Wema Bank recently issued a N25 billion bond to its targeted investors to shore up its capital base which is expected not to be listed on any security exchange.
This was contained in a corporate notice on Thursday signed by the Company Secretary, Johnson Lebile.
Thus, part of the notice read, “Wema Bank Plc decided on the issuance of the bonds as a means of shoring up its capital base to facilitate the bank’s business of lending to the Nigerian small and medium enterprise businesses alongside deepening the bank’s loan portfolio in the retail and commercial lending space.”
According to the bank, the bonds will be issued in a dematerialised form under a trust deed in denominations of N1,000.00 with a minimum acceptable subscription of N1bn with an interest rate of 16 per cent.
And the professional parties to the bond issuance include Greenwich Merchant Bank Limited, Aluko & Oyebode, Olaniwun Ajayi LLP, United Capital Trustees, United Bank of Africa Plc, Greenwich Registrars and Data Solutions, KPMG Professional Services.