United Capital Group successfully led the issuance of Nigeria’s first-ever Domestic US Dollar Bond, raising over $900 million with subscription levels exceeding 180%. This reflects strong investor confidence in Nigeria’s economic stability and growth potential. The bond, offering a 9.75% yield, will be listed on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange).
Proceeds from the bond will support critical infrastructure projects and economic growth. The issuance attracted a diverse range of investors, including Nigerians, non-Nigerians residing in the country, Nigerians in the Diaspora, and institutional investors.
Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital, described the issuance as a significant milestone for Nigeria’s capital market. He emphasized that United Capital’s pioneering role in such transactions sets the stage for future capital raises by the Nigerian Government and other major issuers.
Peter Ashade, Group CEO of United Capital, noted that the issuance aligns with the company’s vision to transform Africa’s financial landscape. He stated that the transaction not only offers innovative investment opportunities but also contributes to Nigeria’s economic growth.
Key institutions involved included Africa Finance Corporation as Global Coordinator, with Meristem Capital Limited, Stanbic IBTC Capital Limited, and Vetiva Advisory Services Limited serving as Issuing Houses. Constant Capital Markets & Securities Limited and Iron Global Markets Limited acted as Financial Advisers, while Olaniwun Ajayi LP and G. Elias served as Solicitors. Greenwich Trustees Limited acted as Trustee.
United Capital’s role underscores its capacity to manage significant capital market activities and solidifies its reputation in Africa’s financial sector.
