Afrinvest (West Africa) Limited has announced the successful redemption of its N4.23 billion debut Series 1 commercial paper (CP), which was issued on January 25, 2024, on the FMDQ Securities Exchange Limited platform under its N25 billion Commercial Paper Issuance Programme.
The series 1 and 2 commercial paper issuance by Afrinvest recorded a 144 percent oversubscription rate. This impressive subscription level demonstrates investors’ confidence in the Group’s impressive profile and the ability of its management team to deliver value to its stakeholders, the firm said. The redeemed series 1 was issued for 180 days at a discount rate of 15.2616 percent.
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Commenting on the successful redemption, Ike Chioke, group managing director of Afrinvest (West Africa) Limited, expressed his satisfaction and gratitude to all investors and other stakeholders in the capital market for their confidence and support for the Afrinvest brand. He congratulated the professional parties involved in the process and assured the public of the group’s commitment to fulfilling its obligations.
Afrinvest Capital Limited acted as sole financial adviser and lead issuing house for the Afrinvest (West Africa) Limited’s commercial paper issuance.
Suru Daniels, managing director of Afrinvest Capital, stated that Afrinvest promptly fulfilled its obligation on the Series 1 CP and informed FMDQ Exchange of the payment in line with best practices. He emphasised the group’s creditworthiness and commitment to maintaining investor confidence in the Nigerian capital market.
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