FMDQ Approves N22.68bn CP for Daraju Industries Expansion
• Punch Newspapers • Business
FMDQ Group Plc has approved a N22.68 billion commercial paper issuance for Daraju Industries Limited, which includes N4.92 billion from Series 1 and N17.76 billion from Series 2. This issuance is part of a N50 billion program aimed at injecting liquidity into Nigeria's fast-moving consumer goods sector. Tumi Sekoni, Group Chief Operating Officer of FMDQ, highlighted that this approval marks a significant milestone for Daraju Industries as it seeks to solidify its footprint in the home care market. The funds raised will optimize Daraju's balance sheet and enhance operational efficiency during a critical period when Nigerian manufacturers are facing fluctuating operational costs. The issuance is supported by FBNQuest Merchant Bank Limited as the quotat sponsor, with significant backing from CardinalStone Partners Limited, Cordros Advisory Services Limited, and Coron Merchant Bank Limited. This move underscores the confidence in Daraju's credit profile and the overall transparency of the FMDQ platform, which aims to foster a resilient market environment.
Topics: Business, Investment