United Capital Group has spearheaded Nigeria’s inaugural Domestic FGN US Dollar Bond issuance, raising over $900 million with a subscription rate exceeding 180%. The bond, offering a 9.75% yield, attracted substantial interest from local and international investors, including Nigerians in the diaspora and institutional investors, underscoring confidence in Nigeria’s economic prospects and financial markets.
This landmark bond will be listed on both the Nigerian Exchange Limited (NGX) and the FMDQ Securities Exchange. The funds raised are earmarked for financing critical infrastructure projects across various sectors of the economy.
Peter Ashade, Chief Executive Officer of United Capital Group, hailed the issuance as a major achievement, stating, “This milestone not only signifies progress for Nigeria but also aligns with our goal of transforming the African financial landscape. By facilitating innovative investment opportunities, we are supporting Nigeria’s economic development.”
Gbadebo Adenrele, Managing Director of Investment Banking at United Capital, described the transaction as a pivotal moment for Nigeria’s capital market. He noted, “United Capital’s pioneering role sets the stage for future significant capital raises by the Nigerian Government, other African nations, and major corporate issuers.”
United Capital served as the Lead Issuing House and Coordinator, with Africa Finance Corporation as the Global Coordinator. Other contributors included Meristem Capital, Stanbic IBTC Capital, Vetiva Advisory, and various financial institutions and legal advisors.
This successful bond issuance reinforces United Capital’s standing as a key player in Africa’s financial markets, following recent achievements such as the Transcorp Power listing on the NGX and Sierra Leone’s first local currency corporate bond issuance.
