Total Nigeria Plc has issued and quoted a N15 billion Series 1 and 2 Commercial Paper under its N30 Commercial Paper programme registered with FMDQ Securities Exchange Limited in December 2020.
This is contained in a disclosure signed by the company’s Group Secretary, Bunmi Popoola-Mordi, and available on the website of the Nigerian Stock Exchange.
The issue is Total Nigeria Plc’s debut issuance in the Nigerian capital market.
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What they are saying
Commenting on the issue, Mr. Imrane Barry, Managing Director of Total Nigeria Plc, submitted that:
“The Programme was set up to enable the company further broaden its sources of capital by accessing funding from the Nigerian debt capital markets while reducing its overall funding costs.”
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What you should know
- Commercial Paper is a type of unsecured, short-term debt instrument, issued by corporations to meet its short-term liabilities. It is unsecured because it is usually not backed by any form of collateral.
- Commercial Papers are usually targeted at institutional investors, such as Pension Fund Administrators and non-pension asset managers.
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