Afrinvest redeems N4.23bn commercial paper upon maturity

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.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.