Coronation Merchant Bank has continued to build its reputation as a pivotal partner to Nigeria’s largest corporations, leveraging its expertise in capital markets to provide strategic financial solutions.
In a statement, the company disclosed that over the past year, the Bank has played a significant role in facilitating rights issues, public offers, commercial paper issuances, and bond offerings, acting as either a lead or joint issuing house in several high-profile transactions.
“Through these activities, Coronation Merchant Bank has enabled businesses across multiple sectors to access long-term, sustainable capital, thus driving growth and enhancing investor confidence,” it said.
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In 2024, the Bank reinforced its market leadership with a string of notable deals. It served as Joint Lead Issuing House for Access Holdings Plc’s N351.0 billion equity capital raise, a move that bolstered the group’s expansion efforts and financial resilience.
Similarly, it acted as Joint Issuing House for Zenith Bank Plc’s N350.5 billion equity capital raise, further cementing Zenith’s dominance in the banking sector. The Bank also collaborated on FCMB Group Plc’s N144.6 billion equity raise, helping to enhance the institution’s financial foundation.
In the realm of commercial paper issuances, Coronation Merchant Bank played a key role in enabling short-term liquidity for some of the country’s leading corporates.
“The Bank acted as Joint Arranger for Dangote Cement Plc’s N232.6 billion issuance, which supported operational liquidity for Africa’s largest cement producer. Dangote Sugar Refinery Plc also benefited from the Bank’s capital markets expertise, with a N125.6 billion commercial paper arranged to aid operational efficiency. MTN Nigeria Communications Plc raised N114.4 billion through a similar arrangement, funding the expansion of its telecom infrastructure. Additionally, a N30.0 billion commercial paper issuance for Coleman Technical Industries Limited was arranged to support industrial growth.”
Coronation Merchant Bank also made a significant impact in infrastructure and pensions. The Bank was the Lead Issuing House for an N8.8 billion issuance for Coronation Asset Management Infrastructure Fund, contributing to national development efforts.
In a landmark transaction within the pension sector, it provided sell-side advisory services for the N2.821 trillion merger involving Access ARM Pensions Limited, promoting consolidation in the industry.
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The statement added that Coronation Merchant Bank’s achievements were recognised at the 7th Annual FMDQ Gold Awards, where it received four prestigious accolades: Most Diverse Issuer on FMDQ, FMDQ Registration Member (Quotations) of the Year, Most Active Securities Lodgement Sponsor on FMDQ, and Largest Issuing House on FMDQ.
The Bank also secured the sixth position in the January–December 2024 FMDQ Fixed Income Primary Markets Sponsors’ and Solicitors’ League Table, underscoring its leadership in capital market transactions.
Paul Abiagam, acting managing director of Coronation Merchant Bank, expressed pride in the Bank’s performance, stating: “We are proud to release Art of the Deal for 2023 and 2024 which clearly demonstrates our focus on delivering world-class financial solutions that drive business growth and economic prosperity.
“Our deep expertise in capital markets enabled us to structure transactions that not only met our clients’ strategic objectives but also strengthened Nigeria’s financial ecosystem.”
Taiwo Olatunji, head of investment banking, noted: “Coronation Merchant Bank remains at the forefront of innovation in investment banking. Our deep understanding of local and global market trends, combined with our commitment to excellence, allows us to provide bespoke solutions that drive long-term value for our clients and stakeholders.”
