TrustBanc raises N5.85bn from series 7, 8 commercial papers

TrustBanc Holdings Limited (TrustBanc), the parent company of three regulated financial services companies, has successfully closed its series 7 and 8 Commercial Paper (CP) issue for a total amount of N5.85bn under its FMDQ approved N20bn CP programme.

The 181 and 269-day CPs were issued at a discount of 11.3260 and 12.2784 percent, respectively.

Abu Jimoh, group chief executive officer, described the successful issuance as a strategic milestone in its bid to establish TrustBanc as a leading financial service provider in Nigeria.

He said: “…In addition, the net proceeds from the issuance will further diversify our sources of funding as we continue to accelerate business growth and drive our strategy.”

Since the registration of the debut Programme more than 12 months ago, the company has continued to see active and growing participation from the market, demonstrating continued investor confidence in TrustBanc and its growth trajectory. In addition, four series with a total face value of N8.7bn have matured under TrustBanc’s CP programme, and the company has successfully paid back each of the series in full at maturity. This N5.85bn issuance is the largest amount TrustBanc has raised from the CP market in a single outing.

UCML Capital Limited, United Capital Plc and Emerging Africa Group, acted as dealers on the transaction. Speaking on behalf of the dealers, Director at UCML Capital Limited, Egie Akpata, said: “The record level of subscription and diverse participation in these series indicates widespread acceptance by institutional investors of TrustBanc Holdings as an issuer of choice.”

“I would like to thank all the subscribers to this commercial paper issue. This support represents a strong mark of confidence in TrustBanc, its financial performance, its business model and its growth strategy, “ Jimoh said.

Earlier in the year, DataPro affirmed the Group’s long and short-term issuer ratings of A and A1 respectively, with a stable outlook and upward trend. The long-term rating is an upgrade from the previous year’s A-. In the rating report, DataPro noted that the rating reflects the Group’s good asset quality, diversified revenue sources, robust liquidity, and ability to meet its ongoing obligations.

TrustBanc was incorporated as a holding company to synergise the operations of TrustBanc Financial Group. TrustBanc along with its subsidiaries, namely, TrustBanc Asset Management Limited, TrustBanc Capital Management Limited, and TrustBanc J6 MFB Limited, make up the group.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.