The N50bn Series 1 & 2 Commercial Paper Issuance of Providus Bank Limited,  under its N100bn CP programme will close  Monday, May 5, 2025.

While Series 1 has a tenor of 180 days, at a discount rate of 20.2528%, an implied yield of 22.5% and maturity date of October 29, 2025; 270-day series comes at 21.4533%, implied yield of 25.5%, and maturity date of January 27, 2025.

The offer which is to fund short-term working capital requirements of the bank, opened on Thursday, April 24, and was initially scheduled to close on Wednesday, April 30, 2025, same date initially slated for allotment.

The bank, which previously operated for 15 years as United Mortgage Bank Limited, was licensed as a regional bank in May 2016 by the Central Bank of Nigeria (CBN) and since then expanded from lone to 19 branches across six states, offering commercial and retail banking services.

It is carving a niche for itself in the Retail Banking space, offering personal, private, corporate, commercial, institutional, and digital banking products and solutions, consistently delivering strong financial performance over the years.

In the 2024 full-year, Providus Bank reported total assets of ₦2.56tr; ₦1.57tr in customer deposits, ₦138.6bn in shareholders’ funds, and a capital adequacy ratio of 16.16%.

In the period, the bank, which has a goal of becoming the foremost bank in Nigeria in service quality and private banking, as well as to rank among the top 3 banks in SME banking, achieved ₦269.2billion in gross earnings, delivering 28.2% Return on Equity.

Its vision is to build an enduring and sustainable customer-focused financial institution.

The issue rated A- by DataPro, and Bbb by Agusto and Co, has N5,000,000 as minimum subscription and multiples of N1,000 thereafter.