United Capital Group, Nigeria’s leading financial services firm, played a pivotal role in the successful launch of the country’s first-ever domestic US dollar-denominated bond, highlighting its influence in the African capital markets.
Acting as the Lead Issuing House and Coordinator, United Capital facilitated a groundbreaking transaction that raised over $900 million, surpassing the original target with an impressive 180% subscription rate.
The domestic FGN US Dollar Bond issuance, offering a 9.75% yield, marks a significant milestone in Nigeria’s economic trajectory. The bond generated interest from a diverse range of investors, including Nigerians, non-Nigerians residing in the country, institutional investors, and Nigerians in the diaspora. This is seen as a strong vote of confidence in Nigeria’s economic stability and growth prospects.
In a testament to United Capital’s capabilities, the proceeds from this bond will be strategically allocated to critical sectors, addressing key infrastructure needs and sustaining Nigeria’s economic momentum. The bond will be listed on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange, further elevating Nigeria’s presence in the global financial markets.
Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital, hailed the transaction as a landmark in Nigeria’s capital market evolution. “This historic issuance showcases United Capital’s commitment to pioneering innovative financial solutions. It sets a foundation for future capital raises by the Nigerian government, other African nations, and corporate entities,” Adenrele said.
Peter Ashade, Group CEO of United Capital, reaffirmed the company’s role in transforming Africa’s financial landscape. “By spearheading Nigeria’s inaugural Domestic Dollar Bond issuance, we are empowering investors and facilitating economic growth across the continent. This transaction is a testament to our innovative approach to finance,” he added.
The successful bond issuance, supported by a consortium of financial and legal advisors, strengthens United Capital’s standing as a leader in managing high-profile transactions. Its recent work with Transcorp Power Plc’s listing and Sierra Leone’s first local currency corporate bond reinforces its reputation in Africa’s financial ecosystem.
About United Capital Group
United Capital Group is a leader in the financial and investment services space, offering a complimentary suite of service offerings: Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, Consumer Finance and Microfinance Banking. The Group is transforming the African continent by providing innovative and creative investment solutions to governments, companies, and individuals.
United Capital is listed on the Nigerian Exchange Limited and is a financial and investment services role model for Africa, leveraging innovation, technology, and specialist skills to exceed client expectations, while creating value for all stakeholders.
