FCMB Capital helps LAPO Microfinance Bank’s N3.15bn bond

FCMB Capital Markets Limited, a subsidiary of FCMB Group Plc, has served as financial adviser and Lead Issuing House on the successful fund raising and listing of LAPO Microfinance Bank Limited’s N3.15 billion bond on the FMDQ OTC platform.

The bond, the first ever by a microfinance bank to raise money in Nigeria’s debt capital market, was priced at 17.75% and has a tenor of 5 years. The Issue was rated A- by Agusto& Co and BBB+ by GCR, which are investment grade ratings.

LAPO is a leading microfinance bank in Nigeria which commenced operations in 2010. Its activities are targeted at micro, small and medium enterprises, particularly women and micro enterprise owners who it provides loans to build their businesses.

Speaking during the bond listing ceremony yesterday in Lagos, the Executive Director of FCMB Capital Markets Limited, Mr. Tolu Osinibi, said, “we are excited and grateful at having been given the opportunity by LAPO Microfinance Bank to have played a leading role on this landmark transaction.”

Also speaking, the CEO of LAPO Microfinance Bank, Dr. Godwin Ehigiamusoe, said, ‘’the gap between the demand by micro, small and medium businesses and the little supply is still huge.

LAPO Microfinance Bank was only able to deliver loans valued at N135.7 billion in 2017.