FMDQ Welcomes Inaugural Listing of N4.8trn FGN Bonds and Quotation of N2.8trn Nigerian Treasury Bills

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FMDQ Welcomes Inaugural Listing of N4.8trn FGN Bonds and Quotation of N2.8trn Nigerian Treasury Bills. In consolidation of the strategic and value-adding initiatives spearheaded by FMDQ OTC PLC (FMDQ) in developing the OTC markets, the securities exchange has welcomed the listing of N4, 846,818,821,000.00 Federal Government of Nigeria (FGN) Bonds and the quotation of N2, 804,793,035,000.00 Nigerian Treasury Bills, both outstanding as at July 13, 2015 on its Platform. This commendable achievement follows the listings of the N30.5bn UBA Bond and N15.54bn Stanbic IBTC Bond on the OTC securities exchange.

As has become the tradition with the debt-focused OTC securities exchange, a prestigious FMDQ Listing and Quotation Ceremony was held in honour of the listings and quotations of the FGN debt securities. Consequently, the Debt Management Office (DMO), the authority under which the FGN issues Bonds and Treasury Bills, and the Listings & Quotations Sponsor appointed to handle the relevant liaison in respect of the listings and quotations, Chapel Hill Advisory Partners Limited (Chapel Hill), were hosted at what turned out to be a most memorable Ceremony to commemorate this landmark event. Key representatives of the DMO, including the Director-General, Dr. Abraham Nwankwo and of Chapel Hill Advisory Partners Limited, including the Chief Executive Officer, Mr. Bolaji Balogun, were in attendance.

Speaking at the Ceremony whilst appreciating the efforts of the various market participants and stakeholders, Mr. Bola Onadele. Koko, MD/CEO at FMDQ noted that this was yet another feat for FMDQ, and re-iterated the commitment of the OTC securities exchange to be innovative and credible, in support of the Nigerian economy. Mr. Onadele further purported that FMDQ, in providing an efficient platform for the registration, listing, quotation and valuation of debt securities, has significantly improved transparency, integrating the domestic and international markets through enhanced trade visibility, improved market surveillance, global presence and competitiveness, enhanced secondary market liquidity and effective price formation. He added that by listing, quoting and trading the FGN Bonds and Nigeria T.Bills on FMDQ’s Platform, the first of its kind in the nation, the securities gain access to the full complement of an FMDQ listings and quotations service; which includes but not limited to the global visibility through their inclusion on the FMDQ Bloomberg E-bond trading system and on the quotations page of the FMDQ website.

Whilst addressing the financial markets, the DG, DMO, Dr. Nwankwo highlighted that –

It is expected that FMDQ will continue to:

i. provide a robust and credible OTC Platform for the listed FGN securities to the public;

ii. continuously work to improve market transparency and price discovery;

iii. monitor the activities of dealers to ensure accountability; and,

iv. publish relevant market data and information as and when due to guide investors in their investment decisions

Shortly following this was the unveiling of the FMDQ Listing & Quotation Scrolls, presentation of the FMDQ Listing & Quotation Plaques and autographing of the FGN Debt Securities Wall.

Also speaking at the Ceremony following the receipt of the FMDQ bespoke Registration Member listing & quotation paraphernalia, Mr. Balogun, CEO of the Listings & Quotations Sponsor said “Chapel Hill Denham is privileged to be the Listings & Quotations Sponsor of the Federal Government of Nigeria’s return to listing & quoting on domestic capital markets, through the FMDQ. This listing & quotation will bring greater transparency and liquidity to the Government market and is ultimately beneficial to the Federal Government of Nigeria, in pricing future issuances”.

Subsequently, representatives of the DMO, Chapel Hill and FMDQ, including the Chairman of the FMDQ Board Listings and Quotations Committee, Mr. Phillips Oduoza, and Mr. Onadele, signed the FMDQ Listing & Quotation Registers, following which the Listing & Quotation Certificates were presented to the DMO.

Registered by the Securities and Exchange Commission (SEC), as an over-the-counter (OTC) market in 2012, and launched on to the Nigerian financial landscape in November 2013, FMDQ is an organisation with the strategic intent of bringing about revolutionary changes and fostering the development of the Nigerian financial markets. The Company has the dual responsibilities of a securities exchange and self-regulatory organisation (SRO), and brings together Nigeria’s fixed income, money market and currency operations under a single market governance structure.

Driven by its compelling value proposition – its “GOLD” Agenda (Global Competitiveness, Operational Excellence, Liquidity and Diversity) for the transformation of the financial markets, FMDQ is positioned to drive global competitiveness by deepening its markets through product innovation and institutionalising robust market architecture. Its primary focus is on the OTC markets – fixed income (treasury bills, and bonds), money, currencies and derivatives.

As a change agent, FMDQ is instituting requisite financial market infrastructures to drive transparency, governance, market oversight, credibility and market liquidity to power growth in the Nigerian financial markets with a view to protecting investor interests.

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