NOVA Merchant Bank commences N20bn commercial paper issuance

The company said the offer which opened on the FMDQ platform on Tuesday, February 8, 2022 has a tenor of 182 days for Series 1 while the Series 2 shall be for 270 days.

NOVA Merchant Bank, a leading merchant bank in Nigeria, has announced that its N20 billion Series 1 & 2 Commercial Paper (CP) issuance under the Nova Merchant Bank Limited N50 billion CP Programme is now open.

The company said the offer which opened on the FMDQ platform on Tuesday, February 8, 2022 has a tenor of 182 days for Series 1 while the Series 2 shall be for 270 days.

The banknotes that the proceeds from this commercial paper will be used to fund short-term working capital requirements and for general corporate purposes.

Nath Ude, managing director/ chief executive officer of NOVA Merchant Bank, said, “The successful listing of our N50 billion CP Programme on the FMDQ platform further gives credence to NOVA Merchant Bank’s confidence in the Nigerian debt capital market and puts the bank in a position to broaden potential funding sources and create superior value in the financial market it serves. We remain driven by our aspiration to transform the African financial services landscape with fresh thinking and innovative solutions”.

The new offer follows the recent successful run of NOVA’s first bond issuance listing of N10 billion 7-Year Subordinated Unsecured Bond on the FMDQ platform last year which saw an oversubscription by 300percent, as it remains one of the major corporate bond issuances by a Merchant Bank in Nigeria’s capital markets, thus reflecting the bank’s strong credit quality as well as the resilience of the debt market despite current global challenges

NOVA Merchant Bank continues to demonstrate dominance in the Nigerian merchant banking space with its integrated suite of financial solutions covering wholesale banking, investment banking, asset management, wealth management, trade services, transaction banking, cash management and digital banking.

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.