Capitis raises N361m capital bond

A finance cooperative firm, Capitis, said it has raised N361 million series A bond.

The Executive Chairman/Chief Executive Officer of Capitis, Peter Adejor, said the bond was a N500m debt capital that was issued by the firm with the amount raised being a 73 per cent of what was requested.

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Adejor said, “By first quarter of this year, we decided to raise a bond, to the best of my knowledge, Capitis is the first non-bank cooperative to achieve this feat. We were able to raise our series A bond of N361m, but our target was to raise N500m; representing 73 per cent, which is a good success considering that we just tested the market.”

He stated that the bond, with a three-year tenure, was issued by Norrenberger Advisory Partners and DLM trustee as the trustee, adding that it was able to get the amount through three months due to dedication.

He disclosed that the firm was launching a new product, Capsal Express, for seamless access to loans.

He explained that, “Capsal Express loan is targeted at public servants and private sector employees. It is a salary loan product; if you are earning salary, you can apply for this loan with ease. We are targeting reputable private sector companies, as well as government agencies. We want to add value to society and make access to finance easy for people. People have needs; to bridge finance gaps; and that is what Capitis offers.”