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Nigerian Stock Exchange Continues To Assist Corporates And Government To Raise Capital Amidst The Pandemic

Date 01/07/2020

The Nigerian Stock Exchange (NSE or The Exchange) continues to deliver on its commitment to provide a platform for issuers to raise capital even in the toughest of times. Since the activation of its Business Continuity Plan which saw the transition to remote trading and working from home on 24 March 2020, the NSE has attracted several new listings to the market, the most recent being LAPO Microfinance Bank’s N6.2 Billion Bond on Monday, 29 June 2020. This listing came closely on the heels of the listing of Dangote Cement’s N100 Billion Bond on Friday, 26 June 2020, which is the largest corporate bond issued in the Nigerian debt capital market.

During this period of remote trading, The Exchange has helped corporates and government raise capital to the tune of over N968 Billion, ranging from new and supplementary bond listings to Rights Issues, private placements and Exchange Traded Funds (ETFs). These funds have been utilized to pay down financial obligations, support working capital, improve infrastructure development and facilitate business expansion.  

In a recent interview, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON had said, “The NSE is resolute in its commitment to be a trusted business partner to all our Issuers in accessing right-sized capital and achieving their strategic business objectives. In our efforts to fulfil this mandate, we have achieved all-round increased efficiency in terms of competitive pricing structures, increased turnaround time, enhanced customer experience and improved time to market. We believe this has translated into the remarkable resilience we have displayed amidst this pandemic, as well as increased investors’ confidence as reflected in stakeholders’ participation in our market across various asset classes.”

Since March 24, the NSE has successfully listed: LAPO Microfinance Bank’s N6.2 Billion Bond; 900,000 units of the NewGold ETF valued at N7 Billion; Dangote Cement Plc’s N100 Billion Bond; UACN Property Development Plc’s N16 Billion Rights Issue; FBNQuest Merchant Bank’s Series-1 N5Bn Bond; Flour Mills’ N12.5Bn and N7.5Bn Bonds; Primero BRT Securitisation SPV Plc bond worth N16.1Bn Bond; Golden Guinea Breweries Plc’s N1.2 Billion Private Placement; and several Government Bonds worth over N797 Billion.