Economy
FMDQ, Stakeholders Laud Nwankwo’s Achievements at DMO
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.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, has called for regional collaboration among African nations for a stronger capital market.
Speaking at the launch of the Ethiopian Securities Exchange (ESX) recently, he stated that working together would unlock the continent’s economic potential, especially with innovative market solutions.
He disclosed that strategic investment of the Nigerian bourse in ESX underscores its leadership in advancing Africa’s capital market infrastructure.
“The launch of ESX represents a pivotal moment for Ethiopia and the broader African financial landscape.
“ESX will serve as a crucial mechanism for capital formation and market liquidity, driving sustainable economic growth,” Mr Popoola said.
Expounding on NGX Group’s investment rationale, he highlighted Ethiopia’s immense market potential and the shared vision of fostering economic growth through innovation.
“Our partnership transcends traditional investment parameters.
“It is about ensuring that ESX evolves into a key player in Africa’s financial ecosystem, enabling cross-border investments and setting benchmarks for market development,” he said.
Mr Popoola also drew parallels with global success stories like India, which has leveraged its capital markets to achieve significant economic transformation.
He emphasized the importance of responsible market opening to attract local and continental capital, noting, “By following this path, Ethiopia can become a financial hub in Africa.”
Drawing from NGX Group’s six decades of experience, Mr Popoola shared insights on diversifying financial instruments and expanding access to investment opportunities.
“With the right mix of innovation, policy support, and regional collaboration, Ethiopia’s capital market can play a transformative role in driving economic development and establish itself as a leader in Africa’s financial ecosystem,” he concluded.
On his part, the Prime Minister of Ethiopia, Mr Abiy Ahmed, lauded the launch of ESX as a transformative milestone in the country’s journey toward economic modernization.
“Today, we have officially rung the bell to launch the Ethiopian Securities Exchange, our nation’s first stock exchange,” the Prime Minister announced on X.
“This is a call to global investors: Ethiopia offers immense potential, a fast-growing economy, and a clear trajectory toward shared prosperity,” he added.
The chief executive of ESX, Mr Tilahun Esmael Kassahun, expressed confidence in the partnership with NGX Group.
“We are pleased to welcome NGX Group as a strategic partner, building upon the existing support we continue to receive from them,” he said, emphasising the value of NGX Group’s expertise in shaping ESX’s growth and success.
With the ESX poised to redefine Ethiopia’s financial landscape, NGX Group’s involvement highlights the critical role of partnerships and shared expertise in advancing Africa’s economic narrative.
By Adedapo Adesanya
Daily average oil production in Nigeria rose by 152, 000 barrels per day in November 2024, according to the latest data by the Organization of the Petroleum Exporting Countries (OPEC).
According to the OPEC Monthly Oil Market Report (MOMR) for December 2024, the country’s production, including condensates rose by 11 per cent from 1.333 million barrels in October to 1.486 million in November 2024.
The analysis puts the daily increase to 152,000 barrels per day and about one million barrels increase between October and November last year.
This is as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest oil production data indicated that on a month-on-month basis, daily average oil output in December 2024 declined by 1.35 per cent from 1.690 million barrels per day recorded in November 2024 to 1.667 million barrels per day.
Data from the commission also indicated that daily peak oil production in December 2024 was 1.79 million barrels per day while the lowest daily production was 1.57 million barrels per day
Cumulatively, oil output in December 2024, was 51.69 million barrels, a marginal increase of 1.9 per cent when compared to 50.71 million barrels produced in November 2024.
Further analysis of the data showed that the highest oil output in December 2024 was recorded at Forcados Terminal at 8.49 million barrels followed by Bonny Terminal, 7.78 million barrels and Qua Iboe, 4.15 million barrels.
The data showed without condensate, daily oil production was 1.484 million, indicating that Nigeria, again, failed to meet its oil production quota of 1.5 million barrels per day allotted to it by OPEC.
A recent survey by Reuters, however, shows that Nigeria crossed the 1.5 million barrels per day target in December.
The December 2024 average daily oil output also means that Nigeria failed to meet the 1.7 million barrels per day benchmark set for the 2024 budget all through the year.
NUPRC data on daily average production showed that oil production including condensate in January 2024 was 1.64 million barrels per day; February, 1.53 million barrels per day; March, 1.44 million barrels per day; April, 1.45 million barrels per day; May, 1.47 million barrels per day; June, 1.50 million barrels per day; July, 1.53 million barrels per day; August, 1.57 million barrels per day; September, 1.54 million barrels per day, October, 1.54 million barrels per day November, 1.69 million barrels per day and December, 1.67 million barrels per day.
By Dipo Olowookere
The trio of Wema Bank, FBN Holdings, and Universal Insurance topped the activity chart of the Nigerian Exchange (NGX) Limited last week with a turnover of 1.679 billion shares worth N20.838 billion transacted in 4,922 deals, contributing 35.74 per cent and 24.50 per cent to the total trading volume and value, respectively.
Data from Customs Street showed that in the five-day trading week, investors bought and sold 4.698 billion stocks valued at N85.043 billion in 72,562 deals versus the 2.618 billion stocks sold for N69.742 billion in 47,953 deals in the preceding week.
The financial services industry attracted the attention of the market participants with 3.470 billion equities worth N40.791 billion traded in 34,364 deals, contributing 73.86 per cent and 47.97 per cent to the total trading volume and value, respectively.
The services sector followed with 407.032 million shares worth N2.226 billion in 4,996 deals, and the ICT space transacted 237.680 million stocks valued at N3.628 billion in 5,280 deals.
Business Post reports that 51 shares appreciated in the week versus 82 shares in the previous week, 39 equities depreciated compared with 18 equities a week earlier, and 62 stocks closed flat versus 52 stocks in the preceding week.
Multiverse was the best-performing stock with a a price appreciation of 53.42 per cent to N12.35, Honeywell Flour gained 31.67 per cent to close at N10.02, DAAR Communication expanded by 25.71 per cent to 88 Kobo, MTN Nigeria leapt by 21.00 per cent to N242.00, and NCR Nigeria soared by 20.66 per cent to N7.30.
On the flip side, Sunu Assurances was the worst-performing stock after it went down by 36.52 per cent to N7.30, Caverton shed 15.00 per cent to N2.38, Consolidated Hallmark slumped by 15.00 per cent to N3.40, RT Briscoe slipped by 14.33 per cent to N2.57, and Jaiz Bank depreciated by 10.77 per cent to N2.90.
At the close of business, the All-Share Index (ASI) and the market capitalisation gained 1.80 per cent to close the week at 105,451.06 points and N64.303 trillion, respectively.
Also, all other indices closed higher apart from the insurance, AFR Bank Value, AFR Div Yield, MERI Value, consumer goods, energy, and industrial goods, which depreciated by 6.91 per cent, 0.08 per cent, 1.11 per cent, 0.17 per cent, 0.34 per cent, 0.34 per cent and 0.26 per cent, respectively, as the ASeM closed flat.
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