Sells ₦400m Bonds from N10bn Debt Scheme

Must Read

Free 250,000 FG/CAC Business Names Registration for MSMES

Business formalisation Support of the Micro, Small & Medium Enterprises (MSMEs) Survival Fund As part of Federal Government’s post-Covid-19 Pandemic...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

FG offers free business registration for 250,000 MSMEs

The Federal Government says it has offered free business registration for 250,000 Micro, Small and  Medium Enterprises (MSMEs) nationwide...
- Advertisement -

Metro Africa Xpress (, the leading mobility platform in Nigeria and West Africa, today announced the successful issuance of a ₦400m 1-year fixed-rate notes (the “₦400m Series 1 Bond” or the “Bond”) under its newly structured ₦10bn/$22m Private Company Bond program.

The ₦400m Series 1 Bond is MAX’s first-ever bond issuance and the first bond issued by a mobility company in Africa. Despite the challenging global economic backdrop, the Bond, distributed through a private placement, received strong interest from highly reputable local and international fixed-income investors that are seeking exposure to a high-quality issuer like MAX. Sells ₦400m Bonds from N10bn Debt Scheme Sells ₦400m Bonds from N10bn Debt Scheme –

The Series 1 Bond is the first issuance under MAX’s multi-currency ₦10bn ($22m) PCB Program, which was structured in line with our mission to build the technology and financing infrastructure for mobility across Africa. Proceeds from the Bond shall be used to fund MAX’s growing asset financing program across 2-wheeler, 3-wheeler and other vehicle classes in Nigeria and beyond, as MAX continues to institutionalize driver financing across the continent.

The transaction and the PCB Programme were both arranged by DLM Advisory (“DLM”), a Nigeria-based SEC-regulated full-service Developmental Investment Bank that combines advisory, origination, underwriting and distribution capabilities. DLM has built a successful track record of structuring, participating in and delivering bespoke and innovative capital raising solutions to sovereign entities as well as public and private organizations.

Mr Adetayo Bamiduro, CEO and Co-Founder of, commented on the successful Bond issuance:

- Advertisement -

“MAX is extremely pleased with the successful Bond issuance, which reflects the market confidence in MAX’s mission, strategy and execution capabilities. This is further evidence that MAX remains at the forefront of technology, financial and business model innovation to solve a fundamental aspect of Africans’ lives.”

Also, Chief Growth Officer and Co-Founder of, Mr Chinedu Azodoh said,

“the fully integrated and innovative nature of MAX’s DVC [driver-vehicle-collection] technology stack was essential to demonstrating our ability to scale and manage an ever-growing pool of financed drivers across 6 cities with unmatched efficiency, speed and agility. This funding was delivered on the basis of those proprietary technology capabilities that enable heightened levels of portfolio scrutiny and monitoring. These were fundamental to successfully closing this trailblazing transaction.”

Mr Sonnie Ayere, Group CEO of DLM Capital Group, added;

“This is a bold step in advancing DLM’s developmental driven mandate by providing innovative solutions to meet the funding needs of players in key sectors of the economy, through the capital markets. MAX has positioned itself at the forefront of its industry with its unique business model that deploys technology to cater to the peculiarity of mobility within Nigeria’s major cities.

In addition to this, the MAX funding program has played positively in the aspect of employment creation. Given the average cost of the vehicles financed, the capital unlocked through the Series 1 Bond will lead to the creation of close to 1,400 additional jobs, which in turn has a positive multiplier effect on the Nigerian economy.

- Advertisement -

As a developmental Investment Bank committed to creating direct impacts to the lives of people, we have put our money where our mouth is and have taken a credit decision to support their inaugural issuance, due to its strong credit fundamentals and the social and economic impact it brings. We are delighted to have assisted MAX on this significant stride.”

For Mr Guy-Bertrand Njoya, Chief Financial Officer of,

“most exciting for us about this ground-breaking funding structure is being able to close it amidst the current social and economic uncertainty. We are deeply honoured by the confidence shown by the investment community in our ability to continue leveraging access to wholesale finance as well as other internal capabilities — including proprietary technology solutions, exclusive vehicle manufacturer deals, low-cost credit, discounted insurance and other financial services — to serve the growing group of overlooked, underserved, unbanked or underbanked Africans as it has never been done before.”

Mr Emeka Ngene, the head of DLM Advisory also commented that

“This is in keeping with the vision of the DLM brand. With a commitment to increasingly deepen the penetration of the domestic capital markets with every new project we undertake, delivering this assignment for MAX further helps in driving that concept. It will be good to also make special mention of the team at the Shell Foundation who played a key role in the delivery of this mandate by the provision of catalytic capital.

At DLM we have always believed that local currency funding is the way to go for businesses like MAX with significant impact potential. Our hope now is that the success of this deal further paves the way for more collaboration towards providing similar solutions for other businesses with clear development objectives.”

- Advertisement - Sells ₦400m Bonds from N10bn Debt Scheme - Brand Sells ₦400m Bonds from N10bn Debt Scheme - Brand Spur
- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed. Sells ₦400m Bonds from N10bn Debt Scheme - Brand Sells ₦400m Bonds from N10bn Debt Scheme - Brand Spur

Latest News

HappyFamily Launches New Nutritious Meal Replacement Product: DrMiow Professor Meal

KUALA LUMPUR, MALAYSIA - Media OutReach - 28 October 2020 - In 2012, HappyFamily is founded by Malaysia's renowned and outstanding iridology expert-- Master Tan. The...

Taiwan’s Sugarcane Straws Explore US Market

TAIPEI, TAIWAN - Media OutReach - 27 October 2020 - Taiwan not only invented bubble tea that has created a global phenomenon, one of...

XSD Partners with NEFIN to Power Up Its Plant with Solar Energy in Malaysia

HONG KONG, CHINA - Media OutReach - 27 October 2020 - Integrated papermaking specialist, XSD International Paper Sdn Bhd ("XSD") announced that it has entered into a power purchase agreement ("PPA")...

Local Business Crowdfunding Platform SeedIn Rebrands to BRDGE and Announces Planned Expansion Into Indonesia

Rebranding exercise aims to better harness the Kampung Spirit of Singaporeans supporting their favourite local businesses SINGAPORE - Media OutReach - 27 October 2020 - Singapore-based...

GS1 Hong Kong and buildingSMART Hong Kong Chapter signed a MoU to advance global standards in the construction sector

HONG KONG, CHINA -  Media OutReach - 27 October, 2020 - GS1 Hong Kong has signed a Memorandum of...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement Sells ₦400m Bonds from N10bn Debt Scheme - Brand Sells ₦400m Bonds from N10bn Debt Scheme - Brand Spur