Popoola praises Oniha for making the debt market transparent

By Dipo Olowookere

The Managing Director of the Debt Management Office (DMO), Ms. Patience Oniha, was praised for the effective management of the agency, which has boosted investors’ confidence in the debt market.

The Managing Director of the Nigerian Exchange (NGX) Limited, Mr. Temi Popoola, who issued the recommendation last week, said the domestic capital market was now attractive to various categories of investors thanks to the DMO boss.

Speaking at the closing ceremony of the gong last Thursday, Mr Popoola said the DG made it easy to see the journey and the developments taking place in the history of Nigerian debt.

Last week, NGX held the event to commemorate the listing of $4 billion tri-tranche Eurobonds, $1.25 billion Eurobonds and N250 billion sukuk at the stock market.

The NGX boss also took the opportunity to assure stakeholders of the exchange’s ability to be a real platform for listings and trading instruments.

“We realize that we also need to diversify our business model by attracting new and young Nigerians to the capital market.

“Events like this are important to us as they give us the opportunity to diversify the narrative of the Nigerian capital market and we will do our utmost to provide the necessary visibility to ensure that these instruments can trade effectively, while as we continue the story around the market,” he said of the renewed focus of the NGX brand.

In her remarks, Ms. Oniha praised the exchange for providing a credible platform for investors to trade government and corporate issued securities.

She said that “the Sukuk transaction, which started in 2017, has gradually improved with the first two transactions being N100 billion and the last N250 billion.”

“With everything labor market operators do, people become more familiar and comfortable with these transactions.

“At DMO, we support the government and create more investment opportunities, just as we collectively support securities transactions at NGX,” she added.

Business post reports that the Debt Office had listed on NGX the $4.00 billion three-tranche Eurobonds comprising 6.125% of $1.25 billion notes due September 2028; 7.375% $1.5 billion notes due September 2023; and $1.25 billion 8.25% Notes due September 2051, Monday, January 31, 2022.

Other listed securities were the 250.00 billion naira 10-year 13.00% Ijarah Sukuk due 2031 and the 8.375% Eurobond of 1.25 billion due March 2029, on Tuesday July 5, 2022 and Thursday, July 7, 2022, respectively.


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John A. Bogar