FBN Quest Merchant Bank Leads Listing by Introduction of Notore Chemical Industries Plc on the Nigerian Stock Exchange

FBN Quest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has raised over N200 billion for clients in three years, its Managing Director, Kayode Akinkugbe, has said.

The funds were raised through commercial papers and bonds.

The company also acted as Lead Financial Adviser & Issuing House on the Listing by Introduction of the entire issued and paid-up ordinary shares of Notore Chemical Industries Plc on the Main Board of the Nigerian Stock Exchange (NSE).

Notore Chemical Industries, one of the leading fertiliser and agro-allied companies in Africa, listed 1,612,066,200 ordinary shares with a N50 kobo par value each at a price of N65.50 per share in order to promote better the liquidity of its ordinary shares in the secondary market. It would also allow the firm to have a platform to access long term capital from a wide range of local and international investors when required. FBNQuest Securities acted as the Lead Stockbroker on the listing, alongside other advisers.

The transaction adds to FBNQuest Merchant Bank’s portfolio of clients it has supported, and once again highlights its capabilities in the successful execution of sizeable capital market and commercial debt transactions.

Akinkugbe said: “We are proud of the instrumental role FBNQuest Merchant Bank played in this transaction, and appreciate the trust Notore placed in us to assist them. Our clients remain our priority, and we strongly believe their success is our success.

“As a leading institution for financing, investing, trading, and advisory, we understand the role we must play in supporting our clients across the private or public sector and continue to build our team of industry experts across oil & gas, power, infrastructure, services, diversified industries, and other emerging sectors of the economy to enable us support their goals and objectives.

“Most recently, this includes UACN Property Development Company’s N10.66 billion Series 29-31 Commercial Papers and a N4.355 billion Series 1 Senior Guaranteed Fixed Rate Bond; Mixta Nigeria’s N9.83 Billion Series 5 Commercial Paper, and Nigerian Breweries Plc’s N11.08 billion series 13-15 Commercial Papers.’

Also on the list of successful transactions are Municipality Waste Management Contractors’ N20.3 billion Fixed Rate Medium Term Note; the Divestment of First Bank of Nigeria’s 100 per cent equity interest in FBN Mortgages; and Dufil Prima Foods’ 5-year  N10 billion Series 1 Fixed Rate Bond. In addition to these, the bank has raised about $500 million in equity from the public and private capital markets and also closed six M&A deals over the past three years.

A testament to the quality and consistency of execution is evident in the several international awards it has received, having won the prestigious African Banker Magazine’s Deal of the Year (Debt) award for the FGN’s $300 million Diaspora Bond; The Banker Magazine’s Deal of the Year Africa in Islamic Finance for the FGN’s N100b 7-year Inaugural Sovereign Sukuk; as well as EMEA Finance Magazine’s Best M&A Deal Africa (Mid-Market) for the divestment of  AMCON’s 100 per cent  Shareholding in Keystone Bank, Most Innovative Bond for the FGN’s $300 million Diaspora Bond, and Best Social Development Bond for Mixta Real Estate’s N4.5b Senior Guaranteed Fixed Rate Bonds in 2018, to name a few.


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