L-R: Onome Komolafe, Chief Operating Officer (COO), Coronation Merchant Bank; Abubakar Jimoh, Managing Director (MD) / Chief Executive Officer (CEO), Coronation Merchant Bank; Aigbovbioise Aig-Imoukhuede, Head, Coronation Capital Markets and Onayimi Aiwerioghene, Head, Enterprise Management, Coronation Merchant Bank.
Risks chief emerges RIMAN president
Coronation Merchant Bank Limited has recorded a very robust efficiency in its inaugural Commercial Paper issuance value N15 billion, with a 180 per cent subscription degree.The N15 billion supply, which is the primary tranche, underneath its N100 billion Commercial Paper programme, obtained a complete of about N28 billion commitments from each institutional and excessive net-worth buyers, an indication of belief and confidence within the bank’s operations.
The issuance comprised of two collection of 180 and 270-days, with 180-day paper issued at a low cost fee of 12.6 per cent and a yield of 13.43 per cent, whereas the 270-day paper was issued at 12.69 per cent low cost fee and a yield of 14 per cent.The Group Managing Director/Chief Executive Officer of Coronation Merchant Bank, Abu Jimoh, mentioned: “We are happy on the consequence of this train. The Commercial Paper issuance, which represents our very first available in the market, has enabled us to attain our goal of efficient steadiness sheet administration that's geared in direction of offering capital to varied sectors of the economic system.
“The positive results recorded by our commercial paper is a testament to the strength of the Bank’s credit in the capital markets. It is both gratifying and humbling to note this level of investor confidence in the Bank”.
The Group Head of Investment Banking at Coronation Merchant Bank, Abiodun Sanusi, added: “We started our investment banking business in 2016 and in less than three years, we have contributed immensely to the development of the capital market, both on the equity side and the debt capital side.“Today, we have differentiated ourselves as a formidable player in the capital market having raised in excess of NGN300 billion for various companies in multiple sectors of the economy. The success of this issuance further demonstrates the market’s confidence in the Coronation Merchant Bank Story.”
As said by the bank, its emergence was to fill the hole in a long-underserved market phase, in search of to deal with the necessity for long run capital throughout key sectors of the economic system.The Group gives funding and corporate banking, personal banking/wealth administration and international markets/treasury companies to its numerous shoppers. It additionally gives securities trading/brokerage, asset administration and trustees companies by means of its subsidiaries; Coronation Securities Limited, Coronation Asset Management Limited respectively.
Meanwhile, the Chief Risk Officer of the bank, Magnus Nnoka, has been elected President of the Risk Managers Association of Nigeria (RIMAN)on the 18th yearly worldwide convention and common assembly of the affiliation, which occurred in Lagos. Now in its 18th yr, RIMAN has been on the fore entrance of selling finest practices and advocacy in danger administration and associated disciplines in Nigeria.
The organization supplies distinct and value-added companies by means of its pool of trade specialists and seasoned professionals and in addition units nationwide normal in skilled designation with the Certified Risk Manager certification by means of the affiliation’s on-going structured examination programme and Mandatory Continuing Professional Education.In his acceptance speech, he stated that RIMAN, underneath his management, will stay dedicated to spearheading danger administration advocacy and capability constructing actions past the monetary companies sector.
He promised to steer a group that might maintain a risk-aware enterprise setting and dealing carefully with varied regulatory businesses and stakeholders.While recognising the large job of main the affiliation within the present international and nationwide danger setting, he believes that the robust danger tradition present at Coronation Merchant Bank, a main funding bank in Nigeria and the pool of skilled professionals at RIMAN, would function robust pillars in finishing up the duties of the workplace.Prior to his election as President of RIMAN, Magnus has been on the Executive Council of the affiliation for over a decade and served at varied instances as Second Vice President and First Vice President.
He has additionally chaired distinguished governance committees just like the coaching and membership. Nnoka brings to the affiliation’s presidency a very wealthy expertise within the banking sector, spanning over 20 years and reducing throughout banks and core areas of Treasury, Branch Management/Operations and Enterprise Risk Management.