The LFZC Funding SPV Plc corporate bond has been approved by NGX Regulation Limited for listing on the Nigerian Exchange Limited (NGX).

The approval by NGX Regulation Limited on October 11 was given for the listing of N10.5billion – 20 years 13.25percent Series One (1) Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2041 under the N50 billion LFZC Funding SPV Plc’s Bond Issuance Programme.

LFZC Funding SPV Plc is a special purpose vehicle sponsored by Lagos Free Zone Company (the Sponsor or Co-Obligor) as a funding entity, solely for the purpose of raising finance for its Sponsor. The Issuer has no business operation other than borrowing and passing through, as well as receiving funds from its Sponsor.

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The stockbroker to the bond listing is CSL Stockbrokers Limited while the Issuing House(s)/Financial Adviser(s) to the bond listing are Stanbic IBTC Capital Limited, FBNQuest Merchant Bank Limited and Radix Capital Partners Limited.

GCR Ratings (GCR) had assigned a national scale long term indicative Issue rating of AAA(NG)(IR)) to LFZC Funding SPV Plc’s N10billion Series 1 Senior Guaranteed Bond, with the Outlook accorded as Stable. The indicative rating expired September 30, 2021.

The Sponsor of the Bond engages in the development and management of Lagos Free Zone and leasing of the developed land to enterprises registered within the Zone. Its ultimate parent company is Tolaram Group Inc, a global conglomerate founded in 1948 and headquartered in Singapore, with operation spanning across Europe, Asia and Africa.

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By Iheanyi Nwachukwu • October 20, 2021

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.

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