3 August 2014

Nigeria: Oyo, Kaduna, Appoint Sterling Receiving Bank for N20 Billion Bond Issues

Sterling Bank Plc has been appointed by the governments of Oyo and Kaduna States as receiving bank for their bond issuance programmes.

A statement from Sterling Bank said Oyo State plans to raise N5 billion, while Kaduna State is raising the sum of N15 billion to enable them execute developmental projects in their domains.

Sterling Bank's Head of Structured Finance, Lanre Olalusi, who disclosed these in Lagos over the weekend, said the choice of the Sterling Bank may have been influenced by its track record in collections. He noted that Sterling Bank collects Visa fees for the British High Commission, French Embassy, Dubai and the United Arab Emirates (UAE).

Similarly, he said that the lender collects school fees in conjunction with Interswitch using the Paydirect platform.

Olalusi also said the "bank's adherence to rules as specified by the regulatory authorities based on antecedents, transparency and professional service delivery in a timely manner also stood it out as a financial institution of choice for the programme.

"The antecedent of Sterling Bank in this business is unparalleled. This business is all about experience, deep understanding of the terrain, sincerity and trust. Sterling Bank has demonstrated all these qualities in similar transactions. The issuing houses also look out for banks with rich experience in the business and they are comfortable with Sterling Bank based on our past experience".

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