Access Bank to sell Nigeria’s first corporate green bond
PLANS are underway at Access Bank Plc to sell Nigeria’s first corporate green bond to fund environmental projects.
The bank in statement to the Nigerian Stock Exchange (NSE) affirmed that it planned to raise about 15 billion naira in the first quarter for climate-related funds and programmes, while noting that the bank has submitted respective application to the Central Bank of Nigeria (CBN), as well as the Securities and Exchange Commission (SEC) in respect of the proposed bond issuance.
It however stated that neither regulatory body had given their approval yet, while noting that upon the receipt of approval from the regulatory bodies, the bank would evaluate market conditions and then decide whether to.
It will be recalled that the Nigerian government, in 2017, sold the country’s first green bond worth N10.7 billion and plans to raise as much as N150 billion by 2021, according to the Debt Management Agency. A green bond is a bond specifically earmarked to be used for climate and environmental projects.