The Debt Management Office (DMO) has named Stanbic IBTC Stockbrokers Ltd. as the new official stockbroker for the Federal Government, replacing CSL Stockbrokers Ltd., a subsidiary of First City Monument Bank (FCMB), after the expiration of its tenure.
Announcing the appointment on Thursday, DMO Director-General Patience Oniha praised Stanbic IBTC for its strong financial reputation and prior collaborations with the government. She emphasised that the firm’s credibility, broad market reach, and diversified financial services made it a strategic choice for the role.
“The Stanbic IBTC brand is well-known to our target investors and aligns with our market needs. Its experience in the financial sector qualifies it for this appointment,” Oniha stated.
She explained that the DMO, as the largest issuer of securities in the market, requires a stockbroker to ensure compliance and to strengthen capital market participation.
“Our key focus is to attract more investors to FGN securities, including savings bonds and sukuk,” she added.
Bunmi Olarinoye, CEO of Stanbic IBTC Stockbrokers Ltd., reaffirmed the company’s commitment to expanding retail investment in government securities. He highlighted the importance of awareness and education to encourage more Nigerians to invest.
“We are fully on board to grow participation in FGN securities and take this initiative to the next level,” Olarinoye said.
Credit: NAN (Text Excluding Headline)
