The Board Listings and Markets Committee of FMDQ Exchange has approved the Registration of the N20 billion CP Programme of NECIT Nigeria Limited on its platform.
NECIT Nigeria Limited is an indigenous company that deals in manufacturing of car lubricants and engine oil, as well as the importation and sale of base oil.
The short-term finance will be raised via CP issues within the approved CP Programme limit and quoted on FMDQ Exchange for visibility of the issue and issuer, and the desired transparency for investors.
Speaking on the successful CP Programme registration, the Managing Director/Chief Executive Officer, NECIT Nigeria Limited, Mr. Emmanuel Iheagwazi said: “NECIT is pleased to announce the registration of the N20 billion CP Programme.
“As a leading indigenous player in the lubricant blending industry in Nigeria, access to short-term funds is critical to meeting our working capital needs.
“The approval of this CP Programme by FMDQ Exchange represents a major milestone in our near-term growth aspirations and with this support, our capacity to unlock value for all stakeholders has been further enhanced.”
Also, the sponsor of the CP Programme and a Registration Member (Quotations) of the Exchange, Boston Advisory Limited, represented by the Managing Director, Mr. Rotimi Balogun, said: “At Boston Advisory Limited, we remain committed to an all-inclusive development of the Nigerian debt capital market; a market where the vast majority of bankable companies in Nigeria will have equal access to short term funds at cheaper rate.
“We ultimately seek to be a frontliner in arranging growth/expansion capital for mid-tier companies, and we are indeed delighted to work with NECIT in making this a reality.”
In keeping with its commitment to develop the Nigerian debt capital market (DCM), FMDQ Exchange will continue to sustain its efforts in supporting issuers with tailored financing options to enable them achieve their strategic objectives, deepen and effectively position the Nigerian DCM for growth.
CPs quoted on FMDQ Exchange benefit from the commendably efficient CP registration process, in addition to continuous provision of invaluable information and price formation as part of the Exchange’s commitment to organise, govern and enforce transparency in the Nigerian fixed income market space.