Coronation Merchant Bank Limited (Coronation MB) is poised to play a crucial role in deepening Nigeria’s capital market by creating novel financial and investment products that will aid Nigeria’s pursuit of improved infrastructure.
Abubakar A. jimoh, Managing Director and Chief Executive Officer, Coronation MB, said that the Bank will leverage the local knowledge and global skills of its staff to deliver infrastructure and other products and solutions that will appeal to global investors.
Coronation MB is an emerging merchant banking franchise with industry leading financial stability indicators; it is rated ‘A’ Agusto& Co, Nigeria’s foremost rating agency.
Speaking at an event held in its office to unveil its new corporate identity in Lagos, Nigeria, yesterday, February 7, 2017, Jimoh said that in less than three years since it was licenced by the Central Bank of Nigeria, the country’s apex bank regulators, Coronation MB created liquidity-enhanced UPDC commercial papers.
“The UPDC commercial paper (CP) was previously rated ‘B’ by Agusto & Co. Limited. We thought about what to do to make the CP to have wider market appeal and meet the investment criteria of the target investors, especially to regulated investors. We provided liquidity back-up,” Jimoh said. “The rating improved from ‘B’ to ‘A’.
“We also introduced creative features that enhanced the quality of the Access Bank Eurobond and the 35 billion naira Access Bank CP. These are just some of the instances in which we have added value to the market. We are able to provide these types of solutions because we understand the market and know where the problems are.”
Jimoh said that there is a yearning demand for increased sophisticated banking services from Nigeria’s top-tier corporates; he said that Coronation Merchant Bank will focus on bringing world-class advisory services and innovative products to the West-African sub-region, which will deepen and broaden Nigeria’s economic growth over the next decade as the Bank commits to strong governance regime and transparent services
Babatunde Folawiyo who leads the Board of Directors of Coronation MB said that the transition to a new brand with a broader and more strategic focus is a major milestone for the Bank.
“Our organization is a full service merchant bank capable of supporting the wider economy, and with a balance sheet to support its ambitions. I would like to thank the founding Chairman, Mr Aigboje Aig-Imoukhuede, for the hard work undertaken to unburden the company from its legacy issues and position it for significant growth over the coming years,” Folawiyo said.
“We are embarking on an ambitious journey, led by a carefully constituted board and talented/credible management team who are committed to delivering exceptional value to all stakeholders.”
INNOCENT UNAH
