NOVA Merchant Bank Lists Bond On The Nigerian Stock Exchange

NOVA Merchant Bank recently concluded the listing of its N10 billion 7-Year Subordinated Unsecured Bond on the Nigeria Stock Exchange. This milestone was marked by the Bank partaking in the closing gong ceremony held remotely with Mr. Nath Ude MD/CEO NOVA Merchant Bank, Mr. Olumide Bolumole Divisional Head Listings Business NGX Limited, Mr. Peter Ashade Group CEO United Capital Plc and Alhaji Rasheed Yusuf 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 Mr. Nath Ude, the MD/CEO, “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.”

Mr. Phillips Oduoza, the Chairman of NOVA Merchant Bank, 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.”