FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”) is pleased to announce the approval for quotation of the NECIT Nigeria Limited ₦2.17 billion Series 1 Commercial Paper (CP) under its ₦20.00 billion CP Issuance Programme on its platform. NECIT Nigeria Limited (“NECIT” or the “Issuer”) is an indigenous company that deals in the manufacturing of car lubricants and engine oil, as well as the importation and sale of base oil.
Speaking on the successful CP quotation, the Managing Director/Chief Executive Officer, NECIT Nigeria Limited, Mr. Emmanuel Iheagwazi stated “NECIT is pleased to announce the quotation of its ₦2.17 billion Series 1 CP. As a leading indigenous player in the lubricant blending Industry in Nigeria, access to short term funds is critical to meeting our working capital needs. The approval of this Series 1 ₦2.17 billon CP by FMDQ Exchange represents a major milestone in our near term growth aspirations. And with this support, our capacity to unlock value for all stakeholder has been further enhanced”.
Also, commenting on the issue, the sponsor of the CP quotation and a Registration Member (Quotations) of the Exchange, Boston Advisory Limited, represented by its Managing Director, Mr. Rotimi Balogun, stated “at Boston Advisory, we remain committed to an all-inclusive development of the Nigerian debt capital market; a market where the vast majority of bankable companies in Nigeria will have equal access to short term funds at a cheaper rate. We ultimately seek to be a frontline in arranging growth/expansion capital for mid-tier companies, and we are indeed delighted to work with NECIT in making this a reality”.
With a vision to be “the most attractive Exchange in Africa by 2025”; and a mission to “collaborate to empower markets for economic progress towards delivering prosperity”, FMDQ Exchange is committed to articulating and pioneering, innovative ways to improve and make the Nigerian financial markets globally competitive, operationally excellent, liquid, and diverse.
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