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FMDQ Restates Commitment to Development of Derivatives Market

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Mr. Bola Onadele. Koko, the Group Managing Director/CEO of FMDQ Holdings Plc, expressed the company’s commitment to the development of a thriving derivatives market in Nigeria by launching new hedging products in 2020.

Onadele made the commitment while speaking at the annual general meeting (AGM) of the group in Lagos, noting that with the support and collaboration of its stakeholders, it would further transform the derivative market.

According to him, the group would continue to enhance the readiness of FMDQ Clear to operate a fully-fledged central counterparty (CCP) upon regulatory approval, whilst making efforts through FMDQ Depository to facilitate interoperability amongst the central securities depositories in Nigeria to enable seamless processing of clients’ transactions.

“Also, with the incorporation of its newest wholly owned subsidiary, FMDQ Private Markets Limited (FMDQ Private Markets) in January 2020, the group shall focus on promoting the development of organised private capital, providing the much-needed transparency in the market for private debt and equity securities, by eliminating information asymmetry and ultimately improving credibility in the market for private issuances,” he said.

Presiding over the FMDQ Group AGM, the newly appointed Group Chairman of the Board of Directors, Dr. Kingsley Obiora, presented the financial statements for the year ended December 31, 2019, saying FMDQ achieved a resilient performance amidst the challenging operating environment, due to strategic initiatives implemented in its first strategic lustrum (2015 – 2019).

He said: “2019 was a year of growth, expansion, and reorganisation for FMDQ, with the consolidation of its flagship wholly owned subsidiary, FMDQ Exchange, the second year of the operationalisation of its wholly owned subsidiary, FMDQ Clear, and the activation of another wholly owned subsidiary, FMDQ Depository, making significant progress in its bid to help de-risk the financial markets by constructing market infrastructures in all components of the capital market value chain, from pre-trade, trade to post-trade.”

He further stated that through FMDQ Securities Exchange, the group admitted a total of 84 securities split across bonds, commercial papers (CPs), and funds from various sectors for listing and quotation on the platform of its platform, in addition to the registration of several CP Programmes.

“2019 also saw the strengthening of the operational and strategic capacities of FMDQ’s clearing, settlement, and depository businesses in line with their drive to create value for stakeholders in the Nigerian financial market.

Consequently, FMDQ Clear focused on building operational readiness and capabilities to extend its services from just clearing and settlement to providing CCP services in the near term, whilst FMDQ Depository leveraged the digitised and integrated structure of FMDQ Group to operationalise its new business; yielding positive results and further paving the way for the Depository to actualise its vision of becoming the Depository of Choice in Nigeria,” Obiora said.

At the AGM, shareholders of FMDQ ratified, amongst other things, the appointment of Obiora, Deputy Governor, Economic Policy Directorate, Central Bank of Nigeria (CBN) as new chairman; Mr. Emeka Onwuka, Partner and Head of Private Clients & Family Wealth Practice at Andersen Tax in Nigeria; and Mr. Sadiq Mohammed, Deputy Group Chief Executive Officer of the Asset & Resource Management (ARM) both serving as non-executive directors on the board of FMDQ.


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NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

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The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.

Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.

“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.

Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.

“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.

He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.

“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.

During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.

Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.

“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.

The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.

In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.

Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.

The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.

 


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NRS Takes Over Mineral Royalties Collection Under New Tax Laws

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Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS Takes Over Mineral Royalties Collection Under New Tax Laws

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The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.

Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.

NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.

Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.

The move aims to streamline revenue collection while fostering mining growth.


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Microsoft Revamps Copilot in Workplace AI Push

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Microsoft has rolled out a new set of features for its Microsoft 365 Copilot platform, including tools for complex, multi-step work and deeper research tasks, as competition in workplace artificial intelligence (AI) intensifies.

The update introduces Copilot Cowork, a capability aimed at handling long-running tasks across Microsoft 365 applications.

The feature is being made available through the company’s Frontier programme, which typically gives early access to experimental tools.

Microsoft is also integrating technology linked to Claude – an AI model developed by Anthropic –into Copilot, signalling a broader shift toward using multiple AI systems within a single product rather than relying on a single model.

Jared Spataro, chief marketing officer for AI at Work at Microsoft, says the company is positioning Copilot as a system embedded directly into workplace software, rather than a standalone tool.

“Microsoft 365 Copilot is your AI for work,” he says, adding that it draws on multiple AI models and is integrated into existing workflows.

Alongside this, Microsoft has upgraded its Researcher feature, which is designed to analyse information from multiple sources and generate structured reports.

A new “Critique” function separates the drafting and review process between different AI models – one generates an initial response, while another evaluates and refines it.

The company says this approach improves output quality, with Researcher showing gains on its internal benchmark for accuracy, completeness and objectivity.

Another addition, called Model Council, allows users to compare outputs from different AI models side-by-side, highlighting differences in responses and reasoning.

The updates form part of what Microsoft calls “Wave 3” of Copilot, as it pushes to embed generative AI deeper into enterprise software. The move reflects a wider industry trend towards combining models from multiple providers, including OpenAI and Anthropic, to improve performance and reliability.

 


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