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.
According to the statement, 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.
It further revealed that, 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.