Dual Listing of Series (1) 7-Year 18.50% Fixed Rate Bond of WEMA Funding SPV PLC
LAGOS, NIGERIA – 14th December 2016 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema’ or “the Bank”), announces the dual listing of its series (1) 7-year Bond under the N50,000,000,000 Wema Funding SPV Plc Debt Issuance Programme. The bond tenure is 7 years (due 2023) at 18.50% fixed rate.
Managing Director’s review
Today, Wema Bank completed the final stage of the Bond issuance process – the listing of Wema Bank’s series 1 (N6,295,000,000) 7-year Bond on both the FMDQ and NSE Exchanges. This is to ensure enough liquidity for the instrument and invariably increase the pool of potential investors.
With regards to the proceeds from the Bond issuance, the MD/CEO, Segun Oloketuyi commented that despite the current economic environment, there are indeed opportunities for growth, with the government, individuals and corporates now focused on the primary and/or value chain industries. As such, the proceeds would be used in growing the SME portfolio of the Bank’s business.
FOR FURTHER INFORMATION:
WEMA Bank Plc
Tunde Mabawonku (CFO) +234 1 4622632
Ladipo Ogunlesi (Investor Relations) +234 1 2778959
Notes to editors:
About WEMA Bank Plc
Wema Bank operates with a National Banking license and offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory services to its numerous customers. Wema Bank operates a network of over 140 branches and service stations, backed by a robust ICT platform across Nigeria. Wema Bank remains committed to being a solutions provider through its “in-house” development of innovative product offerings, culminating in the Bank, being the first to introduce “card control” amongst others.
More information can be found at www.wemabank.com.