FMDQ Group, a security exchange company has admitted Dangote Cement’s N100 billion bond and MTN Nigeria N100 billion Commercial Paper (CP) on its platform. This will have a ripple effect on the Nigerian capital market and at least drive and stimulate potential economic growth.
This move is against the backdrop of the adverse effect and massive economic hit from the COVID-19 pandemic. Dangote Cement and MTN Nigeria, which are the two most capitalized companies successfully raised N100 billion each from the capital market.
The Chief Executive Officer, FMDQ Group, Bode 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.”
The inclusion of the two securities on FMDQ validates the innovative and credible capital market solutions.
In addition, the CEO said, “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.”
What You Need To Know About FMDQ Group
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, which provides a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria.
What This Means For The Dangote Cement and MTN Nigeria
Dangote Cement bonds and MTN Nigeria Commercial Papers (CPs) will be availed global visibility through FMDQ Exchange’s website and systems. The Commercial Papers (CPs) would be included in the FMDQ Daily Quotations List, in order to ensure and maintain information transparency.
