Nova Merchant Bank Floats N10bn Bond

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Nova Merchant Bank Limited has announced that its ongoing N10 billion bond issuance is aimed at putting the business on firm footing to achieve its short-term and long-term goals.

The technology-driven financial institution is seeking to raise up to N10 billion in a 7-year Fixed Rate Subordinated Unsecured Bonds under its N50 billion debt issuance programme.

The bond has a price range of from 12 per cent to 12.50 per cent and the offer, which opened on June 30, would close on July 8, 2020

A statement quoted its Managing Director/CEO, Mr. Anya Duroha, to have disclosed this.

Duroha, who pledged the bank’s commitment to creating superior value in the market and keeping customers at the centre of its business, noted that the fund to be raised would will be invested in long-term risk assets as part of its medium-term growth strategy and advised interested investors to obtain more details of the bond from the bank’s website.

Nova Merchant Bank Limited is a licensed merchant bank in Nigeria rated BBB by Agusto & Co. and A+ by Datapro and the bond which is issued under a SEC-approved N50billion Debt Issuance Programme is callable in five years by the bank.

Speaking to shareholders at a meeting recently, the bank’s Chairman, Mr. Phillips Oduoza, noted that the bank reported a significant improvement in all the key financial indices compared to the previous year’s achievement, and attributed the growth to the successful execution of the 2019 strategic plan in line with the key pillars to position the bank as a market leader by 2025.

He said that the bank will continue to focus on digital banking, provision of long-term funding, wholesale and investment banking while maintaining a lean operating philosophy.