FMDQ Exchange Backs Firm’s Pan-African Expansion With N25.53bn Commercial Papers Quotation

FMDQ Securities Exchange Limited has approved the quotation of Ojaja Pan Africa Limited’s N25.53 billion Commercial Papers on its platform to support the conglomerate’s working capital and expansion drive across Africa.

The approval, granted by the Exchange’s Board Listings and Markets Committee, covers Ojaja Pan Africa’s N4.80 billion Series 1, N1.36 billion Series 2, and N19.37 billion Series 3 Commercial Papers issued under its N100.00 billion CP Issuance Programme.

The Exchange stated that the net proceeds from this CP issuance, sponsored by Comercio Partners Capital Limited will be deployed to support the Issuer’s working capital requirements and the continued expansion of its business interests across its operating segments.

Speaking on the quotation, the Group chief operating officer, FMDQ Group Plc, Ms. Tumi Sekoni said, the transaction reflects growing investor appetite for well-structured corporate issuances.

“Ojaja Pan Africa’s return to the CP market at this larger scale underscores the continued interest in well-structured corporate issuances and the important role of the CP market in meeting short-term funding needs,” Sekoni stated.

She added that “FMDQ Exchange remains committed to providing corporates, including diversified conglomerates, with efficient access to the debt capital markets, and we are pleased to support Ojaja Pan Africa as it deploys this facility to advance its pan-African operations.”

Ojaja Pan Africa is a diversified conglomerate with interests in real estate, agriculture, manufacturing, mining, tourism, hospitality and retail across Africa. Having previously accessed FMDQ Exchange’s platform to raise short-term capital, the Issuer has established a track record of meeting its obligations as they fall due.