Wema Bank has issued a N25 billion bond to specific investors to strengthen its capital base.
The bond will not be listed on any security exchange, according to a corporate notice signed on Thursday by Johnson Lebile, the Company Secretary.
“Wema Bank Plc decided on the issuance of the bonds as a means of strengthening 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,” read one portion of the announcement.
According to the bank, the bonds will be issued in a dematerialized form under a trust deed in denominations of N1,000.00, with an interest rate of 16% and a minimum acceptable subscription of N1 billion.
Aluko & Oyebode, Olaniwun Ajayi LLP, United Capital Trustees, United Bank of Africa Plc, Greenwich Registrars and Data Solutions, and KPMG Professional Services are professional parties to the bond issue.
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