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