DEAL: Total Nigeria Plc issues Commercial Paper worth N30 billion

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.

READ: Nigeria spends N29 trillion on recurrent (non-debt) expenditure in last 10 years

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.”

READ: Total Nigeria Plc Has Finally Crossed A Major Barrier

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.