FMDQ Group Plc has awarded Share Appreciation Rights to its senior leadership, according to its 2024 annual report disclosed to investors and the public.

The report reveals that the Chief Executive Officer was granted 1.3 billion shares valued at N9.9 billion, representing 5 per cent of the company’s total shareholding.

Additionally, executive management, designated as foundation executives, received 1.04 billion shares worth N4.6 billion, equivalent to 4 per cent of the company’s shareholding.

FMDQ states that the CEO’s Share Appreciation Rights have a 6.4-year vesting period linked to key performance indicators specified in his employment contract, while the foundation executives’ awards will vest over five years.

The SARs are priced at N8.03 per share, marking a 44.42% increase year-on-year. The exercise prices are N0.37 for the CEO and N3.59 for the foundation executives, with vesting prices of N7.66 and N4.44, respectively.

This allocation makes Mr. Bola Onadele Koko, who has been CEO of FMDQ Group Plc for 12 years, a key beneficiary of the award.

Mr. Onadele is the founding Chief Executive Officer of FMDQ Group Plc and also serves as a non-executive director on the board of FMDQ Securities Exchange Limited.

He brings over two decades of banking experience, having held senior positions including Chief Dealer at Citibank Nigeria, Treasurer at FCMB, Managing Director/CEO of Trust Bank of Africa, and Chief Operating Officer at Leadbank Plc.

Among his career milestones, Mr. Onadele is recognized for pioneering derivatives in Nigeria through two landmark initiatives: the 2016 launch of USD/NGN Non-Deliverable Forwards and the 2023 introduction of FMDQ Exchange Traded Derivatives, which brought bond futures and naira-settled FX futures to the market.

In late 2024, he announced his intention to retire after more than 11 years leading the company, concluding a standout year of performance for FMDQ.