Emeka Emuwa, CEO, Union Bank

One of Nigeria’s oldest lender, Union Bank of Nigeria Plc has commenced bids for the issuance of Commercial Paper (CP) with 180-day and 268-day tenor to raise the sum of N20 billion, the bank’s Company Secretary, Somuyiwa Sonubi has disclosed.

Sonubi who made the disclosure in some a statement on the Nigerian Stock Exchange (NSE) website, said that the offer was part of the N100 billion CP programme registered in 2018.

According to her, the bank successfully raised N24.3 billion in the debut issuance of Series 1 and 2 of the CP at the domestic capital in January 2019.

She explained that series 3 and 4 respectively, which opened on January 16, will close January 21, with a target issuance size of N20 billion across both tenors.

The CP, she said, would be listed on the FMDQ Securities Exchange platform at the end of the exercise.

She said the CP offer is “targeted at institutional investors including pension and non-pension asset managers, as well as eligible high net-worth investors.”

She noted further: “The new funding is expected to provide the bank with further working capital as it delivers on its promise to be Nigeria’s most trusted and reliable banking partner.”
Stanbic IBTC Capital Limited and Union Capital Markets Limited are the dealers of the bank’s CP.