The FMDQ Securities Exchange Limited, in its commitment to boost agriculture productivity has approved a N30 billion Commercial Paper (CP) in the sector for September, 2022.
The Exchange company disclosed this in a press statement on Tuesday in Lagos.
The statement reads that the approval is“ in furtherance of the company’s commitment to the transformative development of the Nigerian debt markets.
“It has approved the registration of the Johnvents Industries Limited N30bn CP Programme on its platform to boost agriculture in the country.
The group reiterated that access to capital remains a top priority for corporates, it is required to fund business expenditure, expansion aspirations and/or existing debt obligations.
And the debt markets fulfil this funding requirement by availing competitive financing to corporates and governments.
The beneficiary of the CP, Johnvents Industries Limited is an indigenous-owned agribusiness that provides modern information and communication tools, macro-loans, and farm inputs, such as seedlings and fertilisers, to support farmers in Nigeria.
They also and finance local agribusinesses via its subsidiaries – Johnvents Procurements, Johnvents Cocoa Factory and Johnvents AgriTrade.
The CP Programme, sponsored by United Capital PLC – a member of FMDQ Exchange, will avail the Issuer, Johnvents Industries, the opportunity to raise short-term finance from the Nigerian debt markets through CP issuances within the Programme limit.
As Nigeria’s largest securities exchange by market turnover, FMDQ Exchange vows to continue to provide a liquid, transparent and efficient market geared towards supporting the aspirations of corporates, such as Johnvents Industries.
This is to unlock the required capital to bridge the funding gap in Nigeria’s agriculture sector.
