The Board Listings and Markets Committee of FMDQ Securities Exchange Limited, has approved the registration of the NOVA Merchant Bank Limited ₦50billion Commercial Paper (CP) Programme on its platform.
This comes shortly on the heels of the recent registration of the Providus Bank Limited ₦10 billion Commercial Paper (CP) Programme on its platform.
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 the FMDQ Exchange, according to a statement yesterday.
The Bank provides end-to-end financial services solutions covering corporate banking, investment banking, advisory, capital markets, and wealth & asset management.
The registration of the CP Programme co-sponsored by EAC Advisory Limited, FSDH Capital Limited, United Capital PLC and Renaissance Securities (Nigeria) Limited – Registration Members (Quotations) of the Exchange.
We remain driven by our aspiration to transform the African financial services landscape with fresh thinking and innovative solutions.
The statement said the listing strategically positions the Merchant Bank to raise short-term finance from the Nigerian debt capital markets (DCM) easily, through CP issues on FMDQ Exchange for better visibility and desired transparency for the investors.
The Managing Director/Chief Executive Officer, NOVA Merchant Bank, Nath Ude, was quoted: “the successful listing of our ₦50 billion CP Programme on the FMDQ platform further gives credence to NOVA Merchant Bank’s beliefs in the Nigerian debt capital market.
“It 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 ₦10 billion bonds on FMDQ Exchange which was oversubscribed by 300% last year.
“We remain driven by our aspiration to transform the African financial services landscape with fresh thinking and innovative solutions.”
FMDQ Group is reputed as Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide registration, listing, quotation and other related financial services. It also operates Africa’s premier Green Exchange, positioned to lead the transition towards a sustainable future.