25.7 C
Lagos
Saturday, January 23, 2021
- Advertisement -

NSE Lists Wema Bank’s Bond

Opinion

2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

The Nigerian Stock Exchange (NSE) today listed by introduction, Wema Bank’s N6,295,000,000 Series 1:7-Year 18.50% Fixed Rate Bond Due (2023) under the bank’s N50 billion Wema Funding SPV Plc Debt Issuance Programme.

Commenting on the listing, Chief Executive Officer, NSE, Oscar N. Onyema, OON, said: “We are pleased to be listing the Wema Fund SPV PLC bond, a further affirmation of our unique platform to help businesses access capital. Despite the challenging macro environment, this bold step by Wema Bank is indeed commendable as only businesses that continue to execute on their strategy will be at a vantage position to benefit when the economy rebounds”

Speaking at the Bond Listing ceremony, Managing Director of Wema Bank, Segun Oloketuyi, noted that the bank’s turnaround plan which began in 2009 is now in its growth phase, hence the raising of tier II capital to ensure availability of long-term capital to support growth. “We remain committed to our growth plans and to constantly upgrading our services to give our customers a delightful banking experience,” Oloketuyi said.

The Wema Bank MD also highlighted the importance of listing Wema SPV bond on the NSE platform. “The Nigerian Stock Exchange provides a unique platform which enhances the liquidity of bonds traded on it. Thus, bondholders can easily monitor the value of their investments,” he said.

The Bonds issued will be used to fund the acquisition of the relevant Wema Bonds issued by Wema Bank Plc and FGN Bonds (where applicable) issued by the Debt Management Office. Gross proceeds of the bonds under the programme is factored to purchase Wema Bonds from the sponsor pursuant to the master bond purchase pgreement entered into between the sponsor, the issuer and the trustee, and/or FGN Bonds issued by the Federal Government of Nigeria. Qualinvest Capital Limited is the Sponsor/Lead Stockbroker and Union Capital Markets Limited is the Joint Stockbroker to the Listing of the Bond on The Nigerian Stock Exchange.

- Advertisement -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...