• Sunday, April 14, 2024
businessday logo

BusinessDay

C&I Leasing’s N5bn commercial paper oversubscribed by 100%

C&I Leasing’s N5bn commercial paper oversubscribed by 100%

C&I Leasing, a leasing and business services conglomerate in Nigeria, has announced the successful conclusion of its third Commercial Paper (CP) series.

The latest N5 billion issuance was oversubscribed by 100 percent, demonstrating strong investor confidence in the company, according to a statement.

Lenin Ugoji, group managing director, said in the statement that the 200 percent subscription for the company’s CP issuance was rooted largely in improved operational efficiency.

“This success can be attributed to enhanced operational efficiency, heightened business transparency, and robust foreign exchange gains, resulting in a notable 9 percent increase in headline revenues, despite challenging economic conditions,” he said.

Read also: Market sees positive start to new week as C&I Leasing, others rally

The most recent CP series, part of C&I Leasing’s N50 billion CP program’s 3rd Series registered in 2022, was successfully secured at a competitive rate of 17.05 percent per annum for 270 days.

This achievement reflects the company’s robust financial health and its ability to attract favourable financing terms. This follows the successful completion of the first and second series, launched in September and December 2022 respectively, with full repayment of the N3 billion and N2.4 billion raised.

Read also: C&I Leasing Plc: Committed to growing shareholders value amid seamless transition

The company is Nigeria’s premier leasing company with a diversified portfolio encompassing fleet management, personnel outsourcing, and marine offshore support services. It boasts over $120 million in assets under wet lease operations and associated personnel services, demonstrating its significant presence in the sector.

With operations across Nigeria, a subsidiary in Ghana and the UAE, it is a leading player in the West African market with Global networks.