The Association of Issuing Houses of Nigeria (AIHN) has disclosed that private companies and government generated N3.44 trillion through Corporate Bonds and Commercial Paper issuance in two years.
AIHN President, Ike Chioke, disclosed this at the group’s Annual General Meeting (AGM) and presentation of 2022 annual report in Lagos on Monday.
Presenting the group’s financial position as of December 31, 2022, Chioke said its revenue increased by 31 per cent over the past three years.
According to him, the group’s total assets stood at N416.14 million in 2022, higher than N361.05 million it recorded in 2021 financial year.
It also recored total income of N85.41 million in 2022, higher than N64.78 million it achieved in 2021.
Also, the group achieved income surplus of N53.98 million in 2022, higher than N36.33 million it posted in 2021 financial year.
Chioke, said the growth underscores its commitment to fiscal responsibility and efficient management of resources.
He said the investment banking segment of the market achieved this milestones in 2022, despite global and domestic macroeconomic headwinds, adding that the sector sustained the momentum seen in 2021 as many economies continue to recover from the impact of COVID-19.
The AIHN boss said: “Capital raising activities in the local environment consolidated on the successes recorded in 2021.
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“Notably, 333 deals valued at about N3.44 trillion have been recorded over the last two years in the local debt market.
“This largely reflects the activities of corporates in the bonds and commercial paper issuance space while also considering states sponsored instruments.”
Chioke disclosed that in August 2022, Dangote Industries Limited closed its Series 1, dual tranche, bond issue N187.59 billion under its N300 billion bond issuance programme.
He said this was followed in December 2022 by the issuance of the Series 2 bond issuance of up to N112.42 billion, which he stated was the largest corporate bond in the Nigerian capital market.
Chioke added: “Also, MTN Nigeria Communications Plc established a N200 billion tore issuance programme under which it issued its N115Billion Series 1 Bond in September 2022. The transaction is the first bond issuance by a Nigerian telecommunications company.
“More recently, the Lagos State Government established a N1 trillion Debt and Hybrid Instruments Issuance Programme under which issued its Series 1 N115 Billion and Series 2 N19.82 billion bond issuances in May 2023.
These transactions among many others further substantiate the increased confidence of companies and investors in our loca capital market.”
The AIHN, at the event, appointed Kemi Awodein as president, after Chioke’s two year tenure elapsed.
Other Executive Council members include Dr. Gabdebo Adenrele, Vice President; Alhassan Gwarzo, Secretary of Finance; and Onyebuchim Obiyemi, Secretary, Administration.
Speaking, Awodein promised to do her best to justify the confidence reposed on her and other executive committee members by the group.
“We will continue from where Ike Chioke dropped the barton. We will continue to make giant strides in the development of the market. I ask for your collective support for us to achieve our collective goal of lifting the market,” she said.
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