The following are the dollar to naira exchange rate in Lagos Nigeria today. It also includes the Naira Back Market rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. https://youtu.be/t6yY3O-lLVY
|Dollars to Naira (USD to NGN)||Exchange Rate Today|
|Pounds to Naira (GBP to NGN)||Exchange Rate Today|
|Euro to Naira (CAD to NGN)||Black Market Exchange Rate Today|
|Canadian Dollar to Naira (CAD to NGN)||Black Market Exchange Rate Today|
|Rand to Naira (ZAR to NGN)||Black Market Exchange Rate Today|
|Dirham to Naira (AED to NGN)||Black Market Exchange Rate Today|
|Yuan to Naira (CNY to NGN)||Black Market Exchange Rate Today|
|Cedi to Naira (GHS to NGN)||Black Market Exchange Rate Today|
|Dirham to Naira (XOF to NGN)||Black Market Exchange Rate Today|
|CFA to Naira (XAF to NGN)||Black Market Exchange Rate Today|
|11/22/2022||SOUTH AFRICAN RAND||25.6548||25.6837||25.7127|
|11/21/2022||SOUTH AFRICAN RAND||25.4593||25.488||25.5168|
|GTBank||USD to Naira||₦ 490||16/10/2022|
|USD To Naira||₦ 505||30/04/2022|
|EUR To Naira||₦ 531||31/08/2021|
|GBP To Naira||₦ 621||28/08/2021|
|CAD To Naira||₦ 357||18/08/2021|
|ZAR To Naira||₦ 31||18/08/2021|
|INR To Naira||₦ 6||18/08/2021|
|TRY To Naira||₦ 52||18/08/2021|
|AUD To Naira||₦ 299||01/05/2021|
|RUB To Naira||₦ 7.10||01/05/2021|
|SGD To Naira||₦ 268||01/05/2021|
|AED To Naira||₦ 109||26/11/2020|
|XOF To Naira||₦ 800||15/08/2020|
|INR To Naira||₦ 6.12||15/10/2022|
|USD To Naira||₦ 503||29/04/2022|
|EUR To Naira||₦ 566||31/08/2021|
|GBP To Naira||₦ 622||23/07/2021|
|CAD To Naira||₦ 316||01/05/2021|
|AED To Naira||₦ 119||08/08/2020|
|USD To Naira||₦ 480||23/03/2022|
|GBP To Naira||₦ 621||23/07/2021|
|EUR To Naira||₦ 499.45||16/06/2021|
|AED To Naira||₦ 107||15/08/2020|
|CAD To Naira||₦ 299||30/06/2020|
|INR To Naira||₦ 5.9||25/06/2020|
|USD To Naira||₦ 475||21/01/2022|
|EUR To Naira||₦ 543||22/07/2021|
|GBP To Naira||₦ 646||03/06/2021|
|CAD To Naira||₦ 337||01/05/2021|
|TRY To Naira||₦ 69||01/05/2021|
|1 USD||442.134 NGN|
|5 USD||2,210.67 NGN|
|10 USD||4,421.34 NGN|
|25 USD||11,053.4 NGN|
|50 USD||22,106.7 NGN|
|100 USD||44,213.4 NGN|
|500 USD||221,067 NGN|
|1,000 USD||442,134 NGN|
|5,000 USD||2,210,670 NGN|
|10,000 USD||4,421,340 NGN|
|50,000 USD||22,106,700 NGN|
|1 NGN||0.00226176 USD|
|5 NGN||0.0113088 USD|
|10 NGN||0.0226176 USD|
|25 NGN||0.0565439 USD|
|50 NGN||0.113088 USD|
|100 NGN||0.226176 USD|
|500 NGN||1.13088 USD|
|1,000 NGN||2.26176 USD|
|5,000 NGN||11.3088 USD|
|10,000 NGN||22.6176 USD|
|50,000 NGN||113.088 USD|
|Last 30 Days||Last 90 Days|
|1 EUR||1.04179 USD|
|5 EUR||5.20895 USD|
|10 EUR||10.4179 USD|
|25 EUR||26.0447 USD|
|50 EUR||52.0895 USD|
|100 EUR||104.179 USD|
|500 EUR||520.895 USD|
|1,000 EUR||1,041.79 USD|
