THE Wema Bank PLC N8,154,803,000.00 Series 1 Commercial Paper Notes under a N20,000,000,000.00 Commercial Paper Issuance Programme, having successfully met the quotation requirements as contained in the FMDQ Commercial Paper Quotation Rules, was admitted to the FMDQ Quotations List, following the approval of the FMDQ OTC PLC (FMDQ) Board Listings and Quotations Committee.
To commemorate the quotation of this commercial paper (“the Wema CP”), the second CP to be quoted on the FMDQ platform, a Quotation Ceremony was held in honour of the Wema CP.
To which end, FMDQ played host to the issuer, represented by the MD/CEO Wema Bank PLC, Mr. Segun Oloketuyi and the arranger/Registration Member (Quotations) of FMDQ, represented by the MD/CEO, FBN Capital Ltd., Mr. Kayode Akinkugbe.
Whilst congratulating Wema Bank, Mr. Bola Onadele. Koko, MD/CEO of FMDQ noted that CP issuers gain access to a wide range of knowledgeable and capitalized investors (qualified institutional investors & eligible individual investors) through FMDQ Members.
By quoting on the FMDQ platform, investors are able to diversify their portfolios, improve the returns on their investment and enjoy improved liquidity which serves to ensure ease of entry and exit from the CP market.
As a securities exchange, FMDQ promotes credibility for quoted CPs, through a highly efficient registration process, supported by robust Rules, to aid price reasonability and audit trails.
Ahead of signing of the FMDQ Quotations Register and the presentation of the CP Quotation Certificate, Mr. Oloketuyiwhilst making a brief address highlighted that “Six (6) years ago, the Bank took a decision to refocus its operations and build a sustainable institution.
The official listing of the Wema Bank Commercial Paper is a testament of the success of the ongoing transformation project in the Bank. We are glad that the first tranche has been approved for quotation and listing on the FMDQ OTC market.
We are particularly impressed with the quality of institutional investors that participated in the first tranche which is an affirmation of the confidence they have in the Bank’s transformation project.
The Bank is on a journey to become a leading retail institution in Nigeria. Hence, we will not relent on our drive to implement initiatives that would position us for available opportunities in the retail segment of the market.”
Also speaking on the transaction, Mr. Akinkugbe, stated, “We are pleased to have advised Wema Bank on setting up its N20billion Commercial Paper programme, and despite fairly volatile market conditions, we leveraged FBN Capital’s distribution platform to successfully arrange the first tranche of N8.15billion.
This CP transaction is the first time Wema Bank is accessing the public market since the global financial crisis in 2008, and signals an affirmation by investors of the successful transformation of Wema Bank to a well capitalized financial institution. Quoting the Wema Bank CP on FMDQ will provide investors with a transparent and efficient platform for price determination, liquidity and execution of trades.

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