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FMDQ approves N22.68bn commercial paper for Daraju Industries expansion
via Punch Nigeria2 min read
FMDQ Securities Exchange Limited has approved the quotation of Daraju Industries Limited's N4.92bn Series 1 and N17.76bn Series 2 Commercial Paper, totaling N22.68bn, under its N50.00bn issuance programme. This approval provides a significant liquidity injection for Daraju Industries, a leading Nigerian fast-moving consumer goods manufacturer, to strengthen its presence in the personal and home care markets. The Group Chief Operating Officer of FMDQ Group Plc, Tumi Sekoni, stated that this transaction highlights the depth of the Nigerian commercial paper market in supporting corporate liquidity and reinforces the Exchange's role in capital mobilization. Daraju Industries plans to use the net proceeds to optimize its balance sheet, bolster working capital, enhance operational efficiency, and sustain its long-term growth trajectory. FBNQuest Merchant Bank Limited sponsored the quotation, with support from CardinalStone Partners Limited, Cordros Advisory Services Limited, and Coronation Merchant Bank Limited. FMDQ aims to foster a resilient and transparent market, using advanced technology to provide a regulated environment for short-term funding, thereby facilitating capital flow for job creation and industrial expansion. This capital raise positions Daraju Industries with a more robust financial foundation to maintain competitiveness in the Nigerian consumer market.
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