By Peace Udugba
LAGOS – FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the quotation of ₦3.31 billion Commercial Papers (CPs) issued by TeleAfrica Communications Limited under its ₦20 billion Commercial Paper Programme, providing the telecommunications company with additional funding to strengthen its operations and expand critical telecom infrastructure.
The approved issuance comprises ₦130 million Series 1 Tranche A, ₦140 million Series 1 Tranche B, and ₦3.04 billion Series 1 Tranche C Commercial Papers. The approval was granted by the Exchange’s Board Listings and Markets Committee.
FMDQ Exchange said the quotation underscores its commitment to providing a transparent and efficient platform for short-term capital market financing while broadening access to Nigeria’s debt capital market for companies operating in the telecommunications sector.
TeleAfrica Communications Limited, a Nigerian interconnect clearing house, provides international-to-local voice termination, local interconnect services between mobile network operators, as well as reconciliation and billing solutions that facilitate seamless telecommunications traffic across the country.
According to the Exchange, proceeds from the Commercial Paper issuance will be used to finance TeleAfrica’s working capital needs and enhance its capacity to deliver reliable interconnect infrastructure nationwide.
The transaction was sponsored by AIICO Capital Limited as Lead Sponsor, alongside Anchoria Advisory Services Limited and FCSL Asset Management Company Limited, all Registration Members (Quotations) of FMDQ Exchange.
Speaking on the development, the Group Chief Operating Officer of FMDQ Group PLC, Tumi Sekoni, said the successful quotation reflects increasing confidence in Nigeria’s capital market as a dependable source of short-term financing for the telecommunications industry.
She noted that FMDQ Exchange remains committed to providing efficient and transparent access to capital across key sectors of the economy while supporting companies investing in critical infrastructure.
Also commenting, the Managing Director of TeleAfrica Communications Limited, Denzil Kentebe, described the successful quotation as a significant milestone for the company.
He said the exercise demonstrates investors’ confidence in TeleAfrica’s business model and growth strategy, adding that the funds would improve the company’s financial flexibility to invest further in infrastructure, technology, and service delivery to meet Nigeria’s growing connectivity demands.
Similarly, the Managing Director of AIICO Capital Limited, Dr. Femi Ademola, said the transaction highlights the continued relevance of Nigeria’s debt capital market as an effective funding source for corporate organisations pursuing growth and strategic expansion.
He expressed appreciation to TeleAfrica’s management and investors for their collaboration and confidence throughout the transaction.
FMDQ Exchange said it will continue to support market participants by providing innovative financial market solutions that facilitate capital raising, deepen the Nigerian debt market, and contribute to sustainable economic growth.
