Stanbic IBTC NGN20 billion commercial paper is just a ‘proposal’

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Stanbic IBTC, a tier 2 commercial bank and lender in Nigeria said reports of its approval for a NGN20 billion commercial paper is inaccurate.

The bank said that it only commenced ‘regulatory engagements in order to obtain approvals to register a Commercial Paper’.

The bank added that the transaction has as yet been consummated and there also is NO COMMITMENT at this stage to launch a Note Issuance Programme immediately.

The purpose of our engagement with FMDQ was primarily to register a Shelf Programme, which places a potential Issuer in a position to approach the market in a timely fashion, when conditions are favourable at some point in the

“When we have clarity from a regulatory perspective and subject to market conditions, we would then notify The NSE and other stakeholders of whether or not we intend to launch a Note Issuance Programme”, the statement said.

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