Thursday, July 19, 2018 8.00PM / Proshare WebTV
The prospects for the growth of the commercial papers market in Nigeria received a boost today with the issuance of N50bn quotations, from the Dangote Cement Plc at the FMDQ OTC exchange.
It is the largest commercial paper listing in the Nigerian Debt Capital market and was issued in two levels; N12.04bn and N37.96bn which is part of the N150bn financing plan of the company.
Dangote Cement Plc a market leader, through its quotation has brought credence to the value of the commercial papers market in the country, and the opportunities it provides.
In his address the Group Chief Executive Officer of Dangote Cement Plc Engr. Joseph Makoju lauded the FMDQ for its role in championing the development of the debt capital market in the country.
On the quotation, Makoju said “It is a milestone for us and an avenue to access new source of funding, through the FMDQ. I commend the FMDQ for promoting transparency, governance and efficiency in the commercial paper market”.
Speaking further the Dangote Cement Plc GCEO believed the successful dual tenor issuance was a proof of investor confidence in the company.
The CEO of the FMDQ OTC Exchange Mr Bola Onadele, Koko described the Dangote Cement Plc quotation as a positive development, that will lead to the growth of the commercial papers market in Nigeria.
Giving his remarks Mr Kobby Bentsi-Echibill the Executive Director, Debt Capital Markets, Stanbic IBTC Capital the financial adviser to Dangote Cement Plc , asserted that the dual tenor issuance will deepen the market.
The Dangote Cement Plc series 1 & 2 issuance is under its N150bn commercial paper programme, which will span through 24th, December 2018 at 12.40% and 25th March, 2018 at 12.65% respectively.