|5,000 EUR||5,208.95 USD|
|10,000 EUR||10,417.9 USD|
|50,000 EUR||52,089.5 USD|
|1 USD||0.959887 EUR|
|5 USD||4.79943 EUR|
|10 USD||9.59887 EUR|
|25 USD||23.9972 EUR|
|50 USD||47.9943 EUR|
|100 USD||95.9887 EUR|
|500 USD||479.943 EUR|
|1,000 USD||959.887 EUR|
|5,000 USD||4,799.43 EUR|
|10,000 USD||9,598.87 EUR|
|50,000 USD||47,994.3 EUR|
|Last 30 Days||Last 90 Days|
|10 USD||9.75844 EUR|
|25 USD||24.3961 EUR|
|50 USD||48.7922 EUR|
|100 USD||97.5844 EUR|
|AED||United Arab Emirates Dirham||UAE|
|ANG||Netherlands Antillean Guilder||Netherlands Antilles|
|BAM||Convertible Mark||Bosnia and Herzegovina|
|BND||Brunei Dollar||Brunei Darussalam|
|BOB||Boliviano||Plurinational State of Bolivia|
|BSD||Bahamian Dollar||The Bahamas|
|CDF||Congolese Franc||DR Congo|
|CRC||Costa Rican Colon||Costa Rica|
|CVE||Cabo Verde Escudo||Cape Verde|
|CZK||Czech Koruna||Czech Republic|
|DOP||Dominican Peso||Dominican Republic|
|FKP||Falkland Islands Pound||Falkland Islands|
|GBP||British Pound||United Kingdom|
|GMD||Gambian Dalasi||The Gambia|
|HKD||Hong Kong Dollar||Hong Kong|
|KPW||North Korean Won||North Korea|
|KRW||South Korean Won||South Korea|
|KYD||Cayman Islands Dollar||The Cayman Islands|
|LKR||Sri Lanka Rupee||Sri Lanka|
|NZD||New Zealand Dollar||New Zealand|
|PGK||Papua New Guinean Kina||Papua New Guinea|
|SAR||Saudi Riyal||Saudi Arabia|
|SBD||Solomon Islands Dollar||Solomon Islands|
|SDG||Sudanese Pound||The Sudan|
|SHP||Saint Helena Pound||Saint Helena, Ascension, And Tristan Da Cunha|
|SLL||Sierra Leonean Leone||Sierra Leone|
|STD||Sao Tomean Dobra||Sao Tome And Principe|
|SVC||El Salvador Colon||El Salvador|
|SYP||Syrian Pound||Syrian Arab Republic|
|TMT||Turkmenistan New Manat||Turkmenistan|
|TTD||Trinidad and Tobago Dollar||Trinidad And Tobago|
|TWD||New Taiwan Dollar||Taiwan|
|USD||United States Dollar||USA|
|XAF||CFA Franc BEAC||Bank of Central African States|
|XCD||East Caribbean Dollar||Organisation of Eastern Caribbean States|
|XOF||CFA Franc BCEAO||Central Bank of West African States|
|ZAR||South African Rand||Republic of South Africa|
Some investment experts on Monday tasked entrepreneurs on embracing diverse funding portfolios available in the capital market, government institutions and other sources to engender scalability and sustainability of their businesses.
They gave the advice at the Youth in Business Forum (YIBF) with the theme: “Accessing Government and Institutional Funding,” in collaboration with Morgan Capital Group, in Lagos.
Ms Jumoke Olaniyan, Senior Vice President, Business Development, FMDQ Group, said the possibilities of growing money by taking advantage of debt instruments and equity in the financial markets by startups, were endless.
