FMDQ honours Nwankwo, outgoing DG, DMO

The establishment of the Debt Management Office, Nigeria (DMO or the Agency) in 2000 hinged on the need for a well-focused and credible office to proactively manage the public debts and invariably, deepen the country’s financial markets towards ensuring global competitiveness.
This welcomed move, applauded by market participants as timely, given the level of external exposures and the need to support government expenditure needs, as well as provide access to long-term financing for the private sector, defined the strategic focus of the DMO and drove the commitment of the Agency.
Following a decade of dedicated service, Abraham Nwankwo, whose highly successful tenure as the Director-General (DG) of the DMO, spanning the period, July 2007 to June 2017, was honoured by FMDQ OTC Securities Exchange (FMDQ or the OTC Exchange) and key financial market stakeholders at a memorable ceremony held at the FMDQ offices in Lagos.
This ceremony, which was in acknowledgement of Nwankwo’s efforts towards the growth of the Nigerian bond market, and invariably, the economy, brought together key financial market stakeholders, friends and well-wishers, all wishing to celebrate Nwankwo on his retirement from the DMO.
Among those present at the ceremony were the newly appointed Director-General of DMO, Patience Oniha; the Director-General, Securities and Exchange Commission (SEC), represented by Stephen A. Falomo, Head, Lagos Zonal Office, SEC; the Chairman of FMDQ, Okwu Joseph Nnanna (Deputy Governor, Financial System Stability, Central Bank of Nigeria) represented by Jibril Aku, Vice Chairman of FMDQ; Bolaji Balogun, Founder/Chief Executive Officer of Chapel Hill Advisory Partners (CHAPS) represented by Ayo Fashina, Ayo Gbeleyi, former Commissioner for Finance, Lagos State, Frank Aigbogun, Publisher/CEO of BusinessDay, Olufemi Awoyemi, the Founder/Managing Director, Proshare Nigeria, representatives of the Primary Dealer Market Makers (PDMMs) who are also Dealing Member (Banks) of FMDQ, the debt capital-focused OTC Exchange, amongst others.
The rains did not douse the guard of honour-reception the FMDQ staff had planned for Nwankwo. The staff, along with some erected balloons, formed a path on both sides of a blue carpet, for him, his wife and daughter to walk through the entrance, to the humble OTC Exchange building, with FMDQ-branded umbrellas held high by the staff in a spectacle akin to the military pulling out parade. It was indeed a wonderful sight to experience.
From the very eloquently delivered citation to the series of well-articulated and goodwill messages, and even the level of attendance at the ceremony, it was clear that the positive impact Nwankwo had made in the bond market, and by extension, the economy, over the last decade, was indeed felt and very much appreciated by all.
In reliving the decade-long and successful tenure, a one-on-one discourse, anchored by FMDQ’s MD/CEO, Bola Onadele. Koko was held with the outgoing DG, DMO, following which a special symbol depicting Nwankwo’s key achievements, including, the developments the Nigerian bond market had experienced over the last decade, was presented to and unveiled by the guest of honour, among other mementos.
Described as a “Pacesetter” in the goodwill messages which flocked in, Nwankwo set out to redefine the public debt management landscape in Nigeria, bringing on commendable verve and innovativeness to the hitherto conservative area of public finance management.
From the development of a comprehensive and accurate national debt database to deepening the domestic bond market via the introduction of regular monthly bond issuances supported with the Primary Dealer Market Makers System and the consistent launch of innovative bond products including the Federal Government of Nigeria (FGN) Savings Bond, Sukuk, and the soon to be finalised FGN Dollar and Green Bonds, the DMO, under Nwankwo’s leadership, progressively pursued the alignment of the Nigerian debt capital markets (DCM) to international standards.
In recording landmark achievements, including the first-ever domestic listing of the Federal Government of Nigeria Eurobond, the agency is seen to have set an audacious pace towards effectively developing the domestic bond market.