The Federal Government of Nigeria (FGN) Securities subscription portal was designed to ensure easy investment and access to coupon redemption by Nigerians.
According to Haruna Jalo-Waziri, the Managing Director of Central Securities Clearing System (CSCS), developers of the portal, it will also empower trading licence holders to effectively participate in the fixed-income market.
Jalo-Waziri said this in an interview with the News Agency of Nigeria (NAN) against the backdrop of the unveiling and test-running of the portal by the Debt Management Office (DMO) in Lagos.
He said that the portal would address the challenges of automation and discrepancies in documentation which result to delay in payment of coupons.
According to him, CSCS bided for this opportunity for a simple reason, payment of coupons to subscribers has been prompt but documentation and revalidation are usually a challenge.
“We have been working on the portal for more than two years, and based on the feedback we have received, it will greatly improve the whole process,’’ he said.
He said that the portal had segments for individual and corporate subscribers, adding that its demonstration in Lagos was to prepare ground for its official rollout.
Also, Mr Abiodun Fagbulu, the Chief Executive Officer of CSL Stockbrokers Limited, a stockbroker of the Federal Government, commended the DMO and CSCS for the portal.
Fagbulu said that the idea of a portal to automate subscription and coupon redemption of FGN securities would greatly enhance operations of the stockbroking community.
He pledged the support of CSL to all initiatives that would enhance and improve overall performance of the market.
