Economy

FMDQ, Stakeholders Laud Nwankwo’s Achievements at DMO

Published

9 years ago

18/07/2017

By Dipo Olowookere

Former Director General of the Debt Management Office (DMO), Mr Abraham Nwankwo, was recently honoured by the FMDQ OTC Securities Exchange (FMDQ) for his success at the agency in a period spanning 10 years.

During his time at the debt office, Mr Nwankwo ensured the DMO released credible data to the public especially when some would have thought he would want to dance to the tunes of the sitting governments.

Following a decade of dedicated service, Mr Nwankwo, whose highly successful tenure as the head of DMO, spanning the period July 2007 to June 2017, was honoured by FMDQ and key financial market stakeholders at a memorable ceremony held at the FMDQ offices in Lagos.

This ceremony, which was in acknowledgement of his efforts towards the growth of the Nigerian bond market, and invariably, the economy, brought together key financial market stakeholders, friends and well-wishers, all wishing to celebrate him on his retirement from the agency.

Among those present at the Ceremony were the newly-appointed DG of DMO, Ms Patience Oniha; the DG, Securities and Exchange Commission (SEC), represented by Mr Stephen Falomo, Head, Lagos Zonal Office, SEC; Chairman of FMDQ, Dr Okwu Joseph Nnanna (Deputy Governor, Financial System Stability, Central Bank of Nigeria), ably represented by Mr Jibril Aku, Vice Chairman of FMDQ; Mr Bolaji Balogun, Founder/Chief Executive Officer of Chapel Hill Advisory Partners represented by Mr Ayo Fashina, Mr Ayo Gbeleyi, former Commissioner for Finance, Lagos State, Mr Frank Aigbogun, Publisher/CEO of BusinessDay, Mr Olufemi Awoyemi, the Founder/Managing Director, Proshare Nigeria, representatives of the Primary Dealer Market Makers (PDMMs) who are also Dealing Member (Banks) of FMDQ, the debt capital-focused OTC Exchange, amongst others.

The rains did not douse the guard of honour-reception the FMDQ staff had planned for Dr Nwankwo. the staff, along with some beautifully erected balloons stands, formed a path on both sides of a blue carpet, for him, his wife and daughter to walk through the entrance, to the humble OTC Exchange building, with FMDQ-branded umbrellas held high by the staff in a spectacle akin to the military pulling out parade! It was indeed a wonderful sight to experience.

From the very eloquently delivered citation to the series of well-articulated and goodwill messages, and even the level of attendance at the Ceremony, it was clear that the positive impact Dr Nwankwo had made in the bond market, and by extension, the economy, over the last decade, was indeed felt and very much appreciated by all. In reliving the decade-long and successful tenure, a one-on-one discourse, anchored by FMDQ’s MD/CEO, Mr Bola Onadele. Koko was held with the outgoing DG, DMO, following which a special symbol depicting Dr Nwankwo’s key achievements, including, the developments which the Nigerian bond market had experienced over the last decade, was presented to and unveiled by the guest of honour, among other mementos.

Described as a “pacesetter” in the goodwill messages which flocked in, Dr Nwankwo set out to redefine the public debt management landscape in Nigeria, bringing on commendable verve and innovativeness to the hitherto conservative area of public finance management. From the development of a comprehensive and accurate national debt database to deepening the domestic bond market via the introduction of regular monthly bond issuances supported with the PDMMs System and the consistent launch of innovative bond products including the Federal Government of Nigeria (FGN) Savings Bond, Sukuk, and the soon to be finalised FGN Dollar and Green Bonds, the DMO, under Dr Nwankwo’s leadership, progressively pursued the alignment of the Nigerian debt capital markets (DCM) to international standards. In recording landmark achievements, including the first-ever domestic listing of the Federal Government of Nigeria Eurobond, the agency is seen to have set an audacious pace towards effectively developing the domestic bond market.

Dr Nwankwo’s quest for excellence, his consistency, integrity, professionalism and humility, were a few of the words and phrases used to describe the outgoing DG and were attributed to his exceptional performance during his 10-year tenure, under four different administrations.

In consolidation of the strategic and value-adding initiatives undertaken by the DMO in developing the Nigerian DCM, FMDQ, with a deep sense of appreciation as Dr Nwankwo retires, continues to show great commitment to actualising the objectives of the agency vis-a’vis those of the OTC Exchange for the transformation of the markets within its purview. FMDQ looks forward, in excited anticipation, to maintaining this formidable collaboration with the DMO under the new leadership of Ms Oniha, towards the further development of the Nigerian DCM, and by extension, the economy.

By serving as a point of integration between the domestic and international markets, FMDQ has, in its short period of existence, become the ambassador of foreign portfolio capital for Nigeria and lent itself as an efficient and operationally excellent platform for fixed income and currency.

This is well in line with its mission to empower the financial markets to be innovative and credible, in support of the Nigerian economy. In promoting and supporting economic development therefore, the active collaboration of all stakeholders is required to erect the necessary market infrastructures, transform and position the Nigerian financial markets towards maximising its potential, and its partnership with the DMO remains a steady and right path towards actualising the shared objectives and desires of the markets.

Economy

Customs Street Surges 0.28% Despite Persistent Weak Sentiment

Published

42 minutes ago

09/04/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.

The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.

The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.

Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.

On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.

Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.

During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.

The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.

Economy

Crude Oil Slumps Amid Hopes of Strait of Hormuz Reopening

Published

1 hour ago

09/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.

Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.

President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.

However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.

Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.

Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.

Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.

Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.

The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.

US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.

Economy

Insurance Firms Must Submit 2025 Assessment Returns by May 31—NAICOM

Published

18 hours ago

08/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.

In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.

Recall that on August  5, 2025,  President Bola Tinubu signed  into  law  the  Nigerian  Insurance  Industry Reform  Act ( NIIRA 2025).

 This  landmark legislation  repeals  the  Insurance  Act  2003,  and  consolidates  related  provisions,  ushering  in  a  modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.

The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.

According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.

NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.

“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”