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Business News of Monday, 1 August 2022

Source: www.punchng.com

DMO commemorates Eurobond, sukuk listings on NGX

File photo to illustrate the story File photo to illustrate the story

The Debt Management Office has leveraged the closing gong ceremony of Nigerian Exchange Limited to commemorate the listing of a triple-tranche $4bn Eurobonds, $1.25bn Eurobonds and the N250bn Sukuk on the Exchange.

The event, which took place on Thursday, featured the management of DMO led by its Director-General, Ms Patience Oniha and other facilitators of the transactions.

The Chief Executive Officer, NGX, Temi Popoola, in his remarks, assured stakeholders of the Exchange’s capacity to be a veritable platform for listings and trading instruments.

Speaking on the renewed focus of the NGX brand, he said, “We realise that we also need to diversify our business model by attracting new and young Nigerians to the capital market. Events like this are important to us because it gives us the opportunity to diversify the narrative of the Nigerian capital market and we will do everything we can to attach the necessary visibility to make sure that these instruments can trade efficiently, just as we continue the story around the market.”

On the important role the DMO plays, Popoola commended the DG for making the debt market transparent to all Nigerians and for making it easy for people to see developments happening in the Nigerian debt story.

Speaking on the impact of these listings, Oniha said the collaborations with NGX were in furtherance of the development of the Nigerian economy as the issuance of the securities was being used to fund government projects.

“The Sukuk transaction, which began in 2017, gradually improved with the first two transactions being N100bn and the last one now at N250bn. With all the work market operators are doing, people are now getting more familiar and comfortable with these transactions. At DMO, we are supporting the government and creating more investment opportunities just as we are also collectively supporting securities transactions at NGX.”