As Nigeria’s largest Exchange by market turnover, championing and supporting market-driven initiatives aimed at providing liquidity and facilitating growth and development in the Nigerian financial markets, FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”), through its Board Listings and Markets Committee, approved the registration of African Steel Mills (Nigeria) Limited ₦10.00 billion Commercial Paper (CP) Programme on its Platform. African Steel Mills (Nigeria) Limited (“African Steel Mills” or the “Issuer”), joins other corporate issuers on FMDQ Exchange’s platform this year, actively tapping the Nigerian debt markets to raise funds to meet working capital requirements.
African Steel Mills is a subsidiary of African Industries Group, which is a diversified global conglomerate that has evolved into the largest steel manufacturing company in Nigeria, and a producer of renewable energy. The CP Programme, which is sponsored by Stanbic IBTC Capital Limited (Lead Sponsor) and FCMB Capital Markets Limited (Co-Sponsor) – both Registration Member (Quotations) of FMDQ Exchange, will avail the Issuer the opportunity to raise short-term finance from the Nigerian debt markets through CP issuances within the Programme limit.
As the CP market continues to witness significant activity with diverse corporate institutions tapping the market as an efficient alternative to meeting their funding and liquidity requirements, FMDQ Exchange will continue to support the efficient allocation of capital to these corporate institutions by providing an efficient, transparent, and credible platform for capital formation and effective intermediation towards fostering economic growth and development.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.