With over N165 billion in subscriptions, Greenwich Merchant Bank Limited, one of the authorised issuing houses for the Federal Government Nigeria’s 15.64% N100 billion Sukuk V Issuance, has successfully concluded the offer.
Due to the over 165% subscription level, which demonstrated investors’ continued interest in the FGN Sukuk programme run by the Debt Management Office, Nigeria, the initial N100 billion offered was increased to N130 billion.
The Sukuk V Issuance’s profits will be utilised to build new roads and renovate existing ones throughout the nation’s six geopolitical regions.
Speaking about this development, Mr. Bayo Rotimi, the managing director, revealed that “Greenwich Merchant Bank’s participation as an Issuing House in the Sukuk transaction is evidence of our focus on infrastructural development as a key driver of economic development”.
Greenwich Merchant Bank plan
With great pride, Greenwich Merchant Bank supported the Federal Government of Nigeria in this historic transaction and is still committed to providing solutions that advance the socioeconomic standing of Nigerians.
Greenwich Merchant Bank further acted as an issuing house for the FGN N250 billion Sukuk IV offering in 2021, which saw a 346% oversubscription.
Overview of Greenwich Merchant Bank
Formerly known as Greenwich Trust Limited, Greenwich Merchant Bank Limited is a leading local provider of financial solutions that are officially registered with the Nigerian Securities & Exchange Commission (SEC) as an issuing House and Financial Adviser.
It is regulated by the Central Bank of Nigeria. In its 26 years of operation, the company—which was incorporated on February 25 and began operations in June 1994—has grown into an award-winning market leader in the financial sub-sector of the Nigerian economy, spurring further diversification, upscaling and the creation of greater value for stakeholders.
Owned by Nigerian investors who have made a name for themselves in the financial services and other important industries for many years, and managed by a fine breed of skilled and seasoned professionals who are guided by an excellence tradition derived from its core values of Integrity, Efficiency, Innovation, and Relationship.
Modern technology and unusual insights are used by Greenwich Merchant Bank to continue adding value for our expanding client base and other stakeholders.
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