Wema Bank has issued a N25 billion bond to selected investors in order to strengthen its capital base.
The bond will not be placed on any security market, according to a corporate notification dated Thursday and signed by the Corporate Secretary, Johnson Lebile.
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Wema Bank Plc decided to issue the bonds as a way of strengthening its capital base to support the bank’s business of lending to Nigerian small and medium-sized enterprises while also expanding the bank’s loan portfolio in the retail and commercial lending space, according to a portion of the notice.
The bank said that the bonds will be issued in a dematerialised form under a trust deed in denominations of N1,000.00 with a minimum acceptable subscription of N1bn with an interest rate of 16 per cent.
Professional parties to the bond issuance include Greenwich Merchant Bank Limited, Aluko & Oyebode, Olaniwun Ajayi LLP, United Capital Trustees, United Bank of Africa Plc, Greenwich Registrars and Data Solutions, KPMG Professional Services.
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