Coming shortly on the heels of the recent registration of the Providus Bank Limited ₦10.00 billion Commercial Paper (CP) Programme on its platform, FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”), following the due diligence of its Board Listings and Markets Committee, has approved the registration of the NOVA Merchant Bank Limited (“Nova Merchant Bank”) ₦50.00 billion 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 FMDQ Exchange.
NOVA Merchant Bank is a merchant bank in Nigeria that provides end-to-end financial services solutions covering corporate banking, investment banking, advisory, capital markets, and wealth & asset management. 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, 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.
According to the Managing Director/Chief Executive Officer, NOVA Merchant Bank Limited, Mr. Nath Ude, “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 (“FMDQ Group” or “FMDQ”) and 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.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.