Greenwich Merchant Bank Assists TAJ Bank to Raise Over 11.4 Billion in the Mudarabah Sukuk Series 1

Greenwich Merchant Bank Limited, acting as the Lead Issuing House in the recently concluded Sukuk Issuance, has successfully supported Taj Bank Limited (“TAJBank” or “the Bank”) to raise over ₦11.4 Billion via a Mudarabah Sukuk Issuance, under a N100 Billion Sukuk Issuance Programme.

This programme, the first of its kind in Nigeria, is an Additional Tier 1 Capital Mudarabah Sukuk with loss-absorbency features designed to help TAJBank strengthen its capital adequacy ratio and general corporate business activities.

The Issuance received interest from both Retail and Institutional Investors, resulting in a subscription of 113.6. The oversubscription of this Issuance demonstrates that the investment culture in the Country is still vibrant andthere is sustained confidence in Nigeria’s path to economic recovery and stability. It also validates TAJ Bank’s position as a leading non interest financial services provider.

Commenting on this transaction, the Managing Director Mr. Bayo Rotimi stated that “Our participation as the Lead Issuing House in this innovative transaction – the first of its kind in Nigeria – is proof of our commitment to catalyze positive economic outcomes via capital provision to Corporates and the Federal Government of Nigeria. We are delighted to have supported TAJBank in this landmark transaction.”

In the last two years, Greenwich Merchant Bank enabled the Federal Government of Nigeria to raise a total sum of N380 Billion – for infrastructure projects – via the FGN Sukuk IV and V Issuances respectively.  

Additionally, in 2022, Greenwich Merchant Bank also helped Family Homes to raise N20 Billion under its Series II Ijarah Sukuk – the second ever certified corporate Bond in Nigeria.

Through its bespoke financial solutions, Greenwich Merchant Bank remains focused on supporting the Federal and States Governments as well as corporate organizations to achieve capital project financing required to spur economic growth.

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