Nigeria: Afrinvest Capital Limited issues US$11 mln in commercial papers for local firms
Friday, 13 January 2023 17:15
The debt securities will help fund local firms outside the banking system.
Afrinvest Capital announced, Thursday (January 12), the issuance of up to NGN5 billion (US$11 million) in commercial papers, via its investment bank DLM Capital Group.
A commercial paper is a negotiable debt instrument issued in the money market to allow companies to borrow on near-market terms without going through the traditional banking system. With that instrument, DLM Capital Group will raise capital abroad and in Nigeria and make it available to local companies in a variety of sectors (agriculture, housing, transportation, infrastructure, etc.) under alternative and customized financing mechanisms.
With such an initiative, Afrinvest Capital wants to mobilize funds in the national and international markets to support socioeconomic development in Nigeria. The announced issuance is part of a larger program that aims to issue NGN20 billion in commercial papers. Let's note that this is not the first time Afrinvest is issuing such instruments to finance local firms.
Chamberline MOKO
Live News
-
In Africa, High Mobile Costs and Digital Illiteracy Hold Back the Mobile Money Revolution
03:30
-
Tunisia rolls out smart grid pilot to improve power reliability
21:15
-
Afreximbank Raises $2 Billion After Fitch Break, Revealing Diverging Views of Risk
21:10
-
Burkinabe-Led Vista Group Expands Into Central Africa With Chad Bank Acquisition
20:34
-
France Flags Payment Delays as Risk to Investment Climate in Cameroon
20:29
-
Cameroon Courts U.S. Investors Despite AGOA Exclusion
20:14
-
Cameroon Looks to Poland to Advance Transport Infrastructure Plans
20:05
-
AGL Cameroun Invests CFA2 Billion to Boost Port and Logistics Capacity
19:57
-
Zambia Expands Digital Learning Drive to Fix Gaps in Education System
19:52
-
Zambia Signs 100 MW Wind-Solar Agreement as It Seeks to Diversify Power Supply
19:12
Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...
Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...
ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...
WAEMU posts 3.31 trillion CFA francs trade surplus in Q4 Exports surge 50.4%, led by gold, ...
Weeks after cutting ties with Fitch following its downgrade to speculative grade, the African Export-Import Bank raised a record amount on the syndicated...
Government deepens partnership with UNICEF to expand digital learning Low literacy and school access highlight urgency of reform Technology seen as...
Zambia signs PPA for 100 MW hybrid wind-solar project Project supports diversification away from hydropower dependence Expansion of renewables aims to...
By Diaka Camara, journalist, producer, founder of CBC Worldwide Com & Prod, and president of the Diaka Camara Foundation. I still remember returning to...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...