Olaniyan said that some of the products in the financial markets included equities, debts, securities, bonds, commercial papers, promissory notes, alternative assets, among others.
She, however, stressed the need for entrepreneurs to be eligible and their businesses properly positioned via the adoption of the eight Small and Medium Enterprises (SMEs) octagon principles to spur investments.
Olaniyan said, “This is why it is important that your documents, financials, strategies and other business model metrics would be reviewed for the different stages to access capital.
“Crowdfunding short term products are easier to access at this startup stage before you grow in stage to bonds and other higher investments.
“The SME octagon principles, which looks at governance, transparency of business documentation, business structure and separation of business funds from personal funding would keep you in check for operations.
“Management must be open to advise from professional parties and the business must have its unique selling point.
“The drivers of the business, which is the impact of supply chain and demand on your business, must be noted and, lastly, discipline, which encompasses all the other points seeing that money business is a trust business, must not be neglected.
” Mrs Hetty Ugboh, member, Rising Tide Africa, a group of female angel investors, aimed at supporting startups, said the group was committed to supporting businesses from seed to pre-series investments with funding of between $20,000 and $100,000. Ugboh said companies with developed products and markets under the finance, agriculture, healthcare, education, technology or an essential service, would be considered for investments.
She, however, stressed that such startups must meet at least three of the 17 United Nations Sustainable Development Goals in its operations.
“There’s a need for the right board, advisors and the individual passion for the business to ensure a scalable product.
“Paystack started with angel investors and venture capitalists, but because their idea solved a problem, they got investments from several investors globally running into millions of dollars,” she said.
Mr Dipo Olomofe, the Managing Director, Morgan Capital Group, said the invested funds must be used to expand the businesses and must not be diversified to other affairs.
Olomofe also tasked start-ups to adopt accurate financial models to help revenue projection for MSME during pitch for investments.
Mr Ross Oluyede, the Managing Director, Infrastructure Bank Plc, said that, given the potential role of the SMEs in developing Nigeria’s economy, successive governments had pursued several policy options towards promoting the sector.
He, however, noted that a good number of SMEs in Nigeria were not aware of the existence of the different sources of funds for SME development; the incentives available for them; and how to source funds from banks.
He stated that entrepreneurs must be able to identify and understand policies on how to access the various government intervention funds beneficial to the business.
“To stimulate long-term private sector funding for the transportation space, the Federal Government provided N25 billion, which can be assessed through the bank and it has been playing a catalytic role over the last 10 years.
“This means there are diverse government sponsored intervention funds available for SMEs and the Youth in Business to take advantage of.
“However, poor business planning, inadequate record keeping are part of the challenges facing applicants for government intervention funds,” he said.
DLM Capital Group on announced the successful redemption of its N1.24 billion Series 1, N1.01 billion Series 2 and N1.27 billion Series 3 Commercial Papers (CPs), under its N20 billion Commercial Paper Issuance Programme.
The Head, Corporate Communications, FMDQ, MS Chinwendu Ohakpougwu, said, in a statement in Lagos, that the Commercial Papers, which were all issued on the FMDQ Securities Exchange matured on May 31, Aug. 12 and 29 respectively.
The issuance of the CPs, she said was in line with best practice and the FMDQ had been informed of their redemption.
She said the three series garnered investments from a variety of investors ranging from Pension Fund Administrators, Asset Managers, Insurance companies and Banks.
Commenting on the successful redemption, the Group CEO of DLM Capital Group, Mr Sonnie Ayere, said, “We are pleased to have fully repaid all the investors in the Series 1, Series 2 and Series 3 CP issuances.
“We thank all our investors for their participation and reiterate our commitment to being a counterparty that can be relied on for the long term.
“We have been around for 13 years, and we will continue to contribute our quota to Nigeria’s development.
