Access Bank Confirms Plan to Sell N15b Green Bonds

By Dipo Olowookere

The management of Access Bank Plc has confirmed that it plans to issue Corporate Green Bonds worth N15 billion.

Last week, there were reports in the media that the tier-one lender was planning to sell the climate-friendly bonds worth N150 billion by 2021, with the first tranche of N15 billion to be issued in the first quarter of 2019.

While reacting to the matter in a notice to the Nigerian Stock Exchange (NSE) last Friday, the financial institution confirmed its intention to issue the N15 billion green bonds, but was silent on the reported N150 billion by 2021.

Access Bank said already, applications for the proposed N15 billion green bonds issuance have been forwarded to both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

However, it stressed that approvals were still being awaited from the regulators, promising to inform stakeholders when responses are received.

The bank further emphasised that even when the approvals are received from the CBN and SEC, the board will look into different factors and decide whether to continue with the exercise or not.

“Our attention has been drawn to certain reports relating to Access Bank planning to sell N150 billion Green Bonds by 2021

“The bank hereby notifies the Nigerian Stock Exchange (NSE) that the bank has submitted respective applications to both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in respect of a proposed Green Bonds Issuance of up to N15 billion

“The bank has not yet received any regulatory approval; or have any decisions been taken regarding the launch of the bonds.

“The bank will, upon receipt of the approvals, evaluate market conditions and then decide whether to proceed with the transaction. “Further details will be communicated to the market upon the relevant approvals being received from the regulators,” the statement from Access Bank said.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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