Tullett Prebon, Parthian Partners Sign Joint Venture in Nigeria

The London-based IDB will gain direct access to Parthian's domestic clients and will enter one of the continent's largest economies. In return, the Nigerian firm will benefit from global brokerage services and enhanced liquidity with connections into the global investment community.

The FMDQ, the Nigerian regulator for over-the-counter (OTC) market, has welcome the venture as it provides its dealing members with access to a broader distribution network while positioning the Nigerian OTC market for growth.

"Nigeria is now Africa's largest economy, so this is a crucial deal for us and is central to our growth plans for Sub-Saharan Africa," says Rob Osborne, Tullett's managing director of rates for EMEA. "Nigerian capital markets are undergoing a major transformation and FMDQ's new rulings are an important step towards an improved regulatory framework, as we are seeing throughout global capital markets, and enabling further access to global investment capital. We look forward to working closely with Parthian Partners and FMDQ to help further develop the Nigerian capital markets, which are on track to become the blueprint for other African sovereign nations."

Tullett Prebon already tapped into the Sub-Saharan African market last year when the broker opened offices in Johannesburg, South-Africa.