” He added that the redemption of the CP reflected DLM’s capacity to meet its financial obligations as and when due as its intention was to remain an active issuer in the commercial paper market.
Accelerex Holdings (www.GlobalAccelerex.com), Mauritius (the "Company") announced today that its Nigerian subsidiary, Global Accelerex Limited, registered an N20bn bond program and successfully issued a N2.3bn 5-year senior unsecured bond.
through a special purpose vehicle (Accelerex Funding SPV PLC).
FBN Quest Limited, Renaissance Securities Limited, Greenwich Merchant Bank Limited and Nova Bank Limited acted as organizers.
The Bond is rated BBB+ (Stable Outlook) by Global Credit Ratings (GCR) and Bbb+ (Stable Outlook) by Agusto & Co. and is listed on the FMDQ Exchange.
The issue attracted participation from a wide range of institutional investors, including local pension funds, insurance companies and asset managers.
Relatively strong demand, despite a very difficult economic and operating environment, confirms the market's confidence in the Company's creditworthiness, long-term resilience and significant growth potential.
The bond issue, which follows Accelerex's successful 2020 private equity round, provides its Nigerian subsidiary with critical long-term, local currency capital to finance expansion and support its mission to accelerate the financial inclusion of businesses.
and individuals throughout Africa.
Accelerex is only the second Nigerian fintech or payments company to successfully place a long-term investment grade unsecured bond on the Nigerian capital market.
The proceeds of the issue will be used to finance the expansion of distribution channels and general working capital.
Mr. Olukayode Ariyo, CEO of Global Accelerex Limited, said, “We are very pleased with the outcome of this bond issue as it confirms the market's interest in promoting digital payments and financial inclusion in Nigeria.
It is a testament to the trust placed in us, despite the difficult market environment.
We thank our bondholders for believing in our Company.
We will continue our mission to simplify the daily lives of Africans through accessible, convenient and affordable digital payments and financial services.” Mr. Paul Kokoricha, Director of Accelerex Holdings and Chief Investment Officer of Africa Capital Alliance (ACA), said: “The medium-term bond issue significantly strengthens the balance sheet and liquidity of Accelerex's Nigerian operations and provides it with the financing in local currency that you need so much.
and duration to support your expansion plans.
As equity investors in Accelerex, we are very excited that Nigerian debt investors supported the deal, which provided useful financial leverage and local currency diversification for the Company's balance sheet.
With its balance sheet strengthened, Accelerex and its management team can confidently continue their quest to expand access to Nigeria's economically underserved population."
Accelerex is recognized for its excellent customer service and commitment to payment solutions that evolve with customer needs.
Since it began operations in 2013, Accelerex has become a formidable player in the fintech industry and has established itself as the preferred physical payment partner for all commercial acquiring banks in Nigeria.
The company has over 150,000 merchant and agent endpoints in Africa and has consistently ranked as one of the top 3 payment channel service providers (by value of transactions processed) in Nigeria since 2018.
It currently operates in Nigeria, Ghana and East Africa, with plans to expand to other parts of the continent in the future.
In May 2022, Accelerex was recognized by the Financial Times as one of the fastest growing companies in Africa.
The FMDQ Securities Exchange Ltd. has approved the registration of the Johnvents Industries Ltd N30 billion Commercial Paper (CP) to boost agriculture productivity.
This is contained in a statement issued by the company on Tuesday in Lagos.
The News Agency of Nigeria reports that Johnvents Industries Ltd is a wholly indigenous-owned agribusiness that provides modern information and communication tools, macro-loans, and farm inputs to support farmers and finance their businesses in Nigeria.
The statement said that the approval was in furtherance of the company’s commitment to the transformative development of the Nigerian debt markets.
The Exchange said that the registration of the Johnvents Industries Ltd N30 billion CP programme on its platform would boost agriculture in the country.
The group noted that access to capital remains a top priority for corporates to fund business expenditure, expansion aspirations existing debt obligations.
