United Capital increases CPs to N50bn

By Kayode Tokede

United Capital Plc has notified the Nigerian Exchange Limited (NGX) that it has secured the approval of FMDQ Securities Exchange Limited to increase in the size of its existing N20 billion Commercial Paper (CP) programme to N50 billion.

The Group Company Secretary, United Capital, Leo Okafor in a statement said the validity period of the CP Programme has also been extended to October 18, 2022.

According to him,: Following the approval of the CP Programme increase, the Company has successfully raised N19.7 Billion in its recently issued Series 5, 6 and 7 CP Issues.

“The 180-day and 270- day issuances were completed at between 11.9% and 13%, with firm commitments from a pool of institutional investors, including asset managers and pension funds.

“FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction. Olaniwun Ajayi LP acted as Transaction Counsel.”

The company is a leading financial services group in Africa focused on leveraging technology to empower businesses, individuals, and governments with excellent financial services in Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management and Consumer Finance while contributing to economic growth and prosperity across Africa.