FMDQ Securities Exchange Admits the N8.15bn Wema Bank Commercial Paper

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FMDQ Securities Exchange Admits the N8.15bn Wema Bank Commercial Paper. Having successfully met the quotation requirements as contained in the FMDQ OTC PLC (FMDQ) Commercial Paper (CP) Quotation Rules, the FMDQ Board Listings and Quotations Committee granted its approval for the quotation of the Wema Bank PLC ₦8,154,803,000.00 Series 1 Commercial Paper (CP) Notes under a ₦20,000,000,000.00 Commercial Paper Issuance Programme (the Wema Bank CP) on FMDQ. Consequently, the Wema Bank CP has been admitted to the FMDQ Quotations List in September 2015.

The Wema Bank CP is the second CP, following the pioneer quotation of the Stanbic IBTC Bank PLC CP, to be quoted on FMDQ. To commemorate the quotation of the Wema Bank CP, an FMDQ Quotation Ceremony was held, with the issuer, Wema Bank PLC, being the guest of honour. FMDQ played host to the issuer, represented by the MD/CEO Wema Bank PLC, Mr. Segun Oloketuyi and other key representatives of the bank, and the arranger/Registration Member (Quotations) of FMDQ, represented by the MD/CEO, FBN Capital Ltd., Mr. Kayode Akinkugbe along with other key representatives of the institution.

Whilst congratulating Wema Bank, Mr. Bola Onadele. Koko, MD/CEO of FMDQ noted that as a securities exchange, FMDQ promotes credibility for quoted CPs, through a highly efficient registration process. CP issuers quoting their securities on FMDQ gain access to a wide range of knowledgeable and capitalised investors through FMDQ Members. Investors, on the other hand, enjoy improved liquidity which serves to ensure ease of entry and exit from the CP market.

He added that the CP gains access to the full complement of an FMDQ quotations service; which includes but not limited to the global visibility through its inclusion to the FMDQ Bloomberg E-Bond trading system and on the quotations page of the FMDQ website. Others include the transparency drive which is also characterised by continuous disclosure of relevant information (such as issuer, issuance type, outstanding value and issuer history) on instruments quoted on its platform.

Ahead of the sigining of the FMDQ Quotations Register and the presentation of the CP Quotation Certificate, Mr. Oloketuyi, whilst making a brief address highlighted that six (6) years ago, Wema Bank took a decision to refocus its operations and build a sustainable institution. The Bank’s transformation was implemented in three phases; firstly to stabilise the Bank, secondly to prepare the building blocks for growth and thirdly to go for growth. We are now within the third phase of the transformation project and the official listing of the Wema Bank Commercial Paper is a testament of the success of the ongoing transformation project. As the Bank continues to build on the success recorded in the various initiatives embarked upon, there has been an increase in patronage, clientele and transaction dynamics. Similarly, commercial customer transactions have increased, hence, the need to meet the short cycle financing needs of these customers.

Also speaking on the transaction, Mr. Akinkugbe, stated, “We are pleased to have advised Wema Bank on setting up its N20billion Commercial Paper programme, and despite fairly volatile market conditions, we leveraged FBN Capital’s distribution platform to successfully arrange the first tranche of N8.15billion. This CP transaction is the first time Wema Bank is accessing the public market since the global financial crisis in 2008 and signals an affirmation by investors of the successful transformation of Wema Bank to a well capitalised financial institution. Quoting the Wema Bank CP on FMDQ will provide investors with a transparent and efficient platform for price determination, liquidity and execution of trades.”

As a securities exchange and self-regulatory organisation, with a commitment to facilitate growth and development in the financial market and Nigerian economy at large, FMDQ is unwavering in its mandate to promote an efficient, transparent and well regulated market, which will attract and retain investors (domestic and foreign). Issuers have the opportunity to leverage on the provisions of this unique exchange to meet their short and long term funding needs even as the financial markets become aligned with international best practices/standards.

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