DMO name Stanbic IBTC agent for FGN savings bond
Office of the Debt Management Office (DMO), has named Stanbic IBTC Stockbroker Limited as the receiving agent for the much publicised Federal Government of Nigeria Savings Bond (FGNSB) whose subscription opens on Monday.
The offer will run for five days, with subscription forms available through Stanbic IBTC Stockbroker Limited and in all branches of Stanbic IBTC Bank across the country.
According to the Debt Management Office (DMO), the retail savings bond product will be accessible to all income groups for subscription at NGN5,000.00 per unit, with a maximum subscription of N50 million and a tenor ranging from two to three years.
Director General, DMO, Dr. Abraham Nwankwo, speaking during the recent listing of the US$1 billion FGN Eurobond on The Nigerian Stock Exchange, had hinted the market of the government’s plan to democratise the bond market by making it easily accessible to most Nigerians.
He said by promoting retail participation in the bond market, the goal of encouraging an all-inclusive participation in investments and driving financial inclusion in the country will be further enhanced.
Amongst its many benefits, FGNSB would provide opportunity to all citizens, irrespective of income level, to contribute to national development, deepen the national savings culture; enable all citizens participate in and benefit from the favourable returns available in the capital market as well as diversify investment options for people and funding sources for the government.
Chief Executive, Stanbic IBTC Stockbrokers Limited, Mrs. Titi Ogungbesan, stated that subscription for the Bond can be made through Stanbic IBTC Stockbrokers, as the sole Government Stockbroker to the Federal Government bond; distribution and receiving agent for the retail savings bond. This means that both current and prospective clients can access the product at any Stanbic IBTC Bank branch nationwide to subscribe to the auction or submit their completed forms.
“Stanbic IBTC would continue to partner with government and other stakeholders to achieve sustainable economic development, including the deepening of the Nigerian Capital Market,” said Ogungbesan.
The positioning and transformation of Nigeria’s bond market into a vibrant investment window, she added, requires the collaboration of all stakeholders and reiterated the organisation’s commitment to facilitate stability and growth of the Nigerian capital market, via confidence-building initiatives and leveraging investment opportunities in the market.
She recalled that Stanbic IBTC Stockbrokers Limited was appointed stockbroker to the Federal Government on FGN Bonds as well as primary market maker by The Nigerian Stock Exchange, in a clear affirmation of the company’s ability to deliver on its mandates as well as the Stanbic IBTC Group’s overall leadership in the various market segments.
The listing of the Stanbic IBTC ETF 30, an index built on the NSE 30 Index, the SIAML Pension ETF 40, a Pension Index Exchange Traded Fund and the launching of the Stanbic IBTC E-Trade, an online stockbroking platform that allows investors view real-time market information and buy or sell shares, Ogungbesan said.
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