It added that the CP programme, sponsored by United Capital Plc, would avail the issuer the opportunity to raise short-term finance from the Nigerian debt markets through CP issuances within the programme limit.
The statement reiterated that FMDQ Exchange would continue to provide a liquid, transparent and efficient market geared toward supporting the aspirations of corporates to unlock the required capital to bridge the funding gap in Nigeria’s agriculture sector.
Parthian Partners Ltd, a Nigerian based top brokerage firm, says it is impressed with its 10 years of greatly contributing to bridge the gap in both wholesale and retail financial sector in the country.
The Chief Executive Officer of Parthian Partners Ltd, Mr Oluseye Olusoga, made the assertion in his address at an event to celebrate the company’s 10th year anniversary in Lagos on Saturday, a statement on Tuesday said.
It said the grand glittering anniversary celebration was themed: “A Night of Golden Stars” and awards were presented to personalities who had contributed greatly to the growth and success of the company in the past decade.
According to Olusoga, Parthian Partners Limited is Nigeria’s first inter-dealer broker, serving both buy-side and sell-side wholesale market participants.
He said the company also provided liquidity by showing prices on all off-the-run FGN bonds, State and corporate bonds, Treasury Bills, Promissory notes, and Euro bonds.
“ Parthian Partners is the first Inter-Dealer Broker in Nigeria to successfully issue and redeem a 20 Billion (NGN) Commercial Paper on the Financial Markets Dealers Quotations (FMDQ) Exchange.
“The wholesale brokerage industry is one with huge potential.
But when we decided to set up the first ever interdealer brokerage business in Nigeria, there was no regulatory framework and the industry didn’t even exist.
“ Now, there are so many other businesses in Nigeria which do what we do.
“Therefore, we are happy to have pioneered a burgeoning industry that improves liquidity, financial integration, transparency and efficiency in the African OTC and fixed income market,’’ he said quoted as saying.
The CEO expressed his appreciation to distinguished personalities who contributed to the growth and success of the company.
Also, the Chairman of Parthian Partners, Mr Adedotun Sulaiman (MFR), in his address, encouraged members to be more committed to the future of the firm.
“As we celebrate Parthian’s 10th anniversary, it is an appropriate time for us, the pioneers of this great company, to reflect on our phenomenal achievements and to commit ourselves to building a legacy for the future generations.
“The Parthian story started 10 years ago when the Founder, Seye Olusoga shared with my age long friend, Adebayo Adeola and myself, his vision to start an interdealer brokerage business in Nigeria.
“To provide a platform for market players to unanimously trade large volumes of fixed income securities”, he said.
According to Sulaiman, Parthian Partners, which was established in 2012, remains Nigeria’s premier traditional inter-dealer brokerage firm with a wide range of clientele.
He said that the clientele cuts across local and foreign banking institutions, assets managers, insurance companies, pension fund administrators, corporates bodies and development organisations.
Sulaiman described the company as a well-established institution with a strong innovative spirit, which maintained service standards on the scale of an efficient enterprise.
“ Parthian Partners prides itself as the leading firm in fixed income and structured finance and equities and financial integration services in the industry.
“It leverages technology to provide services to its clientele to enable financial growth at all levels.
“However, it was no mean feat to introduce the company’s vision and to work with regulators to develop a framework for its regulation and operations, a vision which he said birthed not only a successful business, but also a thriving sector.
“I recall the efforts that were required to set up the business at a time when interdealer brokerage was alien to the region.
“We started to build from scratch and worked our way to become the first interdealer broker in sub-Saharan Africa’’.
He said that while Parthian Partners had continued to improve services and impact lives across the country, the firm was bent on changing the narrative for Nigerians through access to cash and ease of transactions.
He emphasised the company’s commitment to retaining its core values and vision from inception 10 years ago to continue to innovate and to satisfy its clientele.
