Investment company redeems N1bn commercial paper

An investment firm, Emerging Africa Capital Limited, has announced the redemption of N1.13bn Series 1 commercial paper issued November 2022 on the FMDQ Securities Exchange Limited.

This was disclosed in a statement issued by the firm on Sunday. It stated that the 182 days Series I commercial paper was issued at a discount rate of 16.9400 per cent and achieved a 100 per cent subscription rate.

The N1.13bn Series 1 was issued under Emerging Africa Capital’s N15bn commercial paper issuance programme.

Speaking on the redemption of the CP, Executive Vice Chairman/Group Chief Executive Officer of the firm, Toyin Sanni, stated, “The successful redemption of the N1.13bn Series 1 commercial paper reflects our company’s commitment to ensuring transparency and trustworthiness in maintaining investor confidence in the Nigerian debt capital market.”

She expressed her gratitude to all investors for their trust and confidence in the company, and promised to continue to deliver substantial value to its stakeholders.

The commercial paper issuance was to enable the company to diversify its financing mix and fund its short-term working capital requirements.