By Modupe Gbadeyanka
Ecobank Nigeria Limited has quoted N12.53 billion Series 2 Commercial Paper (CP) Notes under its N100 billion Multi-currency CP Programme on the platform of the FMDQ OTC Securities Exchange (FMDQ).
Business Post gathered that listing of the unsecured and short-term debt instrument was quoted on FMDQ by the lender few days ago to finance its business needs.
FMDQ, in liaison with its key stakeholders, actively put steps in place to aid the resuscitation of the nation’s CP market, to support the growth of the Nigerian economy by providing corporate and commercial businesses the opportunity to meet their short-term funding requirements, thereby contributing, in no small measure to the development of the Nigerian debt market.
The time to market of CPs registration and quotation, on FMDQ, lays credence to the efficiency of the FMDQ quotations process.
The count of CPs admitted onto the FMDQ platform year-to-date stands at 28.
As with securities quoted on FMDQ, these CPs will be availed global visibility effective governance and unprecedented transparency, as part of the value-add provided by the FMDQ Listings and Quotations Service.
According to the FMDQ, a formal quotation ceremony will follow in due course, but stressed that it remains committed to articulating, with the support of its key stakeholders, innovative ways to improve and make the Nigerian markets globally competitive, operationally excellent, liquid and diverse, in line with its mission to empower the financial markets to be innovative and credible, in support of the Nigerian economy.