“Our first commitment is to retain the Parthian’s DNA and embrace our ‘DIETS’, which is an acronym of ‘Dedication’, ‘Integrity’, ‘Excellence’, ‘Teamwork’ and ‘Service’, just as we envisioned 10 years ago.
“For Parthian, this means committing ourselves to go the extra mile to ensure that the interests of all stakeholders are duly satisfied.
“To never compromise on ethical standards, to seek to exceed expectations, to work together to achieve our common objectives and to leverage strong relationships, technology, and intelligence to deliver superior service to our clientele.
“Our second commitment is to build to last.
We are building a business that will stand the test of time and become a legacy.
“The future is very bright.
I see huge prospects for Parthian and there are many things we are working on presently to solidify this,’’ Sulaiman added.
He thanked all the Parthian’s stakeholders, partners, Board of Directors, management staff and valued clients who contributed to Parthian’s enviable position in the financial marketplace.
The Debt Management Office (DMO) is set to list the 8.375 per cent, 1.25billion dollars, March 2029 Eurobond on the Nigerian Stock Exchange (NSE) and FMDQ Securities Exchange Limited.
The DMO made this known in a statement on Thursday in Abuja.
It said that the Eurobond was issued in March, based on approvals in the 2022 budget, and further approvals by the National Assembly and the Federal Executive Council (FEC).
The DMO said the Eurobond had earlier been listed on the London Stock Exchange.
It said that listing of the Eurobond on the NSE and FMDQ was an indication that DMO was committed to boosting the domestic capital market activities and creating opportunities for local players.
“The DMO will today Thursday, list 8.375 per cent, 1.25 billion dollars, March 2019 Eurobond on the NSE and FMDQ.
“The Eurobond was issued in March based on approvals in the 2022 appropriation Act and subsequent approvals received from the National Assembly and FEC.
“Its proceeds were used for financing capital projects in the Appropriation Act. In addition, the proceeds contributed to an increase in external reserves,’’ the DMO said.
The News Agency of Nigeria reports that the DMO had in 2019, listed the first Eurobonds, 2.50 billion dollars and 2.86 billion dollars on the NSE and FMDQ Securities Exchange.
Also, earlier in the week, the DMO listed a N250 billion 10-year 13.0 per cent FGN Sovereign Sukuk, due 2031 on the NSE and FMDQ.
The FMDQ Securities Exchange Ltd. has approved the listing of oil palm processing company, Presco Plc’s N50 billion bond on its platform.
FMDQ disclosed this in a statement on Friday in Lagos.
The News Agency of Nigeria (NAN ) reports that FMDQ Exchange is a platform for the registration, listing, quotation, and trading of financial securities.
The statement read, “Following the due diligence of the Exchange’s Board Listings and Markets Committee, it is pleased to announce the approval for the listing of the Presco Plc N34.50 billion Series 1 Fixed Rate Bond.
“The bond falls under the N50 billion bond issuance programme on the FMDQ platform.
“Presco Plc is a fully integrated agro-industrial establishment that specialises in the cultivation of oil palm plantation, milling and crushing of palm kernels to produce a range of refined vegetable oil.
“It also has an olein and stearing packaging and biogas plants to treat its palm oil mill effluent.
“The proceeds generated from the Presco Plc Series 1 Bond, will be used by the Issuer to refinance existing facilities from banks and to augment working capital requirements.”
According to it, the bond is co-sponsored by Stanbic IBTC Capital Ltd. (Lead Sponsor), CardinalStone Partners Ltd. and Quantum Zenith Capital and Investments Ltd; all registered members of the Exchange.
“As a securities exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and economy at large, FMDQ Exchange continues to show its commitment to promote an efficient, transparent, and well-regulated market.
“In also attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others, in line with its mandate,” the statement said.
The Debt Management Office (DMO) has offered three new Federal Government of Nigeria (FGN) bonds valued at N225 billion for subscription through auction in April.
