Nigeria: FMDQ CEO Relishes Admission of Dangote Cement Bond and MTN CP

30 June 2020

The Chief Executive Officer of FMDQ Group, Mr. Bola Onadele. Koko, has said admission of Dangote Cement Plc N100 billion bond and MTN Nigeria Communications Plc N100 billion commercial paper (CP) shows the untapped and great potential of the Nigerian capital market to support the growth of nation's economy.

Dangote Cement Plc and MTN Nigeria Communications Plc recently successfully tapped the market, raising the largest corporate bond and CP respectively despite the economic downturn and realities of the COVID-19 pandemic.

Speaking on the development, Onadele 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."

According to him, the admission of these 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.

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