To accelerate the development of the Nigerian debt markets, FMDQ Securities Exchange Limited (FMDQ Exchange), has announced the quotation of the Flour Mills of Nigeria PLC ₦13.33 billion Series 1 and ₦51.64 billion Series 2 Commercial Papers (“CPs”) under its ₦200.00 billion CP Issuance Programme on the Exchange’s Platform on March 13, 2023.
Speaking on the successful issuance of the CPs, the Group Chief Financial Officer, Flour Mills of Nigeria PLC, Anders Kristiansson, stated “Flour Mills of Nigeria PLC is pleased to announce the quotation of the ₦13.33 billion Series 1 and ₦51.64 billion Series 2 CPs on FMDQ Exchange.
This joint quotation is aimed at harnessing alternative funding sources to meet some of our working and other capital requirements as we seek to deepen strategic, growth-consolidating investments across our value chains and in enabling capabilities that would unlock greater value for our stakeholders.”
Also, the Head, of Capital Markets, FBNQuest Merchant Bank Limited, Oluseun Olatidoye, stated “FBNQuest Merchant Bank Limited (“FBNQMB”), the investment banking and asset management subsidiary of FBN Holdings PLC, is pleased with its role as Lead Arranger on the registration of the Flour Mills ₦200.00 billion CP Programme and the subsequent quotation of the first two issuances under that Programme – ₦13.33 billion Series 1 and ₦51.64 billion Series 2.
FBNQMB has a strong reputation for helping indigenous corporates access the capital markets to meet their funding goals and we are pleased to have been able to assist Flour Mills in tapping into the debt markets to access funding to meet their working and other capital requirements.”
The Nigerian CP market has remained a viable funding option for corporate entities seeking to finance their short-term expenditures, including working capital shortfalls.
According the Exchange, the Flour Mills CPs, as with other securities listed, quoted and traded on the FMDQ Exchange’s platform, will benefit from the Exchange’s diversified market stakeholders, its highly responsive and efficient listing and quotation processes, and credible benchmark pricing required for aaropriate portfolio valuation, amongst others.
"In support of its mandate to deepen the Nigerian financial markets, FMDQ Exchange will continue to support the efficient allocation of capital by providing a credible platform for capital formation and effective intermediation towards fostering economic growth and development", it stated.
