By Peter Egwuatu
CSL Stockbrokers Limited, a subsidiary of FCMB Group Plc, has emerged as the new stockbroker to the Federal Government of Nigeria, FGN. The appointment of the firm, as announced by the Debt Management Office (DMO) followed an open competitive bidding process in which other stockbrokers participated.
With the appointment, CSL Stockbrokers now has the mandate to execute all transactions of the Federal Government on the Nigeria Stock Exchange (NSE), which includes, posting bids and offer prices of government securities, supporting the DMO’s objective of promoting trading of Federal Government securities on the Exchange and attracting more retail investors to the domestic capital market.
In a statement, the DMO said as Government Stockbroker,CSL Stockbrokers is mandated to build upon the achievements already recorded by increasing the participation of retail investors in all Federal Government Securities.
Commenting on the appointment, the Chief Executive Officer of CSL Stockbrokers, Mr. Abiodun Fagbulu, described the development as another milestone in the commitment of the firm to be the investment management services provider of choice in sub-Saharan Africa, driven by deep market knowledge and global standard investment management expertise.