Expect Better Performance from DMO, Nwankwo Assures Nigerians

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The Director General of Debt Management Office (DMO), Dr. Abraham Nwankwo has assured the capital market community in particular and Nigerians in general that his exit from the agency will not affect its performance negatively.

Nwankwo will be leaving DMO at the end of this month after serving out his tenure. Speaking on the floor of the Nigerian Stock Exchange (NSE) in Lagos after sounding the closing gong, Nwankwo said that the team he would leave behind at DMO will improve on the achievements and performance.

According to him, the agency has capable hands, who will run DMO and continue to manage the debts of the country efficiently, saying it has been a teamwork over the years.

Nwankwo commended the stockbrokers, NSE and its management for the support DMO received during his tenure, pointing out that they have enjoyed a good working relationship with the exchange and dealing members in the market.
“I assure you that DMO remains on a trajectory, resilience and positive initiatives,” he said.

In his remarks, the Chief Executive Officer of NSE, Mr. Oscar Onyema, commended Nwankwo, saying his leadership has helped to restructure the debt instrument, thereby deepening the Nigerian debt market both at the primary and secondary level.

Onyema explained that the success and initiatives of FGN Bond, Sukuk, Diaspora Bond among others, should be credited to the efforts of the outgoing DMO DG.

Meanwhile, the Securities and Exchange Commission (SEC) has said that the forthcoming N100 billion Sukuk will catalyse the development of non-interest capital market products.

The issuance of this Sukuk, follows diligent advocacy efforts from the SEC on the need to issue the instrument in order to serve as an alternative product for investors.

Sukuk, the non-interest equivalent of bonds, is becoming increasingly attractive as a preferred option for funding infrastructure development and indeed economic growth across the globe. Several countries across diverse continents have increasingly issued non-interest financial instruments to fund their infrastructure deficit. The trend is also fast gaining pace in Africa, with notable Sukuk issuances by South Africa, Senegal, and the Government of Cote d’Ivoire.

In ensuring that the Nigerian capital market plays a significant role in the success of Nigeria’s maiden sovereign Sukuk issuance, SEC and DMO collaborated specifically in the area of capacity building and participation at the capital market committee’s sub-committee on non-interest products.