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 their recent 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.
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.
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.
CSL Stockbrokers 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.