Lagos - The Securities and Exchange Commission (SEC) has approved the request of the African Development Bank (AfDB) to establish a N160 billion Medium Term Note Programme in the Nigerian capital market.
The approval by SEC also included a “No-Objection” to AFDB’s request to commence the book-building process for a planned issuance of a first tranche of N16.2 billion under the programme, reports ThisDay.
The bank plans to commence the book-building process by mid-June, with the plan to issue by the end of the month, subject to favourable market conditions.
Money realised from the first bond issuance will be used to finance a growing pipeline of projects in the infrastructure, services and industries, and financial sectors of the Nigerian economy.
Read more at ThisDay.
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