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Romco Recycling Company Limited Quotes ₦1.26 Billion Commercial Papers on FMDQ Exchange

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FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”), through consistent collaboration with its stakeholders, continues to deepen and effectively position the Nigerian debt markets for growth, supporting the realisation of a globally competitive and vibrant economy. In keeping with its commitment to provide a reliable and credible platform to support capital formation, FMDQ Exchange is pleased to announce the approval for the quotation of the Romco Recycling Company Limited ₦0.41 billion Series 1, ₦0.42 billion Series 2 and ₦0.43 billion Series 3 Commercial Papers (“CPs”) under its ₦6.00 billion CP Issuance Programme on its platform on May 24, 2024.Romco Recycling Company Limited (the “Issuer”) is a multinational non-ferrous metal recycler dedicated to sustainability. The company creates usable recycled metal ingots for manufacturers, reducing the need for mining raw materials. The proceeds from the quotation of these CPs, sponsored by Quantum Zenith Capital & Investments Limited, a Registration Member (Quotations) of the Exchange, will be used by the Issuer to support its short-term funding requirements.To fulfill its mandate of deepening the Nigerian financial markets, FMDQ Exchange will consistently uphold its market development and governance responsibilities by providing a cost-effective, efficient, well-regulated, transparent, and reliable platform for raising and transferring capital, ensuring value for its diverse stakeholders.FMDQ Group PLC is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading platform, clearing & central counterparty, and settlement services for financial markets transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group PLC, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.

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Business and Brand

Ecobank Reiterates Commitment To Help Adire Industry Leverage AfCFTA

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… Gets Commendation  from Ogun State Government

Ecobank Nigeria has restated its commitment to ensure that Nigeria’s Adire industry leverages the potential of the African Continental Free Trade Agreement (AfCFTA). Speaking at the third edition of the annual Ecobank ‘Adire Lagos Experience’ in Lagos, the Executive Director, Commercial Banking, Ecobank Nigeria, Kola Adeleke, said the bank is committed to helping businesses exhibiting at the fair explore opportunities available through the Africa trade pact.

(L-R) Kola Adeleke, Executive Director, Commercial Banking, Ecobank Nigeria; Bimbola Wright, Director, Ecobank Nigeria; Emmanuel Ikazoboh, Former Chairman, Ecobank Transnational Inc.; Carol Oyedeji, Deputy Managing Director; Dr. Adesegun Akin-Olugbade, OON, Chairman, Luwaji Advisory & Former General Counsel, AFC & ADB.; Titi Olujobi, Director, Ecobank Nigeria; and Kenneth Okere, Company Secretary, Ecobank Nigeria at the Ecobank Adire Exhibition in Lagos.

The event which is holding at the ultra-modern Ecobank Pan African Centre (EPAC), has seen over 100 exhibitors showcase locally processed adire attires made by indigenous designers. “After the program, these 100 merchants, we are going to continue partnering with them. We are going to support them to build capacity. We are going to even use the opportunity for them to improve the quality of whatever they are producing for export purposes. Because ultimately, our goal is to ensure that Adire becomes like an African brand with global acclaim. “This is very unique for us as an organization because it will help to grow our nation’s economy as we see the export potential there. We are going to profile all these merchants on the Ecobank single market trade hub and then position them so that they will be able to export their products to other countries in Africa and beyond, “he said.Mr. Kola noted that Adire Lagos’ exhibition is part of the efforts of the bank to support and project the creative industry in the country, adding that as part of a Pan African bank which operates in 33 countries of Africa, Ecobank Nigeria will always look out to support various productive initiatives and the Adire exhibition fits into this goal. Meanwhile, the Commissioner for Culture and Tourism, Ogun State, Dr. Fagbayi Oluwasesan, has commended Ecobank for promoting Adire culture to help improve the sector. Speaking during his visit to the fair, Fagbayi, said: “The fabric is synonymous to Ogun state. We are the custodians of Adire. It is an indigenous textile from Ogun State and we have to protect it. That’s why we are happy with Ecobank for what they’re doing today, assisting us to showcase what God has given to us, protecting it, and also telling the world that this is what is good for us to be using as fabric.” He also said that the Ogun State government has commenced measures to address the challenge of imported adulterated Adire fabric, which poses a major threat to the local Adire industry. “The State House of Assembly have commenced steps, through our ministry, to curb the excesses or inflow of Chinese adulterated fabric. “First and foremost, we don’t need to address it as ‘Adire Chinese’. It is never Adire because it is a print on its own that doesn’t pass through the process of how the fabric is made. The original fabric is made manually, and it passes through nine stages before it is made. “We are working on that and a committee has been set up with the approval of the Governor that they should go to the market, you know, look at what we can do and come up with a law, probably, though we may not have the capacity to ban it outrightly. “We’re also taking it up with the National Assembly; the Representative Abeokuta South Federal Constituency has also raised a Bill at the National Assembly that has passed its second reading now. By the time that is done probably we will have the backing of the federal government in banning this adulterated fabric out rightly.”

