Abuja: The Debt Management Office (DMO) on Thursday unveiled Stanbic IBTC Stockbrokers Ltd. as the new stockbrokers of the Federal Government. This announcement follows the expiration of the tenure of CSL Stockbrokers Ltd., a subsidiary of First City Monument Bank (FCMB).
According to News Agency of Nigeria, Patience Oniha, the Director-General of DMO, emphasized the comprehensive financial capabilities of Stanbic, noting the Federal Government’s existing business engagements with them in other areas. Oniha highlighted Stanbic’s strong and reputable brand, which is well-recognized among target investors and aligns with the government’s needs. She stated that the group’s reputation and diversification qualified it for the appointment.
Oniha further explained that the DMO, which issues securities on behalf of the Federal Government, appoints a government stockbroker to comply with regulatory requirements and to deepen the capital market. She pointed out that while DMO is the largest issuer of securities in the market, having a stockbroker is essential for compliance and market development. The retail segment, including savings bonds and sukuk, is an area the DMO aims to grow, and attracting more investors to FGN securities is a major mandate.
Bunmi Olarinoye, Chief Executive Officer of Stanbic IBTC Stockbrokers Ltd., expressed the firm’s dedication to expanding the retail segment of the market. Olarinoye mentioned that the firm is exploring strategies to engage this market segment. She emphasized the importance of enlightenment and awareness, committing to focus efforts on increasing public knowledge of DMO’s offerings to ensure the initiative’s success and further development.