Greenwich Merchant Bank Limited, a mandated Issuing House to the Federal Government’s 15.64% N100 Billion Sukuk V Issuance has successfully closed the offer with a subscription level of over N165 Billion.

The initial N100 Billion offered was upsized to N130 Billion due to the subscription level of over 165%, evidencing Investor’s sustained appetite for the FGN Sukuk programme led by the Debt Management Office, Nigeria.

The proceeds of the Sukuk V Issuance, will be used to finance road rehabilitation and construction projects across the six geo-political zones of the Country.

Speaking on this development, the Managing Director, Greenwich Merchant Bank, Mr Bayo Rotimi said ” the Bank’s participation as an Issuing House in the Sukuk transaction is evidence of our focus on infrastructural development as a key driver of economic development”.

Greenwich Merchant Bank is very proud to have supported the Federal Government in this milestone transaction and remains determined to deliver solutions that improve the socio-economic position of Nigerians” said Rotimi.

In 2021, Greenwich Merchant Bank also served as an Issuing House in the FGN N250 Billion Sukuk IV Issuance which was over-subscribed by 346%.

Greenwich Merchant Bank Limited has been rated BBB- (NG) Long Term, and A3 (NG) Short Term with a stable outlook by global credit rating agency, GCR Ratings. The assigned rating is premised on Greenwich Merchant Bank’s strong capitalisation, robust liquidity, and sound risk position as noted in the accompanying statement from GCR.

This stable outlook rating reflects GCR’s expectation that Greenwich Merchant Bank would successfully implement its outlined strategic initiatives, expand operational scale over the short to medium term, and sustain capitalisation metrics at strong levels.

Commenting further, GCR asserts that ‘Asset quality metrics are expected to remain sound over the rating horizon on the back of the bank’s cautious lending approach and stringent credit approval process. Liquidity is expected to remain at robust levels, despite the loan book growth’ adding that ‘Greenwich Merchant Bank’s funding and liquidity is robust and considered appropriate for its current operational scale.’

In his reaction, the MD/CEO of Greenwich Merchant Bank, Bayo Rotimi noted that the rating is indicative of the Bank’s resilient business model, driven by global best practise and anchored on a dedicated work force that seeks to create value for internal and external stakeholders. It is to be noted that Greenwich commenced merchant banking operations in October 2020. The Bank, while operating as Greenwich Trust Limited during its first 26 years of operations carved a niche for itself as a market leader in the Investment Banking, Financial Advisory, Asset Management and Securities Trading space.

Greenwich Merchant Bank Limited is a foremost financial services provider that offfers high-end financial products and services to select clientele in targeted sectors of the economy and with operations covering Corporate Banking, Private Banking, Investment Banking, Asset & Wealth Management, Treasury & Global Markets and Securities Trading.

Greenwich Merchant Bank Limited, a foremost financial services provider with focus on high-end financial products and services to select clientele in targeted sectors of the economy and with operations covering Corporate Banking, Private Banking, Investment Banking, Asset & Wealth Management, Treasury & Global Markets and Securities Dealing has today announced the appointment of Mr. Bayo Rotimi as its new Managing Director/Chief Executive Officer.

He joins Greenwich Merchant Bank with over 27 years experience as an investment banking professional; having previously worked at Fountain Trust Merchant Bank, Lead Merchant Bank and FCMB Capital Markets Limited, where he rose to the position of Chief Executive Officer in 2008 before leaving to establish his own boutique Investment Banking Firm. He was, until recently, the Chairman of the Investment Committee of ARM’s Discovery Aggressive Growth, Ethical, Money Market, Fixed Income and Eurobond Funds with over N110 billion under management.

Bayo holds a Bachelors Degree in Economics from the University of Lagos (1990) and a Masters Degree from the University of Sheffield, UK (1992). He has acquired significant experience over the years and has led the execution of numerous landmark transactions cutting across Corporate Finance, Capital Raising (debt, equities, and hybrids) and Financial Advisory services (Mergers & Acquisitions, Corporate Restructuring, Privatization Advisory and Project Finance).

He is a Member of the Institute of Directors; Associate of the Certified Pension Institute; Member, Chartered Institute of Bankers and Member of the Advisory Board of the Enterprise Development Centre (EDC) of the Pan Atlantic University. He teaches Strategic Planning at the EDC and actively supports its Experts-in-Residence program that mentors emerging businesses. Bayo was an External member of Faculty at the Lagos Business School between 2009 and 2013. He also continues to serve on various market development-focused committees inaugurated by the Securities and Exchange Commission to facilitate the development of the Nigerian Financial markets.

Speaking on the appointment, Kayode Falowo, Chairman, Greenwich Merchant Bank stated that “Bayo’s track record and pedigree speaks for itself and offers a reassuring nexus between the corporate ideals that Greenwich is reputed for and proactive dynamism required to stay on the cutting-edge of innovation, product development and stakeholder satisfaction.”

Bayo Rotimi, as MD/CEO, will provide leadership and direction to the Management Team and be responsible for driving the Company’s overall strategic objectives and operational performance towards delivering optimal value for stakeholders in line with global best practice.