NSE commemorates Axxela debut bond listing of N11.5bn

Axxela Limited has joined the register of companies to successfully raise capital on the floor of the Nigerian Stock Exchange (NSE) even in these challenging times.

The company listed the Axxela Funding 1 Plc’s N11,500,000,000 Series 1; 14.30percent Fixed Rate Bond due 2027, under the N50billion Bond Issuance Programme on Thursday July 16, 2020. The listing was commemorated with a digital Closing Gong ceremony.

Speaking on the listing, the Chief Executive Officer, NSE, Oscar N. Onyema, stated, “I congratulate Axxela Limited on the listing of the Axxela Funding 1 Plc Series 1 N11.5billion Bond. It is worthy of note that this debut debt issuance was over-subscribed by 24percent, and I must commend the management of Axxela as well as the professional parties to the issue for this laudable achievement. The admittance of the Axxela bond is a testament to the opportunities The Exchange continues to avail to corporates in diverse business areas and our commitment to supporting stakeholders effectively even as they carry on their activities in the face of the pandemic.”

Commenting on the transaction, the Managing Director, Axxela Limited, Bolaji Osunsanya said, “We are pleased to mark this historic occasion with the management team of The Exchange, investors and all other key stakeholders, particularly our bond holders. Despite these peculiar times, Axxela has remained resilient and we are quite pleased with the resounding support received from the capital market. The success we have achieved in this issuance is evidence of the increasing confidence in our company’s reputation, brand and performance, and we look forward to returning to the market as we continue to grow.”

Osunsanya was also given the opportunity to sound the digital Closing Gong signalling the end of trading to the applause of Onyema and the Doyen of the market, Rasheed Yussuff.

Since March 24, 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 N5billion Bond; Flour Mills’ N12.5billion and N7.5billion Bonds; Primero BRT Securitisation SPV Plc bond worth N16.1billion Bond; Golden Guinea Breweries Plc’s N1.2 billion Private Placement; and several Government Bonds worth over N797billion.

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By Iheanyi Nwachukwu • July 17, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.