FMDQ Securities Exchange Limited (FMDQ Exchange), has approved the registration of the Babban Gona Farmer Services Nigeria Limited N15 billion Commercial Paper (CP) Programme on its platform.
This was disclosed by FMDQ Exchange in a statement made available to newsmen on Friday in Lagos.
According to the statement, the approval came through FMDQ Exchange Board Listings and Markets Committee.
Speaking on the successful registration of the CP Programme, the Managing Director, Babban Gona Farmer Services Nigeria, Mr Bukola Masha, stated: “We are an agricultural franchise, committed to curbing the growing trend of poverty and violence in Africa by creating opportunities of dignified and fulfilling work for the rural farmer youths.
“We aim to make farming more profitable for smallholder farmers as we support them across the entire production chain.
“With the successful registration of this N15 billion CP Programme, we are a step closer to achieving this goal; we are delighted at the opportunity to diversify our short-term funding sources.
“Also, we look forward to the participation of the investment community when we launch Series 1 of the CP Programme,” he said.
Also commenting on the registration of the CP Programme, the sponsor of the CP Programme and a Registration Member (Quotations) of the Exchange, FCMB Capital Markets Limited, through its Acting Managing Director, Mr Abimbola Kasim, expressed pleasure in the successful transaction.
“FCMB Capital Markets is pleased to have sponsored the registration of the Babban Gona CP Programme. Babban Gona is an impact company, operating in the agriculture space.
“By providing practical and innovative solutions to smallholder farmers, it is leveraging technology to make farming more profitable by creating millions of youth jobs (agri-preneurs) and stimulating strong economic growth.
“We provided the required support that has enabled the Issuer to comply with the requirements for registering its debut CP Programme with which it will make an entry into the Nigerian Debt Capital Market.
“Given the critical role of agriculture to the country and Babban Gona’s innovative delivery approach, we will continue to support the company’s objectives,” he said.
Babban Gona Farmer Services Nigeria Limited (Babban Gona) is a social enterprise that seeks to sustainably improve the lives of smallholder farmers in Nigeria through the provision of comprehensive farming services.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, quotation and noting services.
It deals in integrated trading, clearing and central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets among others.