N3.15b LAPO microfinance bond listed through FCMB

N3.15b LAPO microfinance bond listed through FCMB. LAPO microfinance bank has succeeded in listing N3.15b bond in the Nigeria’s debt capital market.

A subsidiary of FCMB Group PLC , FCMB Capital markets limited are issuing house and financial advisers of LAPO microfinance bond of N3.15 on FMDQ OTC.

This has as well gone down in record as the first microfinance bank to raise fund in the Nigeria’s debt capital market.

The bond is priced at 17.75 percent with a tenure to run for five years.

According to Augusto and Co and BBB+ by GCR, investment grade ratings, the issue was rated A.

Speaking at the bond listing in Lagos, Executive Director of FCMB Capital market limited Mr Tolu Osinibi said:

“We are excited and grateful at having been given the opportunity by LAPO MfB to have played a leading role on this landmark transaction.”

Also speaking, the CEO of LAPO Microfinance Bank, Dr. Godwin Ehigia-musoe, said: “The gap between the demand by micro, small and medium businesses and the little supply is still huge. “LAPO MfB was only able to deliver loans valued at N135.7 billion in 2017.  We have, therefore, made a very sound decision.”

 

Raphael Orji
About Raphael Orji 229 Articles
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.

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