FMDQ Securities Exchange Limited has approved the quotation of ARCO Worldwide Services Limited N780million Series 1 Tranche A and N2.03 billion Series 1 Tranche B Commercial Paper (CP) under its N30billion CP Issuance Programme. The approval by the Exchange’s Board Listings and Markets Committee reflects FMDQ Exchange’s commitment to broadening access to the Nigerian debt capital market, providing efficient short-term funding solutions to innovative and technology-driven enterprises.
ARCO Worldwide Services Limited (ARCO), a subsidiary of ARCO Group Plc, provides drone-based aerial surveillance, inspection, and geospatial intelligence solutions to clients across the Nigerian oil and gas, security and defence, agriculture, telecommunications, and infrastructure sectors. The proceeds from this CP issuance, sponsored by United Capital Plc (Lead Sponsor) and Lead Capital Plc (Co-Sponsor), both Registration Members (Quotation) of FMDQ Exchange, will support the Issuer’s working capital needs and strengthen its operational capacity as it scales technology-driven services nationwide.
Commenting on the CP quotation, Tumi Sekoni, group chief operating officer, FMDQ Group Plc, stated: “The participation of technology-enabled service providers such as ARCO Worldwide Services Limited highlights the versatility of Nigeria’s CP market and its relevance to businesses across diverse sectors. As companies embrace innovation and expand their capabilities, access to efficient, market-based financing becomes increasingly important. FMDQ Exchange remains dedicated to fostering a market that connects eligible issuers with the capital required to advance their strategic growth objectives.” Related News SEC gets National Assembly commendation on fiscal sustainability, revenue growth Nigerian Navy arrests Sao Tome oil tanker for crude theft, seizes 650 metric tonnes Three arrested as mob kills UniJos student over alleged phone theft
