Wema Bank has issued a N25 billion bond as part of an effort to shore up its capital base.
In a statement signed by the Company Secretary, Johnson Lebile, it stated that the bond will not be listed on any security exchange.
“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, ” the statement reads.
It added that 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.
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.