Sub-Saharan African gas and power company, Axxela Limited, has successfully completed its ₦15 billion Series one Bond Issuance under its ₦50 billion Multi-Instrument Issuance Programme. The bond achieved an oversubscription at 109% despite challenging economic conditions.
Sub-Saharan African gas and power company, Axxela Limited , has completed its ₦15 billion Series one Bond Issuance .
The firm accomplished this financial milestone despite issuing the bond during challenging economic conditions, with rising interest rates and limited market liquidity. Stanbic IBTC Capital, acting as the lead issuing house for the bond issue alongside seven joint issuing houses, played a pivotal role in the transaction, with Stanbic IBTC Bank serving as the transaction bank,” he said.
Chief Financial Officer, Axxela Limited, Timothy Ononiwu, said: “We are grateful for the success of the transaction, which speaks to the investors’ recognition of Axxela’s operating and financial performance over the years and the significant growth prospects across our value chain. We will continue to explore opportunities to diversify our funding sources and optimise our funding structure towards achieving our financial objectives.
Governor Mohammed Bago of Niger State has declared a state of emergency on thuggery across the state, warning that government will not condone any form of criminal activity. Alaigbo Development Foundation has identified the chaotic nature of the Nigerian federation as the basis for the constant terrorism, banditry and violence that have made living unbearable for the people.
Axxela Limited Bond Issuance Financial Milestone Oversubscription Economic Conditions
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