NOVA Merchant Bank lists bond on Nigerian Stock Exchange

Nath Ude

NOVA Merchant Bank has concluded the listing of its N10bn seven-year subordinated unsecured bond on the Nigeria Stock Exchange.

The bank marked the milestone while partaking in the closing gong ceremony held remotely with MD/CEO of NOVA Merchant Bank, Nath Ude; divisional head Listings Business NGX Limited, Olumide Bolumole; Group CEO United Capital Plc, Peter Ashade; and Rasheed Doyen of the Nigerian Capital Market in attendance.

This listing follows the recent reaffirmation by Datapro of the “A” rating on the bond and upgrade by Global Credit Rating of NOVA Merchant Bank’s long term issuer rating from BBB- to BBB with a stable outlook. This achievement also follows the recent publication of the bank’s financial results for FY2020 in which it declared a profit after tax of N3.49bn in 2020 compared to N1.65bn in 2019.

According to Ude, “The listing of this bond on the Nigerian Stock Market is a welcome development as the Bank seeks to increase its participation in the capital market in the future both as an operator and an issuer.”

Chairman of NOVA Merchant Bank Phillips Oduoza further noted, “This bond listing provides a forestate of the Bank’s ambitions to be an active participant in the capital market as we seek to reestablish merchant banking as a key economic driver by providing long-term funds and advisory services.”