Sec, Dmo To Collaborate On Issuance Of Nigeria’s First Sovereign Sukuk

BEVERLY HILLS, January 19, (THEWILL) – Securities and Exchange Commission (SEC) and the Debt Management Office (DMO) have committed to strengthening collaboration towards issuing Nigeria's first sovereign sukuk.

This was the major outcome of the visit to the DMO by the SEC director-general, Mounir Gwarzo on Tuesday.

The DMO director-general, Abraham Nwankwo, had paid a courtesy call on Mounir Gwarzo in November last year, during which the two chief executives agreed to reinforce partnership to deepen the domestic bond market.

SEC, in a statement on Tuesday, described the visit, the second meeting in less than three months, as “a clear sign of a closer working relationship the two government agencies now enjoy.”

While welcoming the SEC delegation, Nwankwo highlighted the importance DMO attached to the non-interest products space and revealed that a sovereign sukuk issuance had been part of the institution's strategic plan drawn three years ago.

He solicited support from the SEC, especially in the area of capacity building in order to realise the goal of issuing Nigeria's first sovereign sukuk within the year 2016.

In response, Gwarzo assured the DMO of continued support, pledging to take measures that would enhance the capacity of relevant staff of the DMO including establishing regular interfaces between the DMO and key staff of SEC, who are very knowledgeable in the area of non-interest finance.

He also assyred that SEC will equally enable nominated staff of DMO to participate at the Capital Market Committee sub-committee on non-interest products to further deepen their capacity.

Gwarzo added that SEC had led the capital market community to develop a blueprint for the growth of non-interest capital market in the country, which forms part of the 10-year capital market master plan currently being implemented.

Story by David Oputah