Emerging Africa Capital Advisory Limited exceeded its initial offer size under its latest commercial paper (CP) issuance as investors showed stronger confidence in the investment banking group.
The company had launched the offer to raise N2.5 billion through its “Series III – 180 days” and “Series IV – 268 days” CP Issuances. It subsequently raised N3.114 billion. The issues were under the company’s N15 billion CP programme registered with FMDQ Securities Exchange.
The CP issuance achieved over-subscription through bids by institutional investors, including leading asset managers, trustees, and insurance companies.
Executive Vice Chairman and Group Chief Executive Officer, Emerging Africa Capital Limited, Toyin Sanni said the remarkable level of subscription underscored the strong confidence that investors have in the company’s impressive profile and the exceptional capabilities of its management team in delivering value to stakeholders.
She expressed delight with the overall outcome of the CP issuance.
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She noted that the caliber of investors that participated in the issuance highlighted the company’s strategic intent to establish a reputable track record in accessing funding from the Nigerian debt capital market through successive series under the N15 billion CP programme.
She commended the FMDQ, dealers, and investors for contributing to the success of the Series III and Series IV CP issuances.
Chief Financial Officer, Emerging Africa Capital, Emeka Anazodo expressed satisfaction with the considerable investor interest generated by the offer.
He said the issuance would enable the company to diversify its financing mix and address short-term working capital requirements effectively.
Emerging Africa Capital Advisory Limited acted as Lead Arranger & Dealer whilst Afrinvest Capital Limited, CardinalStone Partners Limited, Coronation Merchant Bank, and Nova Merchant Bank were Joint Arrangers on the commercial paper transaction.
Anazodo outlined that Emerging Africa Capital Limited, as the parent company, strategically coordinates the activities of the Emerging Africa Group and its primary subsidiaries: Emerging Africa Capital Advisory Limited, Emerging Africa Trustees Limited, and Emerging Africa Asset Management Limited. These subsidiaries are licensed by the Securities and Exchange Commission (the SEC”) to provide specialized services such as Issuing House/Underwriting, Trust, and Asset Management. The Group’s diverse businesses encompass Infrastructure Finance, Financial Technology, Microfinance Banking, and Capacity Building.
Sanni reiterated that the company remains dedicated to advancing Africa’s economy through innovative financing and investment solutions, with a strong focus on Environmental, Social, and Governance (ESG) principles.
She added that by leveraging its talent, innovation, and collaborative efforts, Emerging Africa Capital is committed to driving sustainable growth in the region.