The FMDQ Group has said the admission of both the N100 billion Dangote Cement bond and MTN Nigeria N100 billion commercial paper shows the potential of the Nigerian capital market to drive and stimulate economic growth.
The two most capitalised companies successfully raised N100 billion each from the capital market despite the COVID-19 pandemic and economic downturn.
Bode Onadele, the Chief Executive Officer, FMDQ Group, said: “The market has been yearning for corporate benchmarks for pricing and valuation of securities in the debt capital market, and coming at a time when the resilience of the Nigerian financial market is being tested by the impact of the COVID-19 pandemic is even more commendable.
The success of these issuances by the premier and largest business conglomerate in Africa, Dangote Industries, through its subsidiary, Dangote Cement Plc, and the debut made into the Nigerian debt capital market by leading telecommunications giant, MTN Nigeria Communications Plc, lay credence to the untapped and great potential of the Nigerian capital market to support sustainable development in Nigeria, and the confidence of investors, as well as the commitment of FMDQ Group to empower the markets to deliver prosperity to Nigeria and Nigerians.”
Onadele said the inclusion of the two securities on FMDQ validates the innovative and credible capital market solutions championed and efficiently delivered by FMDQ, over the last few years.
“Furthermore, in line with its mandate to facilitate global competitiveness of the Nigerian financial market, FMDQ, through these admissions, has provided the market and its diverse stakeholders – local and international – the much-needed corporate benchmark for the bond and commercial paper markets,” he said.