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Debt Capital Market Can Fund Infrastructure Deficit, Says FMDQ Boss

Goddy Egene

The Managing Director/Chief Executive Officer of FMDQ OTC Securities Exchange, Mr. Bola Onadele.Koko has said the nation’s debt capital market can fund the infrastructure deficit in the country.

Speaking recently at the listing of Viathan Funding Plc Series 1 N10 billion 16 per cent 10-year Senior Guaranteed Fixed Rate Bond on the exchange, he noted that infrastructure poses a major challenge to the realisation of the potential of the Nigerian economy.

According to him, the challenge has not only stagnated economic development, but inhibited improvement in the standard of living of the Nigerian people.

However, Onadele-Koko explained exploring the potential in the debt capital market, some of the challenges would be surmounted.

He said that the Viathan Funding Plc Series 1 N10 billion was another significant contribution inspiring confidence in the Nigerian markets as infrastructure development, slowly, but progressively, takes form. The bond is the first corporate infrastructure bond focused on addressing power generation challenges, amongst others, to be issued in Nigeria and listed on the OTC exchange.

Speaking during the listing ceremony Vice President, Capital Markets Directorate at FMDQ, Tumi Sekoni, expressed pleasure at the pioneer listing of a power bond in Nigeria.

She said: “FMDQ, being especially desirous of unlocking capital for infrastructure and economic development in Nigeria, has again demonstrated its unflinching commitment in this regard by providing due diligence and availing its credible and efficient platform for the listing and trading of the Viathan Bond – the first-ever Power Bond to be issued in the Nigerian markets. FMDQ is indeed honoured to be the chosen platform for the listing of this Power Bond.”

In his comments, Chief Executive Officer, Viathan Funding Plc, Mr. Ladi Sanni, said: “It is with great pleasure that we celebrate the listing of the Viathan Bond. The success of the bond is evidence of the increasing appetite of local institutional investors for long term infrastructural debt instruments. The N10 billion bond is the first tranche in a N50 billion bond programme which would essentially help Viathan actualise its aggressive 200megawatts capacity expansion programme by 2021. We are happy about the investors’ confidence and reception to the Viathan bond and look forward to their support in subsequent bond issues.”

Mr. Temi Popoola of Renaissance Capital (Nigeria) Limited said: “It has been a source of tremendous pride working with Viathan on this landmark transaction. Whilst it is the first of its kind in many regards, the most important benefit is perhaps the signalling effect it gives to corporates in Nigeria that other funding sources are available to them.”

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