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FMDQ Admits Comercial Papers for Total Nigeria PLC, 3 Others

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The new year 2021 arrived with renewed hopes for the continued development of the Nigerian financial
markets as corporates have already commenced with planning towards the achievement of theirstrategic
goals and objectives. The Nigerian Commercial Paper (“CP”) market, even during the ‘high-points’ of the
pandemic last year, has continued to provide succour to both private and public institutions as we begin
the new year.
FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”) has through innovative
evolution continued to avail its credible and efficient platform as well as tailor its Listings and Quotations
services to suit the needs of issuers and its Registration Members (sponsors of the issue on FMDQ
Exchange). Following the due diligence process, the Exchange, through its Board Listings and Markets
Committee, has approved the quotation of the Total Nigeria PLC ₦2.25 billion Series 1 and ₦12.75 billion
Series 2 Commercial Papers under its ₦30.00 billion CP Issuance Programme and the Mixta Real Estate
PLC ₦2.00 billion Series 32 Commercial Paper under its ₦20.00 billion CP Issuance Programme, as well
as the registration of the Valency Agro Nigeria Limited ₦20.00 billion Commercial Paper Programme, on
its platform.
The debut issuance of Total Nigeria PLC (Total Nigeria)’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 vibrance of this 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 4 times the initial issue size – a demonstration of investor confidence in the
Commenting on the quotation of the Issue, the Managing Director of Total Nigeria, Mr. Imrane Barry,
explained that “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.
Also commenting on the quotation, Tokunbo Aturamu, Head of
Debt Capital Markets, Stanbic IBTC Capital expressed his delight that Total Nigeria has joined the growing
list of blue-chip corporates who have embraced CP issuances in the Nigerian debt capital markets as a
means of funding their working capital requirements. He also thanked the Board and Management of
Total Nigeria for the opportunity given to Stanbic IBTC Capital to act as Sole Arranger, as well as Joint
Dealer alongside FBNQuest Merchant Bank, to the ₦15.00 billion debut CP issuance under the
In the same vein., 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. Valency Agro Nigeria Limited (Valency Agro), is incorporated in Nigeria
as a private limited liability company under Valency International Pte Limited (Valency International) – an
International commodity trading house with its presence in over 15 countries – deals in the sourcing,
production, and trading of Agro and consumer food products.
 In his remarks, the Managing Director,
Valency International Pte Ltd, Mr. Sunil Dhanuka, said “We are glad for the successful registration of
Valency Agro’s ₦20.00 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”.
The registration and quotation of these CPs on FMDQ Exchange endorse the evolution of FMDQ Holdings
PLC (“FMDQ” or “FMDQ Group”) into a world-class vertically integrated financial market infrastructure
group and its strategic role as a market organiser, committed to advancing the growth of the Nigerian
financial market.
FMDQ Group is unwavering in its pursuit of product and market innovation as well as stakeholder
engagement, towards making the Nigerian financial market globally competitive, operationally excellent,
liquid and diverse, in line with its GOLD Agenda. FMDQ continues to bring about revolutionary changes in
the Nigerian capital market through its exchange, clearing, depository and private markets subsidiaries;
providing a seamless process and value-chain for market participants to commence and end their financial
market transactions.
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