FMDQ Securities Exchange Limited says it has approved the registration of the NOVA Merchant Bank Limited ₦50bn Commercial Paper Programme on its platform, in what it said will greatly be beneficial to the bank as it gains 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.
The registration is coming shortly on the heels of the recent registration of the Providus Bank Limited ₦10.00 billion Commercial Paper (CP) Programme on the FMDQ platform.
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, the statement noted, 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.
The statement quoted the Managing Director/Chief Executive Officer, NOVA Merchant Bank Limited, Nath Ude, as saying “the successful listing of our ₦50.00 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 ₦10.00 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”.
As NOVA Merchant Bank and a host of other corporates continue to meet their funding needs effectively and sustainably, as well as contribute to the development of the nation through their activity in the DCM, FMDQ Group Plc, its entities will continue to take crucial steps towards upgrading and aligning the Nigerian financial market in line with its mandate to deepen the sophistication of the markets.