FMDQ Exchange approves quotation of TeleAfrica’s N3.31bn Commercial Papers on its platform

FMDQ Securities Exchange Limited has approved the quotation of TeleAfrica Communications Limited’s N130 million Series 1 Tranche A, N140 million Series 1 Tranche B, and N3.04 billion Series 1 Tranche C Commercial Papers (CPs) under its N20 billion CP Programme.

TeleAfrica is a Nigerian interconnect clearing house that provides international-to-local voice termination and local interconnect services between mobile network operators, as well as reconciliation and billing solutions that support the seamless exchange of telecommunications traffic across the country.

The net proceeds from these CP issuances, sponsored by AIICO Capital Limited (Lead Sponsor), Anchoria Advisory Services Limited, and FCSL Asset Management Company Limited, all Registration Members (Quotations) of the Exchange, will be deployed to support TeleAfrica’s working capital requirements and strengthen its capacity to deliver reliable interconnect infrastructure across Nigeria’s telecommunications industry.

This approval by the Exchange’s board listings and markets committee reinforces FMDQ Exchange’s role as a trusted platform for short-term capital market financing and broadens access to Nigeria’s debt capital markets for issuers in the telecommunications sector.

“The quotation of TeleAfrica Communications Limited’s CPs on FMDQ Exchange reflects the growing confidence of Nigeria’s telecommunications sector in the capital markets as a reliable source of short-term funding. FMDQ Exchange remains committed to extending efficient and transparent access to capital across the diverse sectors that underpin Nigeria’s economy, and we are pleased to support TeleAfrica as it strengthens the infrastructure connecting the Nigerian telecommunications industry,” said Tumi Sekoni, group chief operating officer, FMDQ Group Plc.

“We are delighted with the successful completion of our CP quotation on FMDQ Exchange. This milestone reflects the confidence investors have placed in our business and growth strategy, while enhancing our financial flexibility to continue investing in infrastructure, technology and service delivery to meet Nigeria’s growing connectivity needs,” said Denzil Kentebe, managing director, TeleAfrica Communications Limited.

“These successful transactions highlights the continued importance of the Nigerian debt capital market as an efficient source of funding for corporates seeking to support their growth and strategic objectives. We thank the Board and Management of TeleAfrica Communications Limited for their trust, collaboration and commitment throughout the transaction, and also extend appreciation to the investing community for their continued support,” said Femi Ademola, managing director, AIICO Capital Limited while also commenting on the transaction.