FBNQuest registers ₦100bn CP on FMDQ Exchange

. Ardova PLC Lists Tranche A and B Series 1 Bonds

FMDQ Securities Exchange Limited, reputed for the registration, listing, quotation and trading of debt securities, has approved the registration of the FBNQuest Merchant Bank Limited ₦100 billion commercial paper (CP) programme on its platform.

This is just as the Exchange admitted the listing of the Ardova PLC ₦11.44 billion Tranche A and ₦13.86 billion Tranche B Series 1 Fixed Rate Bonds under its ₦60 billion Bond Issuance Programme on its platform.

The registration of the commercial paper strategically positions FBNQuest Merchant Bank to raise short-term finance from the Nigerian debt capital market (DCM) easily, through its CP programme, and quote the same on FMDQ Exchange for visibility of the issue and desired transparency for the investors.

FBNQuest Merchant Bank is a leading corporate and investment banking house, delivering high-end financial products and services to clients in targeted sectors of the economy.

The registration of this CP programme, which is also sponsored by FBNQuest Merchant Bank Limited – a Registration Member (Quotations) of FMDQ Exchange, validates the Exchange’s conscious drive to support the capital market needs of corporates and governments and to further deepen the Nigerian financial markets, and ultimately, the nation’s economy.

The CP registration validates the Exchange’s conscious drive to support the capital market needs of corporates and governments and to further deepen the Nigerian financial markets, and ultimately, the nation’s economy.

Ardova Bonds

The proceeds generated from these bonds’ issuance will be utilised by Ardova for retail expansion projects, upgrade of existing infrastructures, provision for debt service reserve account funding and other working capital requirements.

Commenting, the Chief Executive Officer, Ardova PLC, Olumide Adeosun, said: “we are humbled by the warm reception of our Tranche A and Tranche B Series 1 bonds issued by Nigeria’s ever growing institutional investor community. The 7-year and 10-year tranches provide Ardova with the much-needed flexibility to expand our operations and increase our footprint across the country.

“Our relationship with Nigeria’s debt capital markets commenced in December 2016 with the issuance of the Company’s debut bonds. This landmark transaction evidenced our commitment to nurturing this relationship and adopting the debt capital markets as a fundamental part of our funding strategy on our journey towards being the largest supplier of energy for a brave new world.”

The Managing Director/Chief Executive Officer, Vetiva Capital Management Limited, sponsors of the bonds, Chuka Eseka, said: “Vetiva is delighted to have provided Ardova with full-scope advisory and issuing house services on the offer.

“The success of the transaction demonstrates investors’ confidence in the management, vision, and purpose of the Ardova team and we thank the Board and management of Ardova for giving Vetiva the opportunity to lead on this landmark transaction.

“We are very proud to be associated with Ardova and look forward to extending our advisory capabilities to the Company on its other strategic initiatives.”

In keeping with its commitment to develop the DCM, FMDQ Exchange shall sustain its efforts in supporting issuers with tailored financing options to enable them achieve their strategic objectives, deepen and effectively position the Nigerian DCM for growth.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide registration, listing, quotation and other related services.

As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.

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