Economy
DMO Mulls Introduction of More Fixed Income Securities
By Modupe Gbadeyanka
In order to give investors more room to grow their wealth through investment in different financial tools, the Debt Management Office (DMO) is considering introducing more sophisticated debt instruments into the fixed income market in Nigeria.
The Director-General of the agency, Ms Patience Oniha, dropped this hint during a two-day webinar to enlighten stockbrokers and investors about the fixed income market.
On Wednesday, the event primarily focused on the dealing member firms, while Thursday was for members of the investing public.
The programme was put together by the Nigerian Stock Exchange (NSE) in partnership with the DMO and CSL Stockbrokers. It was mainly to further enhance the capacity of capital market players across available asset classes.
Ms Oniha in her presentation said her organisation remains responsive to investors’ needs for portfolio diversification, noting that this has spurred the urge to expand “our fixed income market with more sophisticated debt instruments.”
According to her, the market in Nigeria is capable of attracting both domestic and international players for the overall good of the economy, saying this has led to the growth and activeness of the space, giving room for the government, corporates and multilaterals to raise funds.
She expressed satisfaction with the way the fixed income market has become viable like the money market and the capital market.
Ms Oniha said “in meeting our objectives to finance the budget and deepen capital market activity, we remain committed to using the fixed income platform to support various aspects of the economy.”
The CEO of the NSE, Mr Oscar Onyema, while speaking at the webinar, said the exchange has continued to provide a hybrid market for dealers as well as institutional and retail investors to access increased liquidity in fixed income securities.
He noted that, “The NSE continues to be the foremost platform creating new types of debt instruments in Nigeria with a market capitalisation of about N16.4 trillion.”
“By offering capital raising opportunities and secondary trading to all classes of issuers including sovereign, subnational, corporates and supra-national bonds, the exchange facilitates the interaction between borrowers and lenders in Nigeria, driving an efficient allocation of capital.”
In his presentation, the Equity Analyst at CSL Stockbrokers, Mr Olakayode Olayemi, taught participants the fundamentals of fixed income trading, highlighting the primary and secondary market activities, as well as the investment opportunities and benefits available for investors in the NSE debt market.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
