FMDQ Group, Nigeria’s leading market for fixed income securities and forex, and operators of FMDQOTC has reached an agreement to acquire over 20% of CSCS. The value of the transaction is currently undisclosed.

According to sources with knowledge of the transaction, the FMDQ Group will buyout shares owned by Leadway Insurance and from Artemis Ltd a vehicle owned by Verod Capital. The two entities own 16.6% and 5% respectively delivering a combined 21.6% ownership of CSCS.

The deal is subject to the approval of the Security & Exchange Commission and the Federal Competition and Consumer Protection Commission (FCCPC). Nairametrics understands the transaction is being viewed positively by regulators as it is expected to deepen capital market operations and enhance competition amongst exchanges, with both outcomes viewed as good for consumers and businesses.