FMDQ, Stakeholders Laud Nwankwo’s Achievements at DMO

Image

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.

Share
Related Stories
Image
27-February-2024

Supply Disruptions Jerk Crude Oil Prices

By Adedapo Adesanya Oil prices increased by more than $1 on Monday amid European diesel demand, constrained by Russian sanctions and shipping disruptions, with the Brent crude futures up by $1.41 or 1.73 per cent to $83.03 per barrel and the US West Texas Intermediate crude futures (WTI) up by $1.48 or 1.93 per cent to $77.97 per barrel. A slump in refining activity in the US and disruptions to global trade have tightened diesel supplies in recent weeks, dampening historically high US diesel exports to Europe this month. US diesel cracks briefly surged to a four-month high of more

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

More Stories
Image
04-September-2019

Brent Crude Oil Sells at $58 Per Barrel as Trade War Intensifies 

By Adedapo Adesanya  Oil prices tanked to multi-week lows early on Tuesday, the first full trading day after the new U.S. and Chinese tariffs and counter-tariffs entered into force and as signs emerged that both OPEC and its key partner in the production cut deal, Russia, boosted oil production in August. As at 9 p.m. on Tuesday, West Texas Intermediate (WTI) Crude was down $1.17 or 2.12 percent at $53.93 and Brent Crude fell further below $60 a barrel—to $58.25, down by 0.7 percent or $0.41. Market participants were again concerned about the repercussions of the U.S.-China trade war on

Image
05-November-2016

Heritage Bank Holds Investors Forum In Lagos

By Dipo Olowookere The maiden edition of Investors Forum of Heritage Bank Plc has taken place in Lagos and the financial institution used the occasion to roll out its global aspiration to stakeholders present at the event. For those very conversant with the banking sector, they will agree that Heritage Bank Plc has indeed lived up to its slogan of being the ‘Timeless Wealth Partner’ to its investors and customers. During the forum, which was held at the Orchid Hall of the Eko Hotel and Suites, Lagos, the bank took stakeholders through a journey of all the transformation activities that

Image
07-October-2018

32 Stocks Weaken NSE Index by 1.17% as Investors Trade N7.8b Shares

By Dipo Olowookere A total of 32 equities depreciated in price on the floor of the Nigerian Stock Exchange (NSE) last week lower than 41 equities of the previous week. This was as 27 equities appreciated in price during the week, lower than 28 in the previous week, while 110 equities remained unchanged, higher than one 100 equities recorded in the preceding week. Business Post reports that the market opened for four trading days in the week as the Federal Government of Nigeria declared Monday, October 1, 2018 a public holiday to mark the 58th independence anniversary. At the close

Image
07-February-2022

Education Sector and FG’s Promises

By Jerome-Mario Chijioke Utomi There are two recent exciting events in the country that provided sidelight to this particular piece. Fortunately, also both are education sector-specific. First, the recent in Abuja while receiving members of the Nigeria Inter-Religious Council (NIREC) led by the Co-Chairs, the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar, and the Pres­ident of the Christian Association of Nigeria, Revd. (Dr) Samson Olasupo Ayokunle. In that meeting, Mr President Muhammadu Buhari among other things stated that the Federal Government remains committed to honouring promises made to the Academic Staff Union of Universities (ASUU) to prevent disruptive strikes, engender

Image
02-June-2018

Chinese, Japanese Shares Fall as Hong Kong Market Gains 0.1%

By Investors Hub Asian stocks closed on a muted note Friday as trade war concerns resurfaced and investors looked ahead to the release of U.S. jobs data for May. China’s Shanghai Composite Index fell 20.01 points or 0.7 percent to 3,075.46 even as global index provider MSCI Inc. added around 230 mainland-listed Chinese stocks to its flagship Emerging Markets Index and other indexes. Hong Kong’s Hang Seng Index inched up 24.35 points or 0.1 percent to 30,492.91. On the data front, Chinese manufacturing activity expanded at a steady pace in May, survey data from IHS Markit showed. The Caixin Purchasing

Image
05-September-2018

T-Bills Yields Further Lose 0.35% as CBN Raises N171b from OMO Sale

By Dipo Olowookere At the treasury bills market on Tuesday, it was another bullish moment with yields depreciating for the second consecutive trading session. At the close of business yesterday, the T-bills yields further compressed by 0.35 percent as market players continue to invest excess liquidity in the secondary market, according to Zedcrest Research, a Lagos-based investment company. During Tuesday’s session, the Central Bank of Nigeria (CBN) floated an OMO auction, offering a total of N600 billion over two maturities, but sold N171.3 billion. A breakdown of the exercise by Business Post showed that of the N100 billion worth of

Image
04-June-2021

KiaKia FX Gives N.5m to Business Owners at MSME Africa Anniversary

By Aduragbemi Omiyale Two small business owners were empowered at the just-concluded first anniversary of MSME Africa, the continent’s leading news, opportunities, capacity development and resources platform for Micro, Small and Medium Enterprises (MSMEs), entrepreneurs and startups. The beneficiaries were winners of the Micro Business Pitch Contest, 07 Foods and Ebom Palm Oil, and they went home with a total of N500,000. While ‘07 Foods provides healthy meal options for adults and infants, Ebom palm oil provides healthy, low cholesterol palm oil to people to prepare more nutritious meals. The cash prizes were presented to them by the Managing Director

Image
03-September-2020

Buhari Releases 30,000 tons of Maize to Tackle High Food Prices

By Adedapo Adesanya President Muhammadu Buhari has approved the disbursement of 30,000 tons of maize from the national reserves to tackle the high cost of poultry production amongst animal feed producers. The Nigerian President made the disclosure on Thursday in a statement via his official Twitter handle. He also expressed worry over the high prices of food items in the country, blaming some middlemen for this. He promised to work with the different producers of food in the country on ways to address the issue. “We are very mindful of the challenge of high food prices, at a time when

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect