Total Nigeria issues N15bn commercial paper

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’Femi Asu

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

The company said in a statement on Thursday that the issue was its debut issuance in the Nigerian debt markets.

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It said 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 its management team.

Commenting on the quotation of the issue, the Managing Director of Total Nigeria, 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.

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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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