Total Nigeria’s N15bn Commercial Paper issue oversubscribed

Total Nigeria Plc has successfully issued and quoted a N15bn Series 1 and 2 Commercial Paper under its N30bn Commercial Paper programme registered with the FMDQ Securities Exchange Limited in December 2020.

The issue was the company’s debut issuance in the Nigerian debt capital market. It attracted significant demand from a wide range of investors, resulting in a 3.9 times subscription level and a demonstration of investor confidence in the company and in its management team.

Commenting on the quotation of the issue, the Managing Director of Total Nigeria Plc, Mr Imrane Barry, explained that the programme was set up to enable the company to further broaden its sources of capital by accessing funding from the Nigerian debt capital markets while also reducing its overall funding costs. He thanked investors for supporting the company’s debut issue and commended the financial advisers, Stanbic IBTC Capital Limited and FBNQuest Merchant Bank Limited, for ensuring the success of the issue despite the challenging environment.

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