By Chioma Obinagwam
Access to capital remains a top priority for corporates, as capital is required to meet short-term debt obligations such as working capital needs, funding expansion aspirations and existing debt obligations. The Commercial Paper (“CP”) market satisfies this requirement by providing competitive and timely access to capital, thereby helping corporates diversify their funding sources.
Having successfully met the FMDQ Exchange Commercial Paper Quotation requirements and following the subsequent approval of the Board Listings and Markets Committee of FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”), the Nigerian Breweries PLC ₦16.49 billion Series 1, ₦5.03 billion Series 2, and ₦45.74 billion Series 3 CPs under its ₦100.00 billion CP Programme was admitted on the Exchange’s platform on January 30, 2023.
Nigerian Breweries PLC (“Nigerian Breweries” or the “Issuer”) is the pioneer and largest brewing company in Nigeria, engaged in the making and selling of lager, stout, non-alcoholic malt, and soft drinks.
Nigerian Breweries operates over ten breweries and approximately two malting plants across the country.
Through the registration of this CP Programme, which is sponsored by Stanbic IBTC Capital Limited (the Lead Sponsor), FCMB Capital Markets Limited and FBNQuest Merchant Bank Limited, all Registration Member (Quotations) of the Exchange, the Issuer is availed the opportunity to raise short-term finance from the Nigerian debt markets at a time it deems suitable, through CP issuances, within the CP Programme limit.
As a Securities Exchange with a commitment to facilitate growth and development in the Nigerian debt markets and the economy at large, FMDQ Exchange will continue to sustain efforts in ensuring that corporates have uninterrupted access to a credible, efficient, and robust platform for the registration, listing, quotation, and trading of debt securities.
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