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United Capital leads issuance of Inaugural Domestic FGN US Dollar Bond Achieves over 180% subscription – Over US$900 million raised

Nigeria’s leading financial services group, United Capital Group, acted as the Lead Issuing House and Coordinator for the successful issuance of the FGN Domestic Dollar Bond, Nigeria’s first ever domestic US dollar-denominated bond.


The transaction generated unprecedented domestic demand, raising over US$900 million, to achieve over 180% subscription levels, emphasizing United Capital’s placing power in the capital markets and strong investor confidence in Nigeria’s economic stability and growth potential.

Domestic FGN US Dollar Bond

This first issuance under the Domestic FGN US Dollar Bond program offers a 9.75% yield and attracted significant demand from a diverse group of investors, including Nigerians and non-Nigerians residing in Nigeria, Nigerians in Diaspora, and institutional investors. The bond will be listed on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange). The proceeds from the bond will be deployed to critical sectors of the economy, as part of ongoing efforts to sustain growth and address key infrastructure gaps.


Commenting on the success of the issuance, Dr. Gbadebo Adenrele, Managing Director, Investment Banking at United Capital Group, said “This is a landmark moment for Nigeria’s capital market. As a pioneer in this class of transactions, United Capital has laid the foundation for more such significant capital raises by the Nigerian Government, other African sovereigns and major corporate issuers. The successful issuance of the Domestic FGN US Dollar bond is a testament to investor confidence in the country’s economic growth trajectory and our innovative approach to finance”.


The Group CEO, United Capital Group, Peter Ashade, emphasized United Capital’s commitment to developing Africa’s capital markets.  “The successful issuance of Nigeria’s inaugural Domestic FGN US Dollar bond is a significant milestone for both the country and United Capital. This transaction aligns perfectly with our vision of transforming the African financial landscape. By providing access to innovative investment opportunities, we are empowering investors and contributing to Nigeria’s economic growth”.


Alongside United Capital’s role as the Lead Issuing House/Coordinator for the domestic bond issuance; Africa Finance Corporation served as the Global Coordinator; Meristem Capital Limited, Stanbic IBTC Capital Limited and Vetiva Advisory Services Limited acted as Issuing Houses; Constant Capital Markets & Securities Limited and Iron Global Markets Limited acted as Financial Advisers; Olaniwun Ajayi LP and G. Elias acted as Solicitors; and Greenwich Trustees Limited acted as Trustee.


United Capital Group’s pivotal role in this transaction highlights its capacity to lead and manage significant capital market activities, as recently demonstrated with the listing by introduction of Transcorp Power Plc on the Nigerian Exchange Limited and the issuance of Sierra Leone’s first local currency corporate bond, reinforcing its reputation in Africa’s financial landscape.

JOSEPH ONYEMA

Head, Group Enterprise Performance Management
Joseph Onyema
Joseph is the Head, Group Enterprise Performance Management at United Capital Plc.
Over the last 16 years, Joseph has worked with and led teams whose responsibilities cut across a major spectrum of technology transformational and retail growth projects and consultancy. Joining the group in 2017, Joseph started out leading the technology team for 5+ years in the position of the Group, Chief Information Officer, a role in which his focus on execution to reposition the business was exemplary, hence leading to increased digital presence, retail growth and improved revenues, with keen focus on our growth during the COVID-19 pandemic where the business was run totally virtual and saw outstanding growth in customers, revenue and profitability.​
Leveraging on his education, performance, experience and spirit of execution, Joseph transitioned to the Group Head, Enterprise Performance Management, where he brings his analytical and technological prowess coupled with his background in managing teams and businesses to bare in monitoring and tracking business units and employees performances, while helping them to improve in their performance and ensuring the group continues to win in all its endeavours.
Before joining United Capital, Joseph headed the Group Technology Operations at Cordros Capital Limited where he transitioned the business from a High Net-worth Individual (HNI) focused business to retail-focused business with total leverage on technology to drive B2C sales across verticals while exploring new markets and partnerships. Prior to Cordros Capital, he had led the Enterprise & Cloud Services team at Soft Solutions Limited, an IT Consultancy firm with a footprint across 15 Nigerian banks on enterprise security, cloud projects, and consultancy where he developed, deployed, and led support teams to manage several financial and FMCG application suites.
A Tony Elumelu entrepreneur from 2016 before joining the group, and a member of the prestigious Beta Gamma Sigma international business honor society, continues to reinvent himself and deliver exceptionally to the United Capital family.