Sultiva Wakalah SPV Limited successfully closed its Series 5 and Series 6 Non-Interest Commercial Paper (CP) issuance with a subscription level of 252%.
The transaction, issued under its ₦20 billion CP Programme approved by the Securities and Exchange Commission (SEC), attracted strong investor demand.
At the close of the offer, the order book recorded ₦12.58 billion in bids, representing an oversubscription of ₦7.58 billion above the ₦5 billion initially targeted under the series.
Commenting on the successful issuance, Azeez Lawal, TrustBanc’s Chief Operating Officer, said:
“The growing appetite for Non-Interest Commercial Paper and TrustBanc’s instruments is clearly reflected in the strong subscription level. We pioneered the Non-Interest CP instrument with the goal of creating a funding avenue for a large and underserved market. We are particularly encouraged by this level of subscription for a NICP issuance, which underscores the market’s growing confidence in both the instrument and our profile. The net proceeds from the issuance will be deployed to finance Shariah-compliant ventures, as we continue to accelerate the growth and adoption of non-interest financial instruments.”
Dr. Akeem Oyewale, Chief Executive Officer of Marble Capital and Shariah Adviser to the Programme, said:
“This successful issuance and the strong level of subscription represent another important milestone in the development of Shariah-compliant capital market instruments in Nigeria. It demonstrates that ethical financial structures can attract strong investor participation while providing funding avenues for compliant businesses. We remain committed to working with TrustBanc and other stakeholders to expand the range of Shariah-compliant investment and funding opportunities available in the market.”
TrustBanc has built a strong presence in Nigeria’s CP market, being among the first non-bank financial institutions to access it with a ₦10 billion programme in April 2021, later upsized to ₦20 billion in 2022. The Group has since raised and fully repaid ₦39.83 billion in CP obligations. This track record reinforces investor confidence in its risk and liquidity management. In 2022, TrustBanc was nominated alongside MTN Nigeria and FCMB for the Largest CP Lodgement on FMDQ Exchange, reflecting its credibility, scale, and growing leadership in the CP market.
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 Microfinance Bank Limited, and WeFinance Solutions Limited. Collectively, the Group delivers a broad spectrum of financial solutions including fund management, wealth management, investment advisory, non-interest finance and investment, corporate finance, securities trading, microfinance, savings and lending services.
TrustBanc’s long-term rating with DataPro stands at “A+” with a Stable Outlook, alongside a short-term issuer rating of “A1.” Earlier in the year, the Group also received dual rating upgrades from GCR Ratings and Agusto & Co., with both agencies raising its long-term issuer rating to BBB+ from BBB and its short-term rating to A2 from A3, all with Stable Outlooks. These upgrades reflect the Group’s strengthening financial position, sound liquidity profile, robust risk management framework, and expanding market presence.
