…Lists fresh N35 billion commercial paper (CP)
…Promises to maintain leadership position
MON, MARCH 27 2017- Access Bank Plc led the top 10 banks to trade N121.59 trillion on the FMDQ OTC in 2016, a value that represented 71 per cent of the overall turnover in the market.
The Group Managing Director/Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe said the bank intends to stay top for a long a time on activity chart of FMDQ OTC Securities Exchange.
Speaking at the FMDQ OTC office last Thursday at a ceremony to list Access Bank N35 billion commercial paper (CP), Wigwe said the bank would deploy needed resources to maintain its leadership position.
He had noted that the high level of confidence investors reposed on the bank led to the successfully raising of the N35 billion from the market.
“This issue will allow us create a liquidity buffer as we align our liquidity management to international best practice based on our internal Liquidity Adequacy Assessment Process (ILAAP).This is particularly important given the prevailing macro environment and its impact on industry liquidity”, Wigwe said.
Vice President & Divisional Head, Marketing & Business Development of FMDQ, Ms. Tumi Sekoni, lauded the contribution the bank was making to the development of the Nigerian markets, noting that the positive impact a quotation of this sort would have on the market was not to be underestimated.
Mr. Ayo Fashina of Chapel Hill Denham, called the listing the largest ever CP Issuance in Nigeria’s money markets. He said this provides further credence to Access Bank’s long-standing reputation as a top-grade issuer.
“We remain grateful to the domestic institutional investors – especially the Nigerian pension fund administrators – for their overwhelming support, and to the FMDQ-OTC management and team, who have worked with us to ensure a timely completion and quotation of this CP issuance,” he added.