FMDQ Securities Exchange Ltd has approved the registration of the Viathan Funding Plc N20 billion Commercial Paper (CP) programme.
FMDQ Exchange disclosed this in a statement said that the CP was approved by the FMDQ Board Listings and Markets Committee.
Viathan Funding Plc is a special purpose vehicle established by Viathan Engineering Ltd to raise capital from the Nigerian debt capital market.
The statement quoted the Co-Founder/Chief Executive Officer, Viathan Funding, Mr Habeeb Alebiosu, as saying that the company was pleased to announce the registration of the N20 billion CP programme.
Alebiosu said that the transaction was another step toward positioning the company as a leading player in the integrated energy vertical.
“As we look to consolidate on our growth thus far, access to capital in the form of liquidity support instrument is crucial.
This CP is a strategic funding initiative which will enable the much-needed agility required for containing lead times associated with infrastructure projects.
“We remain steadfast in our objective to unlock value for our stakeholders, as we develop the requisite infrastructure to facilitate generation, distribution of uninterrupted, environmentally clean electricity and to accelerate gas utilisation in Nigeria,” he said.
Also, the sponsor of the CP programme and a registration Member (Quotations) of the Exchange, FBNQuest Merchant Bank Limited, represented by the Head, Capital Markets, Mr Oluseun Olatidoye, said the company was pleased about its role as lead arranger.
“FBNQuest Merchant Bank is pleased about its role as Lead arranger on the registration of Viathan Funding Plc CP Programme under the N20 billion Programme.
“Funds raised under this programme will be utilised to meet the working capital needs of Viathan Funding Plc,” Olatidoye said.
The FMDQ said the Nigerian CP market had continued to provide issuers with renewed opportunity to grow their businesses and restore investors’ confidence, simultaneously contributing to the overall development of the DCM.
It added that the registration of programme on FMDQ’s platform demonstrates continued commitment to project the DCM as the key source of finance for infrastructure and economic development in Nigeria.