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Home People Appointments

DMO appoints new Government Stockbroker 

Chike Olisah by Chike Olisah
February 19, 2020
in Appointments, Business News
Nigeria makes sudden U-turn, suspends external borrowing from international market , FG responsible for 80% of Nigeria’s N25.7 trillion debt profile, DMO appoints new government stockbroker, DMO backs Buhari’s lending policy, seeks increased revenue to service loans, DMO boss reveals coronavirus affecting Nigeria's N26 trillion debt servicing plan

Director-General, DMO, Ms. Patience Oniha

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The Debt Management Office (DMO) has announced the appointment of City Stockbrokers Limited (CSL), a member of the FCMB Group Plc, as the new Government Stockbroker.

Following the appointment, City Stockbrokers Limited would replace Stanbic IBTC Stockbrokers Limited, which served as the first Federal Government Stockbroker, with the mandate that includes posting Bid and Offer Prices on the Nigeria Stock Exchange for Federal Government of Nigeria (FGN) Securities.

The Federal Government Stockbroker plays a supporting role in helping the DMO achieve its objective of promoting the trading of FGN securities on the floor of the NSE and subsequently attracting more retail investors to the domestic capital market.

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CSL was appointed on the basis of an Open Competitive Bidding process, which other stockbrokers participated. In the course of performing its role as Government Stockbroker, CSL is expected to build upon the achievements already recorded by increasing the participation of retail investors in all FGN securities like FGN Bonds, FGN Sukuk, FGN Saving Bond and Green Bonds which are all listed and traded on the floor of NSE.

[READ MORE: Fidelity Bank appoints new Non-Executive Director)

With the appointment of CSL, the Federal Government, through the DMO is further demonstrating its commitment to the development of the domestic market, promoting liquidity, as well as, growing and diversifying the investor base.

About the DMO: The Debt Management Office (DMO) is a Federal Government agency, which was established on October 4th, 2000 to centrally coordinate the management of Nigeria’s debt which was hitherto being managed by numerous Government establishments in an uncoordinated fashion. This had led to inefficiencies as Government establishments like the Federal Ministry of Finance and Central Bank of Nigeria (CBN) had different departments with the primary function of managing the country’s external debt.

About CSL Stockbrokers: It is a fully owned subsidiary of FCMB Group Plc with over 30 years operating history on the Nigeria Stock Exchange, providing institutional and corporate brokerage services to investors and select issuers. CSL is committed to meeting its clients’ needs by providing full complement world-class investment services in a professional and efficient manner.


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Tags: City Stockbrokers Limited (CSL)Debt Management OfficeFCMB Group PlcNigeria Stock ExchangeStanbic IBTC Stockbrokers Limited
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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