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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:

1

Specialized Focus

Each workgroup focuses on a specific segment of the financial markets, allowing for in-depth analysis and expertise in that area.

2

Thought Leadership

The workgroups drive thought leadership in their respective areas, providing insights and perspectives that shape the industry’s direction.

3

Market Standards

The workgroups play a crucial role in developing and promoting market standards, best practices, and guidelines that enhance market efficiency and stability.

4

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:

1

Governing Council

The Chairpersons of the workgroups collectively constitute the Governing Council, ensuring that decisions reflect broad market expertise and practitioner insight.

2

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:

  • 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.
  • 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.
Name
Institution
Status
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:

  • 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:

  • 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
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