By Rosemary Iwuala
The FMDQ Securities Exchange Limited (FMDQ Exchange) said on Tuesday that it has approved the registration of Infinity Microfinance Bank Limited’s N5 billion Commercial Paper (CP) Programme on its platform.
The exchange said the registration of the CP Programme, in addition to allowing Infinity Microfinance Bank to broaden its sources of funding, has provided the bank with a platform to raise short-term finance, within the CP Programme limit, from the Nigerian debt markets when it deems suitable.
The successful registration of Infinity Microfinance Bank CP Programme is yet another notable drive to develop a vibrant and efficient debt market despite economic and market uncertainties.
Oludotun Adewunmi, managing director, Infinity Microfinance Bank Limited, said in a statement that its N5 billion CP Issuance Programme on FMDQ Securities Exchange Limited “is the first CP Programme to be registered by a microfinance bank on FMDQ Securities Exchange and without a doubt sets the pace for other duly licensed and regulated microlending institutions seeking to raise capital via the issuance of CPs”.
“The CP Programme is an important strategic move for the bank towards achieving its mandate of supporting the growth of low-income households as well as micro, small & medium-sized enterprises across Lagos State,” he said.
Commenting on the successful registration of the Programme, Tolu Osinibi, managing director, FSDH Capital Limited (FSDH Capital), said the company was pleased to have advised Infinity Microfinance Bank Limited “on this landmark registration of its N5 billion Commercial Paper Issuance Programme”.
“The admission on the FMDQ Exchange platform will deliver maximum market visibility and enhanced liquidity of CPs issued under the CP Programme,” Osinibi said.
