Emerging Africa

Emerging Africa Capital records 100% subscription in Series 1 & 2 of its N15bn Commercial Paper Program

LAGOS, NIGERIA November 2022 – Leading Investment Banking Group Emerging Africa Capital is pleased to announce the successful completion of its debut Commercial Paper issuances with a 100% subscription rate. This impressive subscription level demonstrates investors’ confidence in the company’s impressive profile and the ability of its management team to deliver value to its stakeholders.

The company set out to raise N3 billion (“Series I – 182 days and Series II – 269 days Commercial Paper Issuances”) under its N15 billion Commercial Paper Programme recently registered with FMDQ Securities Exchange Limited. The Commercial Paper was fully subscribed to by Qualified Institutional Investors including asset managers, trustees, Insurance companies and stockbrokers.

Commenting on the programme, Toyin F. Sanni, the Executive Vice Chairman/Group Chief Executive Officer of Emerging Africa Capital, said: “I am very delighted with the overall outcome of the Commercial Paper Issuance particularly given the caliber of investors that subscribed to the Issuance. It is my view that the continued issuance of subsequent series under the ₦15 billion Commercial Paper Programme will support Emerging Africa’s strategic intent to build a long and credible track record of accessing funding from the Nigerian debt capital market.

I thank the FMDQ for its thoroughness and the dealers and investors who contributed to the success recorded in the Company’s Series I and Series II Commercial Paper Issuances”.

In addition, the Group CFO, Emeka Anazodo, said “I am pleased that the Offer attracted considerable investor interest, and achieved a 100% subscription rate despite low market liquidity and less – than favorable general market conditions experienced in the second half of 2022. He noted that funds from the Commercial Paper Issuance would enable the company to diversify its financing mix and fund its short-term working capital requirements”.

Emerging Africa Capital Advisory Limited acted as Lead Arranger & Dealer whilst Afrinvest Capital Limited, Coronation Merchant Bank, Nova Merchant Bank and United Capital Plc were Joint Arrangers on the debut commercial paper transaction.

Emerging Africa Capital Limited is a parent company that synergizes the operations of Emerging Africa Group (“the Group”). The Group’s primary subsidiaries are Emerging Africa Capital Advisory Limited, Emerging Africa Trustee Limited and Emerging Africa Asset Management Limited, which are licensed by the Securities and Exchange Commission (the “SEC”) to provide Issuing House/Underwriting, Trust, and Asset Management services respectively. The focus areas of other businesses within the group include Infrastructure Finance, Financial Technology, Microfinance Banking & Capacity Building.

The company provides cutting-edge financing and investing solutions to the public and private sector through its various subsidiaries and is on a mission to grow Africa’s economy through Environmental, Social and Governance (ESG) focused financing and investing solutions, leveraging talent, innovation and collaboration.