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Nigeria Appoints Stanbic as Broker for Government Securities

Nigeria has appointed Stanbic IBTC Stockbrokers Ltd., a unit of Stanbic IBTC Bank Plc, to act as government stockbroker, the Debt Management Office said.

The broker is expected to start work within a week and will provide prices for FGN bonds and securities on the Nigerian Stock Exchange for investors, Patience Oniha, executive director in charge of market development at the Abuja-based DMO, said in a phone interview from the capital.

Africa’s biggest oil producer plans to sell 240 billion naira ($1.5 billion) of five-, seven- and 10-year bonds this quarter, the DMO said on Sept. 25. The agency recommends maximum borrowing in 2013 of $4.35 billion externally and 340.7 billion naira domestically, it said in a report yesterday.

The appointment of the broker will enable retail investors to access FGN bonds and to be able to exit before maturity, Oniha said.

The yield on the nation’s 16.39 percent naira debt due January 2022 was unchanged at 12.74 percent, according to yesterday’s prices compiled by the Lagos-based Financial Markets Dealers Association.

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