FGN securities awareness designed to broaden financial inclusion, infrastructure development- stockbroker

Umahi legacy


By Kadiri

The Federal Government of Nigeria (FGN) Securities Issuance awareness programme is designed to open up investment opportunities for ordinary Nigerians and enhance financial inclusion.

Foluke Samuel, the Lead Sales, CSL Stockbrokers Limited said this on the sidelines of the ongoing FGN Securities Issuance Awareness Programme on Tuesday in Yola

The News Agency of Nigeria (NAN) reports that the awareness programme is jointly organised by the Debt Management Office (DMO) and CSL, which is the stockbroking firm of the Federal Government,

The awareness programme, which was inaugurated in Lagos in March, has also held in Enugu, Ibadan and Kano.

Samuel, who is in charge of the Northern Region, said before now, the different FGN securities were limited to a tiny segment of society, as most Nigerians did not have awareness about them.

She said that the feedback had been impressive as it has recorded several new investors to the various security instruments from the different locations the programme held.

“It has given us opportunity of a wider coverage.

“Some people did not know about these investment opportunities before now, but the awareness programme has enlightened them.

“In terms of financial inclusion, before now FGN securities were limited to a segment of the society, but today, with as low as N5,000, people can invest in the FGN savings bond.

“That is financial inclusion,’’ she said.

She said that the programme had also done a lot to support infrastructure development.

She said that the Sovereign Sukuk, which is a Sharia-compliant instrument specifically designed for a specific set of investors was also tied to infrastructure development.

“The Sukuk is designed for another set of people who are not prone to invest in interest based instruments.

“It encourages participation of that set of people, thereby, also encouraging financial inclusion, and it is tilted toward infrastructure development which can be verified.

“The roads are there. The Sukuk gives investors ownership of the infrastructure that was built with their investment,’’ she said.

She, however, said that investors in Sukuk do not get interest but receive “rental income’’ on a semi-annual basis. (NAN)