Nova Merchant Bank, a leading merchant bank in Nigeria, has announced that its ongoing N10 billion bond issuance is aimed at putting the business on firm footing to achieve its short-term and long-term goals.
The technology-driven financial institution is seeking to raise up to N10 billion seven-year Fixed Rate Subordinated Unsecured Bonds under its N50 billion debt issuance programme.
The bond has a price range of from 12 per cent to 12.50 per cent and the offer, which opened on June 30, will close on July 8, 2020
The Managing Director/CEO, Nova Merchant Bank, Anya Duroha, who disclosed this, explained that the bank is raising the N10 billion in Subordinated Unsecured Bonds under its N50 billion debt issuance programme.
Duroha, who pledged the bank’s commitment to creating superior value in the market and keeping customers at the centre of its business, noted that the Bond will be invested in long-term risk assets as part of its medium-term growth strategy and advised interested investors to obtain more details of the bond from the Bank’s website: www.novambl.com.
Nova Merchant Bank Limited is a licensed merchant bank in Nigeria rated BBB by Agusto & Co. and A+ by Datapro.
The bond, which is issued under a Securities and Exchange Commission-approved N50 billion Debt Issuance Programme, is callable in five years by the bank.
Speaking to shareholders at a meeting recently, the bank’s Chairman, Phillips Oduoza, noted that the bank reported a significant improvement in all the key financial indices compared to the previous year’s achievement.
Oduoza attributed the growth to the successful execution of the 2019 strategic plan in line with the key pillars to position the bank as a market leader by 2025.
He said the Bank will continue to focus on digital banking, provision of long-term funding, wholesale and investment banking, while maintaining a lean operating philosophy.