CSL Stockbrokers Restricted, a subsidiary of FCMB Group Plc, has emerged as the brand new stockbroker to the Federal Authorities of Nigeria. The appointment of the agency, as introduced by the Debt Administration Workplace (DMO) on February 18, 2020, adopted an open aggressive bidding course of during which different Stockbrokers participated.
With the appointment, CSL Stockbrokers now has the mandate to execute all transactions of the Federal Authorities on the Nigeria Inventory Alternate (NSE). This consists of, posting bid and provide costs of presidency securities, supporting the DMO’s goal of selling buying and selling of Federal Authorities securities on the Alternate and attracting extra retail buyers to the home capital market.
CSL Stockbrokers, rated as one of many prime 5 stockbroking companies in Nigeria, offers institutional and company brokerage providers to buyers and choose issuers. On the coronary heart of the agency is a strong analysis platform which helps native and worldwide buyers who want in-depth protection of the Nigerian capital market and the economic system.
In a press release, the DMO stated as Authorities Stockbroker, CSL Stockbrokers is remitted to construct upon the achievements already recorded by growing the participation of retail buyers in all Federal Authorities Securities, equivalent to Bonds, Sukuk, Financial savings Bond and Inexperienced Bonds listed and buying and selling on the NSE.
The DMO added that, ‘’the appointment of CSL because the Authorities Stockbroker is an additional demonstration of the dedication of the DMO to the event of the home market, particularly, selling liquidity, in addition to, rising and diversifying the investor base’’.
Commenting on the appointment, the Chief Government Officer of CSL Stockbrokers, Mr. Abiodun Fagbulu, described the event as one other milestone within the dedication of the agency to be the funding administration providers supplier of alternative in sub-Saharan Africa, pushed by deep market information and international commonplace funding administration experience.
In keeping with him, ‘’CSL Stockbrokers take into account this appointment as a chance to contribute to the expansion and growth of the home capital market in a manner that’s sustainable and worthwhile to buyers’’.
Analysts are of the opinion that CSL Stockbrokers, which has over 30 years working historical past within the capital market withconsistent spectacular efficiency, is nicely positioned to help the DMO, as regards to assembly the Authorities’s financing wants in a prudent method that helps financial growth whereas proactively managing the related dangers.
CSL Stockbrokers Restricted was established in 1977. It’s a subsidiary of FCMB Group Plc, one of many main monetary providers establishments in Nigeria with subsidiaries which might be market leaders of their respective segments. The Group, which is listed within the prestigious Nigerian Inventory Alternate (NSE)-30 Index by way of market capitalisation and liquidity, has persistently witnessed spectacular efficiency and progress alongside all key indices, particularly these round profitability, deposits, buyer numbers and belongings underneath administration.