DMO raises N60Bn from Bond Sales

Debt Management Office (DMO) said it has traded bond worth N60 billion on the Nigeria Stock Exchange (NSE) since 2006 the bond market was resuscitated.

Dr Abraham Nwankwo, director-general, DMO who stated this at the official presentation of Stanbic IBTC Stockbrokers Ltd. as the government stockbroker to the  NSE in Lagos, said that the amount was raised through the sale of Over-The-Counter Bond (OTC) from the exchange.

Nwankwo said that the essence of appointing the firm as the government’s stockbroker was to ensure a substantial portion of the Federal Government bond was present on the stock exchange.

He said that trading of the government’s bond on NSE would be alongside with the OTC bond in recognition of the importance of trading the sovereign bond on the exchange.

The DMO boss said that the office would ensure active participation of the retail investors, adding that it led to the selection of Stanbic IBTC Stockbroker to take charge.

He said that the firm emerged as the government’s stockbroker after a competitive process out of which 17 stock broking firms participated.

Nwankwo said that by the end of first quarter in 2013, the office would give report in terms of value.

Also,  Mr. Oscar Onyenma, managing director of NSE said that the exchange was supportive of the selection made by DMO.

He said that it was not based on the work the firm was doing, but on their compliance level to the NSE guidelines.

Onyenma said that as part of the strategies and efforts to revamp the fixed income market on the floor, the exchange was working seriously to introduce the fixed income trading platform.

He said that NSE was also working with AMCON to introduce its market markers and the fixed income market.