Stories by NKIRUKA NNOROM
FMDQ OTC Plc has said that it target is to achieve N175 trillion market turnover come 2017 as it pursues its strategic intent of bringing about revolutionary changes and fostering development of the Nigerian Over-the-Counter (OTC) financial market.
The Securities Exchange also said it is set to float a N100 million Investors Protection Fund (IPF) to ensure that investors that commit their money in the market do not suffer any kind of loss.
Speaking during its 2014 Review and Outlook for 2015, Mr. Dipo Odeyemi, Divisional Head, Operations and Technology, said FMDQ is working together with the Securities and Exchange Commission, SEC, to work out modalities for effective take-off of the Fund.
Already, he said the rules have been submitted to the SEC, and the Fund is expected to fully take effect by the end of the second quarter upon a successful engagement with the SEC.
According to him, the introduction of the IPF would increase investors’ confidence and also eliminate the fear factor involved in committing ones money in financial instruments.
Listing some of the strategic initiates for 2015, Odeyemi said that FMDQ will pursue aggressive education and capacity building for market participants to increase investors’ confidence and reduce market failure to ensure that the market is always up and running.