FMDQ Admits Total, Valency Agro, Mixta Real Estate CPs

By Goddy Egene

FMDQ Securities Exchange Limited has approved the quotation of the Total Nigeria Plc N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers (CP) under its N30.00 billion CP Issuance Programme.

Also, Mixta Real Estate Plc N2.00 billion Series 32 CP under its N20.00 billion CP Issuance Programme and the registration of the Valency Agro Nigeria Limited N20.00 billion CP were admitted on the FMDQ platform.

According to FMDQ, the debut issuance of Total Nigeria Plc’s CP, following a volatile period for the oil and gas industry as disrupted by the COVID-19 pandemic demonstrates innovation and confidence in the Nigerian debt capital market (DCM) towards supporting the vibrancy of the sector and in turn the reactivation of the Nigerian economy.

The issue attracted significant demand from a wide range of investors – resulting in a subscription level of over four times the initial issue size – a demonstration of investor confidence in the company.

Commenting on the quotation of the issue, the Managing Director of Total Nigeria, Mr. Imrane Barry, said: “The programme was set up to enable the company further broaden its sources of capital by accessing funding from the Nigerian debt capital markets, while also reducing its overall funding costs.”

He thanked investors for supporting the company’s debut issue and commended the financial advisers, Stanbic IBTC Capital Limited and FBNQuest Merchant Bank Limited, for ensuring the success of the Issue despite the challenging environment.

Meanwhile, with double-digit inflation rates and soaring food prices compounded by the growing Nigerian population, it has become more imperative to catalyse the country’s agricultural value chain transformation in a bid to drive increased and sustainable production of agricultural products as well as foreign earnings through exports.

And Valency Agro Nigeria Limited, incorporated in Nigeria under Valency International Pte Limited, a company that deals in the sourcing, production, and trading of Agro and consumer food products is playing big in the drive to increase and sustain the production of agricultural produce food sufficiency in the country.

Commenting, the Managing Director, Valency International Pte Ltd, Mr. Sunil Dhanuka, “We are glad for the successful registration of Valency Agro’s N20.00 billion CP Issuance Programme.

“We also commend FMDQ for the seamless process despite the COVID-19 pandemic and the various restrictions. In line with our vision to grow within the agricultural value chain in Nigeria, Valency Agro is committed to ensure the growth of the Agriculture sector through our deep involvement in Cashew, Sesame, Cocoa and other produce.

“Proceeds from this CP Programme will be used towards meeting the midterm working capital requirements of the various agricultural produce and on value addition prior to export.”

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