NECIT Nigeria Limited (“NECIT” or the “Issuer”) is an
indigenous company that deals in manufacturing of car lubricants and engine
oil, as well as the importation and sale of base oil.
The short-term finance will be raised via CP issues within
the approved CP Programme limit and quoted on FMDQ Exchange for visibility of
the issue and issuer, and the desired transparency for investors. Speaking on
the successful CP Programme registration, the Managing Director/Chief Executive
Officer, NECIT Nigeria Limited, Mr. Emmanuel Iheagwazi said “NECIT is pleased
to announce the registration of the ₦20.00 billion CP Programme.
As a leading indigenous player in the lubricant blending
industry in Nigeria, access to short-term funds is critical to meeting our
working capital needs. The approval of this CP Programme by FMDQ Exchange
represents a major milestone in our near-term growth aspirations and with this
support, our capacity to unlock value for all stakeholder has been further
enhanced”.
Also, the sponsor of the CP Programme and a Registration
Member (Quotations) of the Exchange, Boston Advisory Limited, represented by
the Managing Director, Mr. Rotimi Balogun, stated “at Boston Advisory Limited,
we remain committed to an all-inclusive development of the Nigerian debt
capital market; a market where the vast majority of bankable companies in
Nigeria will have equal access to short term funds at cheaper rate.
We ultimately seek to be a frontliner in arranging
growth/expansion capital for mid-tier companies, and we are indeed delighted to
work with NECIT in making this a reality”.
In keeping with its commitment to develop the Nigerian debt
capital market (DCM), FMDQ Exchange will continue to sustain its efforts in
supporting issuers with tailored financing options to enable them achieve their
strategic objectives, deepen and effectively position the Nigerian DCM for
growth.
CPs quoted on FMDQ Exchange benefit from the commendably
efficient CP registration process, in addition to continuous provision of
invaluable information and price formation as part of the Exchange’s commitment
to organise, govern and enforce transparency in the Nigerian fixed income
market space.
FMDQ Group is Africa’s first vertically integrated financial
market infrastructure group, strategically positioned to provide registration,
listing, quotation and noting services; integrated trading, clearing &
central counterparty, settlement, and risk management for financial market
transactions; depository of securities, as well as data and information
services, across the debt capital, foreign exchange, derivatives and equity
markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear
Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.