Progress at Nigeria’s OTC debt capital market seen attracting WB

Innovation, commitment, liquidity and transparency, seen thriving at Nigeria’s Over-The-Counter (OTC) debt capital market, is attracting the World Bank which believes that the country, like other client nations must take its place in the global space.

Arunma Oteh, vice president and treasurer at the World Bank , who was at the FMDQ OTC Securities Exchange yesterday, in her first visit to Nigeria in that capacity, observed that the World Bank is keen about Nigeria’s development, adding that “at the World Bank, we make sure that we place Nigeria’s debts in the hands of value investors”. 

Oteh, who is immediate past DG of Nigeria’s Securities and Exchange Commission (SEC) talked passionately about FMDQ OTC Securities growth path, particularly as “a baby” she midwived two years ago, in line with the developmental master-plan of the Nigerian capital market. 

In his address, Bola Onadele Koko, MD/CEO, FMDQ OTC Securities Exchange, said the purpose of the event was to recognise the vision of Arunma Oteh in licencing FMDQ without a model, present to her what has been achieved in two years (which hopefully has validated her dream), seek her support in her current role, for FMDQ’s GOLD Agenda for the Nigerian OTC financial markets and to celebrate her –  list some items from her education, career and awards.

Oteh, who is  the first African to take on the position of treasurer at the World Bank Group, expressed satisfaction that the FMDQ OTC Securities Exchange which started November 7, 2013 functions effectively, in line with the World Bank/ International Finance Corporation (IFC) objectives which are targeted at economic development. 

“We will ensure that we deliver a world-class OTC Securities Exchange that would be a model to all, and continue to seek her support in every way we can.

“We in FMDQ OTC Securities Exchange can only say thank you once more for all your efforts in getting us where we are today, and direction for where we hope to be, years from now”, Onadele said.

Oteh said, “FMDQ is a baby I midwived. I came to see how it is doing. I’m overwhelmed for many reasons. This child I midwived is a genius – top of the class. I’m a proud Nigerian because I got very strong views and if you make a strong case, I listen. FMDQ represents what I tell everybody about Nigeria. Many people are not familiar with the great stories of Nigeria.

“Two years ago, we celebrated what people didn’t know about Nigeria. I talk about FMDQ very passionately as my flagship initiative. FMDQ has shown that it is an institution where everybody is determined for excellence. Doing the extra and pushing yourself harder has made you (FMDQ) look different.

“IFC has always shown interest in developing debt capital market in Africa. We must catalyse the private sector to do more, and for us to do this, we must be pretty much innovative. Nigeria must take its place in the world. At the World Bank, what we ask for are ideas that can stand the test of time. As a baby I midwived, this is pretty a precious moment to me. FMDQ must not relent in its efforts. I’m waiting to see the liquidity in this market match that I see in other markets,” Oteh further noted. 

In his remark, Bolaji Balogun, CEO, ChapelHill Denham, said, “It is good Oteh came to see the progress so far in the OTC debt capital market which she issued license for its take-off. I have always realised that with market like FMDQ OTC, history will paint Arunma Oteh in good light”.

He added, “Nigeria must finance development in order to create jobs”.

Speaking at the event, Wura Abiola, co-Managing Director of FDHL-MT: The consulting firm that worked with FMDQ on the licencing and operational readiness of FMDQ said “Oteh was desirous of a market that was deep, innovative, transparent. “She took us through the rigours that produced this market,” Abiola added.

Iheanyi Nwachukwu