Flour Mills of Nigeria PLC Bond Listing Ceremony

Share This Article
Share on facebook
Share on linkedin
Share on twitter
Share on email

FMDQ Lists the 37th Bond – Flour Mills of Nigeria PLC Bonds – on its Platform

As a debt-capital focused securities exchange, championing and effectively supporting market-driven initiatives aimed at providing liquidity and facilitating growth and development in the Nigerian financial markets, FMDQ OTC Securities Exchange (FMDQ or the OTC Exchange), through its Board Listings, Markets and Technology Committee, admitted the listing of the Flour Mills of Nigeria PLC ₦10.11 billion Series 1 and ₦10.00 billion Series 2 Senior Unsecured Fixed Rate Bonds under its ₦70.00 billion Bond Issuance Programme (“the FMN Bonds”) on its platform. The proceeds of the FMN Bonds will be used to refinance existing debt obligations of the Company and streamline its maturity profile.

To mark this noteworthy achievement, FMDQ, in keeping with its tradition, held a prestigious listing Ceremony at its offices on Friday, December 7, 2018. Present to celebrate the successful admission of FMN Bonds on FMDQ were the issuer, Flour Mills of Nigeria PLC, represented by the Group Managing Director, Mr. Paul Gbededo and other key representatives from Flour Mills of Nigeria PLC. Also present at the ceremony were the sponsor of the Bond on FMDQ and the Registration Member (Listings), Stanbic IBTC Capital Limited (Stanbic IBTC Capital), and representatives from the Joint Issuing Houses, ARM Securities Limited, FBNQuest Merchant Bank Limited, United Capital PLC and Zenith Capital Limited, as well as the solicitors to the listing, The New Practice, KB & Company, Udo Udoma & Belo-Osagie, amongst others.

Ms. Tumi Sekoni, Associate Executive Director, FMDQ, during her welcome address, applauded the issuer for having successfully raised ₦20.11 billion from the domestic capital markets. She commended the issuer for joining the league of corporate entities whose debt profiles have been raised via the valuepacked listings, quotations and noting service offered by FMDQ, for the second time. She also commended the sponsor of the Bond and Registration Member (Listings) of FMDQ, Stanbic IBTC Capital, for their concerted efforts towards ensuring the success of the issuances. She reiterated the OTC Exchange’s commitment to continue to innovate and provide efficient services, as may be necessary, to support issuers and investors, towards achieving an operationally excellent and globally competitive debt capital markets (DCM).

[metaslider id=61771]

In delivering his special address, Mr. Paul Gbededo, commented, “Flour Mills of Nigeria PLC is delighted to return to the capital markets with such a successful outing, especially with the level of interest shown by investors. The response from the market vindicates the Company’s decision to have taken this additional step in diversifying its financing options. The transaction will help the Company achieve its strategic objective of sustaining its market leadership position with our foods and agro-allied businesses, whilst fostering our vision of Feeding the Nation, Everyday.

We are very pleased to have worked with our advisors, Stanbic IBTC Capital Limited as Lead Issuing House, along with ARM Securities Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, United Capital PLC and Zenith Capital Limited as Joint-Issuing Houses, on a highly successful transaction.”

Speaking on behalf of the sponsor to the issue and FMDQ Registration Member (Listings), Mr. Kobby Bentsi-Enchill, Executive Director and Head of Debt Capital Markets for Stanbic IBTC Capital stated, “we have a long history of partnering with the Flour Mills of Nigeria PLC and were excited to collaborate once more on this transaction. This transaction also further demonstrates the positive developments and progress achieved within the local bond market, with increasing participation from reputable investors. The overwhelming success of the transaction despite market conditions is testament to the confidence of the investor community in the strategic vision of the Company, especially after the success of the Company’s N40.00 billion rights issue earlier in the year.

Over the last few years, Stanbic IBTC has tirelessly championed the resurgence of corporate capital markets activity in various formats, and we are exceptionally pleased to see these efforts yielding results, and more importantly for the opportunity to assist our valued clients, such as Flour Mills of Nigeria PLC, achieve their financing objectives.”

Mr. Bola Onadele. Koko, the Managing Director/CEO of FMDQ, during his closing address, commented that, “FMDQ has supported the enhancement of market credibility which has, in turn, boosted investor confidence in the Nigerian DCM, through the provision of unprecedented transparency, spearheading of initiatives to boost secondary market liquidity and facilitating effective price formation, among other activities via its platform. Mr. Onadele reiterated that through consistent collaboration with its stakeholders, FMDQ shall continue to further deepen and effectively position the Nigerian DCM for growth, and invariably contribute to the growth of the economy at large”.

More Articles

FMDQ Academy Attains LPI and CPD Accreditations, Launches Capital Markets Course

Romco Recycling Company Limited Quotes ₦1.26 Billion Commercial Papers on FMDQ Exchange

FMDQ Exchange Admits the Eat & Go Finance SPV PLC Series 1 Bond on its Platform

FMDQ-OXFO Partnership
With innovative technology and strategic partnerships we create a new value network and redefine the cost structure for homeownership so that more people
FMDQ Sustainability Agenda
FMDQ, through its activities, aims to achieve sustainability in the areas it actively operates and impacts, as such, its Sustainability Strategy is guided by five (5) main Sustainability Pillars…

Dear Subscriber,

Thank you for your interest in staying connected with us! Before proceeding, please take a moment
to read and acknowledge the terms and conditions below:

1. Privacy Policy: Your privacy is important to us. We will handle your personal information responsibly and in accordance with our Privacy Policy. You can review our Privacy Policy here.

2. Email Communications: By subscribing, you consent to receiving email communications from us. These may include newsletters, product and service brochures, and other relevant updates.

3. Subscription Confirmation: You will receive a confirmation email shortly. Please click on the provided link to confirm your subscription. This step ensures your interest in receiving emails from us.

4. Unsubscribe Option: Every email communication you receive will include an option to unsubscribe. If you ever wish to stop receiving our email communications, you can do so by clicking the “unsubscribe” link at the bottom of the email.

5. Age Verification: By subscribing, you confirm that you are 18 years old or the legal age of majority in your jurisdiction.

6. Frequency: We strive to send you relevant content without overwhelming your inbox. You can expect to hear from us [weekly/monthly/occasionally], depending on our content schedule

Please check the boxes below to confirm your consent.
If you have any questions or concerns about our terms and conditions, kindly contact us at


Get access to industry data and reports


Get access to industry data and reports


Get access to industry data and reports


Get access to industry data and reports