DMO auctions 4 FGN bonds valued at ₦360bn
The Debt Management Office (DMO) has peaked its digital bond subscription Innovation to attract more investors, especially young Nigerians to the sub-sector of the capital market.
The Director-General of the DMO, Ms. Patience Oniha, disclosed this at the engagement with Distribution Agents and Market Stakeholders for the Final Demonstration of the FGN Securities Subscription Portal, in Lagos, yesterday.
Ms. Oniha said that DMO would work closely with the CSCS to deploy technology as a major strategy for attracting more investors to the bond market.
According to her, “The strategy is to deploy technology to the process to make the subscription fast, easy, and overall, more convenient.
“The CSCS has developed a Portal through which investors can subscribe for FGNSB.
” The DMO has worked with the CSCS to develop the Portal and it has been tested with Distribution agents for the FGNSB.
“The presentation of the Portal is to expose it to a wider group of stakeholders to acquaint you with the portal and obtain your comments,”p to enable the DMO and CSCS.”
The D-G added that Information and Communications Technology (ICT) has provided a very convenient means of doing business and that as such the DMO would leverage the portal to attract more investors to the securities market.
Her words, “The DMO believes that the product has more potential than what has been achieved so far and has for now, identified two (2) ways to achieve much higher volumes and numbers of investors.
“In 2022 we embarked on investor sensitization programmes across a number of cities in Nigeria, this strategy proved successful as total subscription almost doubled from N8.396 billion in 2021 to N16.589 billion in 2022.
“Given this outcome, the DMO plans more of such sensitization, as well as wider publicity.”
The DMO introduced the FGNSB in March 2017, to enable retail investors to participate in the FGN securities market and to promote financial inclusion.
Primary Dealers Market Makers, Central Bank of Nigeria, Securities and Exchange Commission, Nigeria Exchange Limited, and stockbroking firms participated in the stakeholders’ meeting.
