United Capital raises N5.3 billion in commercial paper issuance

By Omobayo Azeez

United Capital Plc has successfully raised N5.3 billion in a Series 1 and 2 Commercial Paper (CP) issuance, under its N20 Billion Programme registered with the FMDQ Securities Exchange.

United Capital, a leading Pan-African financial and investment services Group said Wednesday that the commercial paper issuance, which was approved by the company’s shareholders at the Annual General Meeting (AGM) of March 2018, was subjected to regulatory approvals.

It added that capital-raising was borne out of the group’s strategic initiatives, aimed at providing innovative financing solutions to the company’s corporate, institutional and government, including parastatals, sovereign and sub-sovereigns, clients.

Peter Ashade, the group’s Chief Executive Officer (CEO) explained that the commercial paper issuance will enable the company provide a wider range of wholesale financing solutions to its clients.

According to him, “It will also further complement our stable funding base and support the growth of our overall business.

“The Series 1 & 2 issuances, with tenors of 182 days and 270 days, were largely subscribed to by individual and institutional investors, with interest significantly tilted towards the 270-day offering.”

United Capital Plc is a leading African investment banking, asset management, trusteeship and securities trading player, providing a bouquet of diverse financial services to individuals, companies and governments, enabling growth at all levels.

Since it was founded over 50 years ago, United Capital has cultivated and sustained a heritage of excellence in the finance space in Africa.

According to the CEO, “Our track record of transaction execution, industry leadership and client focus are still unmatched. We have achieved this by providing top-of-the-line financial services across the continent, consistently demonstrating a commitment to execution, excellent service delivery and client satisfaction.”