TrustBanc Holdings Limited is pleased to announce that FMDQ Securities Exchange has approved the groundbreaking ₦20 billion Non-Interest Commercial Paper (NICP) Programme of Sultiva Wakalah SPV Limited.
This innovative programme marks a significant milestone for TrustBanc and the Nigerian financial services industry, offering investors a Sharia-compliant, non-interest-bearing investment option.
The NICP Programme is structured based on the Al-Wakalah Bi Al-Istithmar (Investment Agency Structure), with Sultiva Wakala SPV Limited acting as the Wakeel (Investment Agent) and TrustBanc Holdings Limited serving as the Sub-Wakeel (Sub-Investment Agent).
This dynamic structure ensures the ethical deployment of funds in line with non-interest financing principles.
The Sultiva Wakala NICP provides investors with a Sharia-compliant, ethical alternative to conventional financial products, aligning with non-interest financial principles. With this market-first NICP Programme, we believe we have made a significant contribution to addressing the increasing demand for non-interest financial instruments. NICP is an excellent liquidity management tool for non-interest banks, mutual funds, takaful schemes, and pension funds.
“We are proud to lead the way in pioneering non-interest financial solutions that provide investors with ethical and innovative alternatives. The approval is a testament to our commitment to offering products that not only meet the diverse needs of our clients but also align with global best practices in non-interest finance. We deeply appreciate the collaboration with FMDQ and their unwavering support in advancing the development of the debt capital market. This approval is a significant milestone, and we look forward to continuing our partnership with FMDQ to foster innovation in the market.” – Chief Executive Officer of TrustBanc Holdings Limited, Mr. Abu Jimoh, CFA.
Coronation Merchant Bank Limited is the financial adviser and lead arranger for the NICP Programme, while Marble Advisory Limited acts as the joint arranger and Shariah adviser.
“As Shariah Advisors, we are pleased to have played a pivotal role in securing this landmark approval, which represents a significant advancement in Shariah – compliant investment opportunities in Nigeria. We look forward to strengthening our collaborations with TrustBanc and other stakeholders to develop more ethical financial products. We are highly appreciative of FMDQ’s openness and support in securing this landmark and opening up opportunities for short and medium-term Shariah-compliant fixed income investments on its platform.” – Dr. Akeem Oyewale, CEO of Marble Capital.
“Coronation Merchant Bank Limited is pleased to be part of the team that pioneered the registration of the non-interest commercial paper Programme on FMDQ, under its latest Commercial Paper Registration and Quotation Rules. This achievement is an affirmation of our mission to provide transformational solutions for Africa’s financial challenges.” — Paul Abiagam, Acting Managing Director/CEO, Coronation Merchant Bank Limited.
About TrustBanc Holdings Limited
TrustBanc Holdings Limited, the Originator and Sub-Investment Agent of the NICP Programme, is the parent company of a fully integrated financial services group, comprising four licensed subsidiaries: TrustBanc Capital Management Limited, TrustBanc Asset Management Limited, TrustBanc J6 MFB Limited, and WeFinance Solutions Limited. The Group delivers a wide range of services, including treasury and wealth management, investment advisory, non-interest investment and finance, corporate finance, securities trading, insurance brokerage, microfinance, savings and lending solutions.
TrustBanc holds an investment-grade credit rating of “A+” from DataPro and “BBB” from GCR, both with stable outlooks. Under its existing conventional CP Programme, the Group has successfully raised over ₦39.8 billion, with ₦35.5 billion repaid at maturity, cementing its position as a leading non-bank financial services provider in the capital market.
