By Chinwendu Obienyi

In a bid to ensure the growth of the Nigerian financial market and in line with its GOLD agenda, FMDQ Securities Exchange Limited has approved the quotation of the Total Nigeria Plc’s N2.25 billion series 1 and N12.75 billion series 2 Commercial Paper (CP).

 The board also approved, on its platform the Mixta Real Estate Plc N2 billion Series 32 Commercial Paper under its N20 billion CP Issuance Programme, as well as the registration of the Valency Agro Nigeria Limited N20 billion Commercial Paper Programme.

According to the exchange, this will provide the leverage needed by companies to survive in 2021 after a turbulent 2020 aided by the ravaging COVID-19 pandemic and in turn reactivate the Nigerian economy.

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“The issue attracted significant demand from a wide range of investors – resulting in a subscription level of over four times the initial issue size – a demonstration of investor confidence in the company”, the statement read.

Speaking on the listing, the Managing Director, Total Nigeria, Imrane Barry, thanked investors for supporting the company’s debut Issue and commended the financial advisers, Stanbic IBTC Capital Limited and FBNQuest Merchant Bank Limited, for ensuring the success of the issue despite the challenging environment. “The programme was set up to enable the company to further broaden its sources of capital by accessing funding from the Nigerian debt capital markets, while also reducing its overall funding costs”, he said.

Also speaking on the quotation, Head of Debt Capital Markets, Stanbic IBTC Capital, Tokunbo Aturamu, expressed delight that Total Nigeria has joined the growing list of blue-chip corporates who have embraced CP issuances in the Nigerian debt capital markets as a means of funding their working capital requirements. In the same vein, the Managing Director of Valency International Pte Ltd, Sunil Dhanuka, commended the successful registration of Valency Agro’s N20 billion CP Issuance Programme and FMDQ for the seamless process despite the COVID-19 pandemic and the various restrictions.

“In line with our vision to grow within the agricultural value chain in Nigeria, Valency Agro is committed to ensure the growth of the agriculture sector through our deep involvement in Cashew, Sesame, Cocoa and other produce.