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FMDQ Group Plc headquarters
Securities exchange, FMDQ Group Plc, has stirred public debate after its 2024 annual report revealed a staggering personnel cost that averaged N161 million per employee. However, the bulk of the jackpot payouts were concentrated in the executive suite rather than spread across the wider workforce.
The company’s personnel expenses rose sharply by 56 per cent last year to N17.6 billion, buoyed by hefty long-term incentives and cost-of-living adjustments. With just 109 staff members on its books—up slightly from 106 in 2023—the arithmetic suggests a golden ticket for every employee. On paper, each worker received an average N161.4 million. In reality, most staff earned far less.
Breakdowns from the report show N4.73 billion was spent on wages and salaries, while productivity bonuses stood at N4.8 billion. Pension contributions amounted to N341 million, and other staff-related costs were N302.9 million.
The standout figure, however, was the N7.42 billion in cash-settled, share-based payments that went directly to the CEO and executive management team.
The numbers highlight a wide pay disparity. Only 36 employees earned above N20 million annually, while the lowest-paid workers received about N3 million per year.
Adding to the controversy, MoneyCentral earlier reported that outgoing CEO, Bola Onadele Koko, secured a jaw-dropping N10.4 billion stock award upon his exit.
It wasn’t just personnel spending on the rise. Operating expenses climbed 38 percent to N30.88 billion, driven by technology investments, regulatory compliance, and training programs.
Yet, despite the ballooning costs, FMDQ delivered a stellar financial performance. Profit Before Tax surged 65.5 percent to N23.23 billion, while Profit After Tax doubled to N19.23 billion. By the close of 2024, the Group’s private market capitalization hit N208.78 billion, with 26 billion shares priced at N8.03 each.
FMDQ has proven to be both a high-spending and high-earning enterprise. But while the numbers suggest a dream workplace, the reality is starkly divided: modest paychecks for the rank and file, and billion-naira windfalls for those at the very top. (Nigerian Tribune)
