FMDQ approves 03 Capital N5bn commercial paper programme

By Cynthia Ezekwe

O3 Capital Limited,  a digital bank, offering credit and prepaid cards has  announced the successful approval of its N5 billion Commercial Paper (CP) programme by the  Financial Markets Dealers Quotations Exchange (FMDQ).

A statement from the company disclosed that the approval was granted on 7 February, 2023,while Union Capital Markets Limited (UCML),a financial solution provider that offers investment banking, asset management, securities, and advisory services was the sole arranger of the CP programme.

Commenting on the successful registration, Abimbola Pinheiro, the company’s Chief Executive Officer (CEO),described the CP Programme as a strategic move for O3 Capital towards achieving the next phase of the growth plan.

According to Pinheiro, the  objective is to expand the existing credit card portfolio and achieve international acceptance with a new credit card product in partnership with an international card scheme for the Nigerian market.

On his part, Egie Akpata, the director of UCML expressed delight with the successful registration of the O3 Capital Limited ₦5billion Commercial Paper Programme.

 “This reinforces our commitment to enable all our clients access the debt capital market and optimize their capital structure. We are glad that UCML Capital Limited was instrumental in the successful registration of the programme and thank the board and management of O3 Capital Limited for the opportunity to work with them,’’ Akpata said.

The UCML director added that the opportunity to access the CP market as an alternative source of funding will further enhance O3 Capital’s ability to unlock value for all stakeholders with a platform to raise short-term finance within the Nigerian debt market, while stating that the  approval of the CP Programme by FMDQ Securities Exchange represents a major milestone in the company’s growth aspirations.