FMDQ OTC admits Wema Bank’s N8.15b quotation
FMDQ OTC Plc (FMDQ) has approved the quotation of Wema Bank Plc’s ₦8.154 billion Series 1 Commercial Paper (CP) Notes under its ₦20 billion Commercial Paper Issuance Programme, having successfully met the quotation requirements as contained in the FMDQ Commercial Paper Quotation Rules.
To commemorate the quotation of this commercial paper, the second to be quoted on the FMDQ platform, a ceremony was held in honour of the bank, where FMDQ played host to the issuer- The Managing Director and Chief Executive Officer of Wema Bank, Segun Oloketuyi.
The arranger/Registration Member (Quotations) of FMDQ, were represented by the Managing Director and Chief Executive Officer of FBN Capital Limited, Kayode Akinkugbe.
While congratulating Wema Bank, Managing Director and Chief Executive Officer of FMDQ, Bola Onadele Koko, noted that CP issuers gain access to a wide range of knowledgeable and capitalised investors (qualified institutional investors and eligible individual investors) through FMDQ Members.
By quoting on the FMDQ platform, investors are able to diversify their portfolios, improve the returns on their investment and enjoy improved liquidity, which serves to ensure ease of entry and exit from the CP market.
As a securities exchange, FMDQ promotes credibility for quoted CPs, through a highly efficient registration process, supported by robust Rules, to aid price reasonability and audit trails.
Ahead of signing of the FMDQ Quotations Register and the presentation of the CP Quotation Certificate, Oloketuyi, noted that “six years ago, the bank took a decision to refocus its operations and build a sustainable institution.
“The official listing of the Wema Bank Commercial Paper is a testament of the success of the ongoing transformation project in the Bank. We are glad that the first tranche has been approved for quotation and listing on the FMDQ OTC market.
“We are particularly impressed with the quality of institutional investors that participated in the first tranche which is an affirmation of the confidence they have in the Bank’s transformation project.
“The Bank is on a journey to become a leading retail institution in Nigeria. Hence, we will not relent on our drive to implement initiatives that would position us for available opportunities in the retail segment of the market.”
However, Akinkugbe, added: “We are pleased to have advised Wema Bank on setting up its N20 billion Commercial Paper programme, and despite fairly volatile market conditions, we leveraged FBN Capital’s distribution platform to successfully arrange the first
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