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Interlaw’s Partner Firm in Nigeria Advises Nova Merchant Bank Ltd on ₦50 Billion Commercial Papers Programme

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Interlaw’s firm in Nigeria, Sefton Fross, has advised Nova Merchant Bank Limited (Nova Bank), one of the leading merchant banks in the country, on the successful registration of its ₦50 Billion Commercial Papers Programme. This included the issuance of up to ₦20 Billion under Series 1 and Series 2 of the programme.

Nova Bank is offering the commercial papers to raise funds for short-term working capital requirements and general corporate purposes. The programme is significant as it is one of the largest commercial programmes by a merchant bank in Nigeria to date.

This successful offering comes on the back of the 2020 oversubscribed, ₦10 Billion, 7-year subordinated unsecured bond issuance by the company. 

Sefton Fross advised Nova Bank on the transaction and assisted the company in accessing funds in the Nigerian debt capital market.