Securities Exchange Ltd has approved the registration of NECIT Nigeria N20 billion commercial paper (CP) programme on its platform.
The Managing Director/Chief Executive Officer, NECIT, Mr Emmanuel Iheagwazi, said this in a statement made available to the News Agency of Nigeria (NAN) on Monday in Lagos.
Iheagwazi said that NECIT was pleased to announce the registration of the N20 billion CP programme.
NECIT Nigeria is an indigenous company that deals in manufacturing of car lubricants and engine oil, as well as the importation and sale of base oil.
“As a leading indigenous player in the lubricant blending industry in Nigeria, access to short-term funds is critical to meeting our working capital needs.
“The approval of this CP programme by FMDQ Exchange represents a major milestone in our near-term growth aspirations and with this support, our capacity to unlock value for all stakeholder has been further enhanced,” he said.
Iheagwazi said the short-term finance would be raised via CP issues within the approved CP programme limit and quoted on the FMDQ Exchange for visibility of the issue and issuer, and the desired transparency for investors.
Also speaking, the sponsor of the CP Programme, Boston Advisory Ltd., represented by the Managing Director, Mr Rotimi Balogun, expressed commitment to the development of the Nigerian debt capital market.
“At Boston Advisory, we remain committed to an all-inclusive development of the Nigerian debt capital market; a market where the vast majority of bankable companies in Nigeria will have equal access to short term funds at cheaper rate.
“We ultimately seek to be a frontliner in arranging growth/expansion capital for mid-tier companies, and we are indeed delighted to work with NECIT in making this a reality,” Balogun said.
FMDQ Exchange has sustained its efforts in supporting issuers with tailored financing options to enable them achieve their strategic objectives, deepen and effectively position the Nigerian debt capital market for growth.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty among others. (NAN)