In a bold move and show of confidence in Nigeria’s securities market, Banwo and Ighodalo has been ranked tops among Nigeria’s solicitors participating in Nigeria’s debt capital market.
The law firm participated as solicitor for both bond listing and Commercial Paper quotations in the FMDQ’S Bond and Commercial Papers market for Q1, January to March 2020, with a total market participation value of N112.47 billion and N208.37 billion, respectively.
According to the latest FMDQ Fixed Income Primary Markets Sponsors’ and Solicitors’ league tables and analyses seen by BusinessDay, “six capital markets solicitors actively participated in the bond and CP markets for the period. The most active solicitor for the review period was Banwo & Ighodalo participating as a solicitor for both bond listings and CP quotations for Q1 2020.”
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The ranking also showed that Udo Udoma & Belo Osagie participated in the CP market with securities valued at N40.99bn, Aluko & Oyebode participated in the CP market with a total value of N24.21bn.
Others that participated are Solola Akpana and Co; P.O. Akinrele and Co; and G. Elias and Co.
The report also listed registration member institutions, RMs, who are the FMDQ Exchange-authorised sponsors of the listings and quotations of fixed income securities (i.e. bonds and commercial papers (“CPs”), respectively for Q1 2020.
In the FMDQ Exchange fixed income primary markets, the report states that only 12 RMs participated in the listings and/or quotations of these securities with one participating solely in the bond market and 11 in the CP market whilst two participated in both the bond and CP markets.
The FMDQ report ranked Stanbic IBTC Capital Limited as remaining the most active sponsor, contributing N233.78bn (N11.50bn in a bond issuance and N222.28bn worth of CPs) to the FMDQ fixed income platform. Chapel Hill Denham Advisory Limited moved up to 2nd place on the table with N128.45bn (N112.24bn in bonds and N16.21bn worth of CPs). FCMB Capital Markets Limited climbed to 3rd place, having sponsored N86.29bn worth of CPs.
FMDQ Exchange provides an efficient and reliable platform for the registration, listing, quotations and trading of debt securities as well as reporting of data and information.
