The Board Listings and Markets Committee of the FMDQ Securities Exchange Limited, has approved the Registration of the NECIT Nigeria Limited ₦20 billion CP Programme on its platform.
This is just as the Nigerian Commercial Paper (CP) market continues to receive the much-needed boost from corporate entities seeking to raise finance for their short-term funding needs.
As a result, FMDQ Exchange with its integrated securities registration, listing and quotation process, also continues to avail corporates and government entities alike, a secure and reliable platform for the issuance of their short-to medium and long-term debt securities.
NECIT Nigeria is an indigenous company that deals in manufacturing of car lubricants and engine oil, as well as the importation and sale of base oil.
The short-term finance will be raised via CP issues within the approved CP Programme limit and quoted on FMDQ Exchange for visibility of the issue and issuer, and the desired transparency for investors.
Speaking on the successful CP Programme registration, the Managing Director/Chief Executive Officer, NECIT Nigeria, Emmanuel Iheagwazi, said: “NECIT is pleased to announce the registration of the ₦20 billion CP Programme.
“As a leading indigenous player in the lubricant blending industry in Nigeria, access to short-term funds is critical to meeting our working capital needs.
“The approval of this CP Programme by FMDQ Exchange represents a major milestone in our near-term growth aspirations and with this support; our capacity to unlock value for all stakeholders has been further enhanced.”
Boston Advisory Limited is the sponsor of the CP Programme and a Registration Member (Quotations) of the Exchange.
The approval of this CP Programme by FMDQ Exchange represents a major milestone in our near-term growth aspirations and with this support; our capacity to unlock value for all stakeholders has been further enhanced.
Commenting on the listing its Managing Director, Rotimi Balogun, said: “at Boston Advisory Limited, we remain committed to an all-inclusive development of the Nigerian debt capital market; a market where the vast majority of bankable companies in Nigeria will have equal access to short term funds at cheaper rate.
“We ultimately seek to be a front-liner in arranging growth/expansion capital for mid-tier companies, and we are indeed delighted to work with NECIT in making this a reality.”
In keeping with its commitment to develop the Nigerian debt capital market (DCM), FMDQ Exchange promised to 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.
It added that CPs quoted on FMDQ Exchange benefit from the commendably efficient registration process, in addition to continuous provision of invaluable information and price formation as part of the Exchange’s commitment to organise, govern and enforce transparency in the Nigerian fixed income market space.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, and strategically positioned through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited, to provide varied financial services to companies seeking alternative funding.