Greenwich Bank Raises N11.4bn for TAJ Bank Via Sukuk Issuance

Acting as the Lead Issuing House in the recently concluded Sukuk Issuance, Greenwich Merchant Bank Limited, has successfully supported TAJ Bank Limited to raise over N11.4 Billion via a Mudarabah Sukuk Issuance, under a N100 Billion Sukuk Issuance Programme aimed at strengthening TAJ Bank’s capital adequacy ratio, among others.

In a statement from the bank, it revealed that the programme, a first of its kind in Nigeria, is an additional tier-one capital Mudarabah Sukuk with loss-absorbency features designed to help TAJ Bank strengthen its capital adequacy ratio and general corporate business activities.

The statement also revealed that 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 and there 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, of Greenwich Merchant Bank Limited, 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 catalyzing 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.”