United Africa Company of Nigeria Plc (UAC), a leading conglomerate in Nigeria, Africa’s most populous nation and largest economy, has listed its N54.03 billion Series 1, 7-year, 17.35% Fixed Rate Bond on the FMDQ Securities Exchange Limited, Nigeria’s leading debt capital market platform.
Okay News reports that the listing, approved by FMDQ’s Board Listings and Markets Committee, was announced on Friday. Issued under UAC’s N150 billion Debt Issuance Programme, the bond aims to enhance access to long-term funding as the company integrates its newly acquired subsidiary, C.H.I. Limited.
Proceeds will refinance existing debts, fund capital expenditures, and bolster working capital to boost efficiency and capacity across UAC’s sectors, including food and beverages, real estate, logistics, and quick-service restaurants.
Funke Ijaiya-Oladipo, UAC’s Group Finance Director, stated the issuance demonstrates strong market confidence in the company’s fundamentals and strategy. She added it broadens funding sources, reduces refinancing risks, and aligns liabilities with growth plans, especially in manufacturing and consumer segments.
The bond was sponsored by Stanbic IBTC Capital Limited as Lead Sponsor, with Chapel Hill Denham Advisory Limited, FCMB Capital Markets Limited, and Quantum Zenith Capital & Investments Limited as Co-Sponsors.
Oladele Sotubo, Chief Executive of Stanbic IBTC Capital, noted the transaction highlights UAC’s heritage and ambitions, allowing capital structure optimisation and funding diversification.
FMDQ stated the listing supports its mandate to deepen capital markets, foster industrial growth, job creation, and sustainable development through long-dated capital access.
UAC recently consolidated its acquisition vehicle, UAC Food and Beverage Company Limited, into C.H.I. Limited to streamline governance, cut administrative costs, and improve reporting. This move shifts focus to operational integration, unlocking synergies in fast-moving consumer goods.
The bond issuance and consolidation position UAC for sustained growth in its portfolio.
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