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Ecobank’s “Adire Lagos” Opens In Grand Style With Over 100 Exhibitors

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… Thousands throng fair

Lagos, June 14, 2024 – The annual Ecobank “Adire Lagos” exhibition has taken off in grand style with over 100 exhibitors showcasing their wares. The 4-day fair which opened June 14 and ends 17th, is taking place at the Ecobank Pan African Centre (EPAC) complex located in Victoria Island, Lagos. Originating from Abeokuta in Southwestern Nigeria, Adire textile is an indigenous indigo-dyed cloth made by using different wax-resistant methods to create dazzling designs. The four-day Adire exhibition, returning for the third year in a row, is to promote culture, tourism, micro, small and medium enterprises (MSMEs) and enable them benefit from the African Continental Free Trade Area (AfCFTA). Some of the international exhibitors at the fair include Adire Oodua, Tampoori, Jide Batik, Janae, Asologe and host of others. The fair is set to witnessing influx of topflight exhibitors, government functionaries, culture enthusiasts, social media influencers, artistes, local and foreign tourists, traditional rulers, and members of the diplomatic community. It provides an exceptional opportunity to network with entrepreneurs, shoppers, and everyone in the business of Adire. Speaking at the opening ceremony, the Executive Director, Commercial Banking, Ecobank Nigeria, Kola Adeleke said the exhibition is part of the efforts of the bank to support the creative industry in the country, adding that it was also to promote micro, small and medium enterprises (MSMEs) and help them benefit from the African Continental Free Trade Area (AfCFTA). According to him, “As you all know, we are part of a Pan African bank which operates in 33 countries of Africa. We always look out to support various initiatives on the continent and this adire exhibition fits into the scheme. As you can see, today, we have over 100 merchants who are being given the opportunity to showcase their adire products. This is the biggest that we’ve ever seen. It is an international exhibition. We want to support them all the way, train them and make them international brands with indigenous backgrounds. We want to ensure they are able to export their locally-created products across the continent. This is also one way to support the Nigerian economy.” Exhibitors and attendees alike were enthusiastic and full of commendation for Ecobank. Ecobank Nigeria, a key driver of tourism, culture and the creative industries in Nigeria, recently hosted the +234Art, a 10-day art fair dedicated to nurturing and uplifting the burgeoning art industry in Nigeria. The fair provided a platform to support emerging artists and encourage increased interest in art acquisition; the bank organised the Photography, Art, and Design Exhibition (PADE) to commemorate World Photography Day in 2022; the bank also partnered “Songs & Stories” With Cobhams Asuquo; Redbull Dance Your Style; BellaNaija Style Summit and Loosing Daylight (An exhibition of the history of Nollywood organised by Nse Ikpe-Etim)

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