• Friday, September 22, 2023
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Greenwich Merchant Bank supports FG to raise N130bn for infrastructure

Greenwich Merchant Bank mulls plan to raise N10bn from Commercial Paper

Greenwich Merchant Bank Limited, a mandated issuing house to the FGN 15.64 percent N100 billion Sukuk V Issuance, along with other issuing houses, has closed the offer with a subscription level of over N165 billion.

The initial N100 billion offered was upsized to N130 billion due to the subscription level of over 165 percent, an indication of investors’ sustained appetite in the FGN Sukuk programme led by the Debt Management Office, Nigeria.

The proceeds of the Sukuk V issuance shall be used to finance the rehabilitation and construction of road projects across the six geo-political zones of the country.

Speaking on this development, the managing director, Bayo Rotimi shared that “Greenwich Merchant Bank’s participation as an issuing house in the Sukuk transaction is evidence of our focus on infrastructural development as a key driver of economic development”.

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Greenwich Merchant Bank said it was proud to have supported the Federal Government of Nigeria in the transaction and remains determined to deliver solutions that improve the socio-economic position of Nigerians.

In 2021, Greenwich Merchant Bank also served as an issuing house in the FGN N250 billion Sukuk IV issuance which was oversubscribed by 346 percent.