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NSE listed bond wins African deal of the year award

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Lotus capital won the Africa Deal of the Year category as the lead issuing house for the N11.4bn Osun State Sukuk issue which was listed on the Nigerian Stock Exchange (NSE) in September 2013, at the 2013 Islamic Finance News (IFN) Awards on Monday, February 24, 2014 in the United Arab Emirates.

This was the first ever sub-sovereign Sukuk in Africa. The issue was oversubscribed by about 20 percent which was a positive confirmation of the trust and confidence the market placed on the offer.

The Osun State Government, represented by the Honorable Commissioner of Finance, and the Solicitors to the Issue, Kola Awodein and Co, were also award recipients for the deal.

Close to 400 transactions were nominated for 2013 in over 30 categories in the IFN Awards Deal of the Year, signifying a 33 percent rise in the number of nominations and a 20 percent increase in categories over the previous year.

Taba Peterside General Manager, Listings Sales and Retention, who represented the NSE at the event in Dubai, said “The NSE is focused on broadening investor choice by introducing a variety of new products to the market. We are therefore delighted that Lotus Capital has been recognised with this prestigious award in structuring the first sub-sovereign African listed Sukuk. Lotus also developed our first Islamic Index on the NSE and we look forward to a continued fruitful partnership with them.”

It will be recalled that Lotus Capital Limited had partnered with The NSE in July 2012 for the development and management of a certified Shari’ah compliant Index known as the “NSE Lotus Islamic Index” or NSE LII.

The index consists of companies in conformity with the principles of Shari’ah and was the first index created to track the performance of Shari’ah compliant equities on the floor of the bourse.

Investment instruments like Exchange Traded Funds (ETFs) are expected to be built on the Index which ethically minded investors, both in Nigeria and overseas can invest in.

The Index recorded +44.21 percent in 2012 (NSE ASI: +35.45 percent same year) and +61.84 percent in 2013 (NSE ASI: +47.19 percent same year).

Lotus Capital was founded in June 2004 with the specific goal of meeting the investment needs of ethical individuals, businesses and organizations across West Africa.

It is a full-service, Halal Investment Management Boutique specializing in Shari’ah compliant Asset Management, Private Wealth Management Advisory Services and Financial Advisory Services.

Article Credit: BusinessDay Newspaper

Updated 5 Years ago

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