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Business News of Monday, 24 January 2022


TrustBanc pays N1.7bn commercial paper proceeds

TrustBanc TrustBanc

TrustBanc Holdings Limited has said it successfully settled its series 2 commercial paper issue for a total amount of N1.7bn.

A statement said the 180-day CP was issued at a discount of 13.53 per cent, and subscriptions to the issue were made by institutional investors, with a significant proportion by asset and fund managers.

The Chief Executive Officer, TrustBanc Holdings Limited, Mr Abu Jimoh, said, “We confirm that the maturity proceeds of commercial papers bearing NGTRUCP22S26 on FMDQ have been duly paid to all the holders of the series on the maturity date, January 19, 2022.”

“I would like to thank all the holders of this commercial paper issue. Their trust represents a strong mark of confidence in TrustBanc, its financial performance, its business model and its growth strategy.

“In addition, our group is proud to contribute to the growth of the commercial paper market through the FMDQ.”

The statement said UCML Capital Limited, United Capital Plc and Emerging Africa Group acted as dealers on the series.

It said speaking on behalf of the dealers, a director at UCML Capital Limited, Mr Egie Akpata, said the company’s ability to pay at maturity further confirmed to subscribers and the market at large that TrustBanc Holdings Limited is a trustworthy counterparty.

Trustbanc closes N4.2bn commercial paper issue on FMDQFMDQ exchange admits Prima Corporation’s N3.57bn commercial paper TrustBanc was incorporated as a holding company to synergise the operations of TrustBanc Financial Group, the statement said.

It said, “TrustBanc, along with its subsidiaries, namely TrustBanc J6 MFB Limited, TrustBanc Asset Management Limited and TrustBanc Capital Management Limited, make up the group.

“The group is expanding to become an integrated financial services conglomerate with solutions covering wealth management, funds, ethical and conventional investments management, securities trading, savings, and lending.”

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