup drives growth and innovation in Nigeria’s derivatives market.
Key functions include:
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Market Development and Innovation
Introducing new instruments and collaborating with stakeholders to develop tailored products. -
Regulatory Engagement and Policy Advocacy
Bridging market participants and regulators to promote stability and growth. -
Standardization of Market Practices
Establishing standardized documentation and procedures for derivatives transactions.
-
Capacity Building and Professional Development
Delivering training sessions and workshops to enhance market participants' skills. -
Market Dynamics Monitoring and Analysis
Providing insights on market trends, risks, and opportunities to guide strategic decisions.
|
Name
|
Institution
|
Status
|
|---|---|---|
|
Seun Olubamise
|
Optimus Bank Ltd
|
Chairman
|
|
Enajite Eduvie
|
Ecobank Nig. Ltd
|
Vice Chairman
|
|
Agnes Liam
|
First Bank Nig. Ltd
|
Member
|
|
Chima Eze
|
Parallex Bank Ltd
|
Member
|
|
Izuchukwu Okata
|
Citibank Nig. Ltd
|
Member
|
The Bond Workgroup plays a crucial role in developing and enhancing the bond market.
Key functions include:
- Market Development and Liquidity Enhancement Enhancing market liquidity and efficiency through trend analysis and infrastructure strengthening.
-
Regulatory Engagement and Advocacy
Bridging market participants and regulatory bodies to promote stability, innovation, and growth. -
Standardization of Market Practices
Establishing standardized procedures for bond market transactions to enhance transparency and minimize operational risks.
-
Capacity Building and Professional Development
Providing training and education to enhance market participants' skills and knowledge. -
Market Dynamics Monitoring and Analysis
Identifying trends, risks, and opportunities to inform strategic decisions and policy recommendations.
|
Name
|
Institution
|
Status
|
|---|---|---|
|
Benedict Ekatah
|
Stanbic IBTC
|
Chairman
|
|
Michael Okorie
|
FCMB Ltd
|
Vice Chairman
|
|
Ayodeji Blessing Ganikale
|
Globus Bank Ltd
|
Member
|
|
Hauwa Yaro
|
Guaranty Trust Bank Ltd
|
Member
|
|
Ladi Belo
|
Access Bank Plc
|
Member
|
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Princess Irhivwoba
|
FSDH Merchant Bank
|
Member
|
|
Omole Oreka
|
Ecobank Nig. Ltd
|
Member
|
The Treasury Support Workgroup is the operational backbone of the financial markets, ensuring that market activities are supported by strong and reliable back-office practices. This workgroup focuses on optimizing post-trade processes, settlement, documentation, and operational efficiency.
Key functions include:
-
Advancing Treasury Automation
Promoting automated Straight-Through Processing (STP) systems to enhance efficiency, reduce errors, and accelerate transactions. -
Standardizing Operational Procedures
Developing standardized treasury support processes to promote transparency, reduce risks, and ensure consistency across institutions. -
Capacity Building & Professional Development
Providing training and workshops to upskill treasury support staff on best practices, technology advancements, and regulatory compliance.
-
Regulatory Engagement & Advocacy
Bridging market participants and regulators to provide feedback on proposed rules and ensure a balanced approach to stability, innovation, and growth. -
Market Dynamics Monitoring & Analysis
Regularly assessing treasury support operations to identify trends, risks, and opportunities, informing strategic decisions and policy development.
|
Name
|
Institution
|
Status
|
|---|---|---|
|
Wasiu Sikiru
|
Citibank Nig. Ltd
|
Chairman
|
|
Kemi Rotibi
|
Zenith Bank Plc
|
Vice Chairman
|
|
Adeoye Ebenezer
|
Stanbic IBTC Bank Ltd
|
Member
|
|
Ajayi Olanike
|
Providus Bank Ltd
|
Member
|
|
Ayodele Fadumila
|
Guaranty Trust Bank Plc
|
Member
|
|
Salu Mofolorunsho
|
Rand Merchant Bank Ltd
|
Member
|