FMDQ Securities Exchange Limited (FMDQ Exchange) has announced the registration of the Neveah Limited ₦10 billion Commercial Paper (CP) Programme on its platform.
This is in efforts to provide access to capital for corporate institutions through its efficient and proficient Securities Admissions Franchise, executed through its Board Listings and Markets Committee.
Corporate institutions have continued to explore the alternative financing options offered by the Exchange by tapping into the debt capital market to sustain their business activities and plug capital shortfalls.
The continuous admission of securities to FMDQ Exchange’s platform is reflective of the potential of the Nigerian debt capital market (DCM) and the commendable level of confidence demonstrated by both issuers and investors in the market.
Commenting on the successful CP registration, the company’s Chief Executive Officer, Ibidapo Lawal, said: “The programme registration represents a milestone in Neveah Limited’s strategic transformation plan. This opportunity to access an alternative source of funding will help to meet our short-term working capital needs.”
The continuous admission of securities to FMDQ Exchange’s platform is reflective of the potential of the Nigerian debt capital market (DCM) and the commendable level of confidence demonstrated by both issuers and investors in the market.
Also, the sponsor of the CP Programme and a Registration Member (Quotations) of the Exchange, Babatunde Ajayi, Head, Capital Markets and Advisory, United Capital PLC (United Capital), said: “United Capital is delighted to act as the Sponsor and Sole Arranger on the Transaction.
“Neveah Limited is a registered exporter of agro-commodities and minerals with the Nigerian Export Promotion Council (NEPC), and the Company was able to attain an investment-grade rating from Data Pro, enabling its first entry to the capital markets.
The approved CP Programme will enable Neveah Limited to tap the DCM. Given the numerous opportunities in the agro-commodities and mineral space, United Capital is committed to the growth of the industry, which is largely underdeveloped partially due to access to finance.”
FMDQ Exchange assured that it will continue to sustain its efforts in supporting issuers with tailored financing options to enable them achieve their strategic goals, deepen, and effectively position the Nigerian DCM for growth in support of the realisation of a globally competitive and vibrant economy.
