Union Bank of Nigeria Plc, Series 3 and 4 CP Notes Now Open


We are pleased to inform you of the Series 3 and 4 Commercial Paper issuance (“CP or the “Issuance”), under the Union Bank of Nigeria Plc (“Union Bank” or the “Bank”) NGN100 Billion CP Issuance Programme is now open and scheduled to close on 21 January 2020. The Issuance follows the debut Series 1 and 2 Offer by the Bank, which successfully raised NGN24.3 Billion in 2019.


Union Bank is a public limited liability company duly licenced under the laws of Nigeria to carry on commercial banking activities in Nigeria.


Union Bank is one of Nigeria’s leading financial services organisations, with approximately 5.6 million active customers serviced via 280 branches and cash centres nationwide, an asset base of over NGN1.8 Trillion and total equity in excess of NGN240 Billion as at 30 September 2019.


Please find below a summary of the terms of the offer:


Issuer: Union Bank of Nigeria PLC
Dealers: Stanbic IBTC Capital Limited

Union Capital Markets Limited

Series: 3 4
Tenor: 180-days 268-days
Target Size: Up to NGN20 billion across both tenors
Discount Rate: 4.8800% 5.7475%
Implied Yield: 5.0000% 6.0000%
Offer Opens: Thursday, 16 January 2020
Offer Closes: Tuesday, 21 January 2020
Allotment Date: Tuesday, 21 January 2020
Settlement Date: Wednesday, 22 January 2020
Issuer Rating: A- (Agusto & Co.); A- (DataPro); BBB+ (GCR)
Minimum Subscription: NGN5 million
Tax Consideration: Free and clear of withholding taxes


The following documents are attached for your perusal:

  1. Series 3 and 4 Pricing Supplements
  2. Series 3 and 4 commitment forms
  3. Ratings reports
  4. 2020 PenCom Compliance Certificate

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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