DMO Lists Nigeria’s $1b Eurobond on FMDQ
By Modupe Gbadeyanka
On Friday, the Debt Management Office (DMO) listed the $1 billion Federal Government’s Eurobond on the FMDQ OTC Securities Exchange.
The $1 billion Eurobond, recently oversubscribed by foreign investors, is due for 2032.
The Friday’s listing of the bond on the FMDQ OTC Securities Exchange platform comes barely 24 hours after it was also listed on the Nigerian Stock Exchange (NSE).
Speaking at the bond listing ceremony in Lagos, Director-General of the DMO, Mr Abraham Nwankwo, described the listing as a landmark event in the history of Nigeria.
According to him, “It means that we are not only creating value, but also creating financial inclusion.”
He said explained that, “The issuance of the $1 billion FGN Eurobond was aimed at fostering economic development and will serve to rejuvenate the vibrancy of the nation’s foreign exchange market.”
“Remarkably so,” he said, “this is the first-time the sovereign’s Eurobond will be considered for listing on a domestic exchange following the nation’s first and second outings to the international capital markets in 2011 and 2013 respectively.”
According to him, the subscription level showed the high level of confidence of international communities on the nation’s economy in spite of the current challenges.
Mr Nwankwo disclosed that the Federal Government decided to list the Eurobond issued by Nigeria on local exchanges; FMDQ and the Nigerian Stock Exchange (NSE) in the spirit of change.
He said in no distance time, Nigerians will start to feel the positive change they craved for.
Also speaking at the occasion, the Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, who was represented by Mr Adam Sambo, said that the oversubscription was due to huge confidence shown by the international market.
Mr Gwarzo commended the management of FMDQ for its initiatives in the market, noting that the contribution of the capital market to the GDP would improve with the platform’s products.
On her part, a Deputy Governor at the Central Bank of Nigeria (CBN) and Chairman of FMDQ, Mrs Sarah Alade, who was also represented at the event by who was represented by FMDQ Vice Chairman, Mr Jubril Aku, applauded SEC for its support in ensuring the growth of the platform.