FMDQ Securities Exchange Limited has approved the registration of the NOVA Merchant Bank Limited N50.00 billion Commercial Paper (CP) programme on its platform, following the due diligence of its board listings and markets committee.
This is coming shortly on the heels of the recent registration of the Providus Bank Limited N10.00 billion CP on the FMDQ Exchange.
A statement from the Exchange stated that, “NOVA Merchant Bank will greatly benefit by gaining access to a wide range of knowledgeable and capitalised investors with the registration of its CP programme and subsequent quotation of CP notes on FMDQ Exchange.
“NOVA Merchant Bank is a merchant bank in Nigeria that provides end-to-end financial services solutions covering corporate banking, investment banking, advisory, capital markets, and wealth & asset management.
“The registration of this CP Programme, which is co-sponsored by EAC Advisory Limited, FSDH Capital Limited, United Capital Plc and Renaissance Securities (Nigeria) Limited; registration members (Quotations) of the Exchange, strategically positions Nova Merchant Bank to raise short-term finance from the Nigerian debt capital markets (DCM) easily, through CP issues within its CP Programme and quote same on FMDQ Exchange for visibility of the issue and desired transparency for the investors.”
Reacting on this, the managing director/chief executive officer of the merchant bank, Mr. Nath Ude, said: “the successful listing of our N50.00 billion CP Programme on the FMDQ platform further gives credence to NOVA Merchant Bank’s beliefs in the Nigerian debt capital market and puts the bank in a position to broaden its potential funding sources and create superior value in the financial market which it serves.
“This comes after the successful listing of our N10.00 billion bonds on FMDQ Exchange which was oversubscribed by 300 per cent last year. We remain driven by our aspiration to transform the African financial services landscape with fresh thinking and innovative solutions.”
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