They are a N75 billion FGN bond at 13.5 per cent interest rate, due in March 2025 (10 year re-opening) and a N75 billion FGN bond, due in April 2032 (10 year new issue).
The third one is a N75 billion bond at 13 per cent interest rate, due in January 2042 (20 year re-opening).
The bonds are valued at N1,000 with a minimum subscription of N50 million, and in multiples of 1000 units thereafter.
Auction date is April 25, while successful bidders have April 27 deadline to pay up.
“For re-opening of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest.
“The bonds qualify as securities in which trustees can invest under the Trustee Investment Act.
“They also qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption, pension fund amongst other investors.
“They are listed on The Nigerian Stock Exchange Ltd. and FMDQ OTC Securities Exchange,’’ the DMO stated.
It added that all FGN bonds qualify as liquid asset for liquidity ratio calculation for banks.
“FGN bonds are backed by the full faith and credit of the FGN and are charged upon the general assets of Nigeria,’’ it added.
Source Credit: NAN
Presco Plc has announced the issuance of N34.5 billion Series 1 seven-year fixed rate bonds under its N50 billion bond issuance programme.
This is contained in a statement that Nwabuko, the company's Managing Director, made available to the Nigerian News Agency in Benin on Tuesday.
Nwabuko said the bond attracted participation from a wide range of investors, including pension funds, asset managers, insurance companies, banks and high net worth individuals.
He praised the institutional investor community for supporting the transaction during the signing ceremony for the bond issue that took place on Tuesday at the company's Obaretin Estate, Benin, Edo.
Nwabuko said the bond issue was 24 percent underwritten and had a coupon price of 12.85 percent.
“Presco sought to raise N30 billion, but the order book closed at N74 billion, so the company chose to issue an additional 15 per cent to investors, thus raising a total of N34.5 billion.
"Stanbic IBTC Capital Ltd acted as lead issuer of the bond issue, while CardinalStone Partners Ltd and Quantum Zenith Capital and Investments Ltd acted as joint issuers of the bond issue."
Nwabuko said: “We are pleased with our first bond issue and grateful to our institutional investor community for supporting the transaction.
“This is a landmark transaction for Presco and has expanded our long-term funding sources.
“The success of this transaction demonstrates the resilience of our business, its strong cash generation and a long-term future with enormous potential for sustainable growth, in a fundamental sector for the country's agri-food promotion strategy, which made its positioning possible. in Nigeria, the largest country in Africa. palm oil product market.
"This is supported by Agusto & Co's + rating and GCR's A- rating."Caption: From left to right: Director of Fice, Presco Plc, Mr. Kenneth Crocket, Managing Director, Presco Plc, Mr. Feix Nwabuko, Managing Director, Stanbic IBTC, Funsho Akere and Acting Group CEO, Siat Group, Mr. Jan Van Eykeren, at the signing of Presco Plc N34.5billion Series 1 Bond on Tuesday in Benin, Edo State
He said the bond would be listed on the Nigerian Exchange Ltd and the FMDQ Securities Exchange.
Also speaking, Mr. Funso Akere, CEO of Stanbic IBTC Capital, said: “Stanbic IBTC Capital, CardinalStone Partners and Quantum Zenith Capital are delighted to have advised Presco on its first issuance in the Nigerian debt capital markets.
“We thank the institutional investor community for supporting the issue, as its success should encourage other similar companies to access the domestic debt capital markets for their strategic financing needs.
“We also thank the Presco board of directors and management for giving the issuers carte blanche to guide the process.
"Stanbic IBTC Capital is particularly pleased to have worked on this historic issue, having handled Presco's Initial Public Offering and listed on the Nigerian Exchange Ltd two decades ago."
Additionally, Quantum Zenith Capital Managing Director/CEO Kennedy Ichibor and Michael Nzewi of Cardinal Stone praised the firm for creating an environment conducive to the transaction.
They praised the company for maintaining its growth path over the years.