NSE Admits N6.3bn Wema Funding SPV Bond

• NSE Admits N6.3bn Wema Funding SPV Bond

The Nigerian Stock Exchange has announced the listing by introduction of N6,295,000,000 series 1, seven-year 18.50 per cent fixed rate bond due in 2023 under the N50bn Wema Funding SPV Plc debt issuance programme.

Commenting on the listing, the Chief Executive Officer, NSE, Oscar Onyema, said, “We are pleased to be listing the Wema Fund SPV bond, a further affirmation of our unique platform to help businesses access capital.

“Despite the challenging macro environment, this bold step by Wema Bank is indeed commendable as only businesses that continue to execute on their strategy will be at a vantage position to benefit when the economy rebounds.”

Speaking at the bond listing ceremony, the Managing Director of Wema Bank, Segun Oloketuyi, noted that the bank’s turnaround plan, which began in 2009, was in its growth phase, hence the raising of tier II capital to ensure availability of long-term capital to support growth.