NAN-HE-21
Sterling
By Chinyere Joel-Nwokeoma
Lagos, Dec. 20, 2016 (NAN) FMDQ OTC Securities Exchange on Tuesday welcomed the registration of the Sterling Bank Plc N100 billion Commercial Paper
(CP) programme on its platform.
The company said in a statement in Lagos that the registration followed the due approval of the FMDQ Board Listings, Markets and Technology Committee.
It said that registration of the paper further showed confidence in the possibilities of the Nigerian financial market, given the current economic climate.
“By registering and subsequently quoting the Sterling Bank Commercial Paper programme on FMDQ’s platform, stakeholders benefit apart from the commendable and considerably quick registration process,’’ the statement said.
It said that FMDQ would continue to ensure provision of invaluable information as part of its commitment to organise, govern and enforce transparency in the fixed income market space.
The statement said that the company had facilitated and contributed, in no small measure, to the growth and competitiveness of the Nigerian fixed income market with developed listings and quotations process.
“The timely and efficient registration of the Sterling Bank CP Programme is a validation of one of the core mandates of FMDQ toward revolutionising the
Nigerian debt capital market,” the statement said.
It said OTC Exchange had continued to provide the much-needed confidence and protection to issuers and investors, whose direct and indirect activities play important role in enhancing vibrancy of the nation’s economy.
According to the statement, the company has played host to several bond issues and CP quotations, including the listing of the Federal Government of Nigeria Bonds and the quotation of the Nigerian Treasury Bills.
It said the company, within the fourth quarter of 2016, listed a lot of issues including UACN Property Development Company, C & I Leasing PLC, FSDH Merchant Bank Ltd., Dufil Prima Foods and Ecobank Nigeria Ltd.
It said that the exchange would continue to refine its processes to innovate and provide opportunities within the markets under its purview, to support institutional growth and development of the economy at large. (NAN)
JNC/GOK
Edited by Olagoke Olatoye