NSE Chief Assures First Bank On Planned N500bn Bond

The director general of the Nigerian Stock Exchange (NSE) Prof. Ndi Okereke Onyiuke, has assured the management of First Bank of Nigeria Plc that its proposed N500 billion bond issues for infrastructural development will receive positive response from the investing public.

She made this known during the visitation of the bank management to the Exchange last week in Lagos.

She noted that institutional investors are greasing up to embrace the bond, which would be flagged off once the approval of regulatory bodies is secured by the bank.

According to Okereke Onyiuke, the bond would lift the capital market and the economy in general, adding that the step taken by FBN would encourage other banks to follow suite.

The bond will fly institutional investors are waiting for the bond. I am happy about the step First Bank has taken. First Bank has taken good step and I am sure it will be band wagon effect, she said.

Onasanya noted that being a long term project, it would be wrong to finance infrastructure with depositor’s money.

First Bank is the first listed company in Nigeria to make a Jumbo offer of N100 billion in 2007. The bybrid officer was subscribed to the tune of 147 per cent. The bank was only allowed to absorb N250 billion out of the N472 billion realised from the offer.