NSE listed bond wins African Deal of the Year Award

PRESS RELEASE

The Nigerian Stock Exchange (NSE) joined foremost Halal investment management firm, Lotus Capital at the prestigious 2013 Islamic Finance News (IFN) Awards on Monday, February 24, 2014 in the United Arab Emirates. Lotus Capital won the Africa Deal of the Year category as the Lead Issuing House for the N11.4 billion Osun State Sukuk issue which was listed on the NSE in September 2013. This was the first ever sub-sovereign Sukuk in Africa. 

The issue was oversubscribed by about 20% which was a positive confirmation of the trust and confidence the market placed on the offer. The Osun State Government, represented by the Honourable Commissioner of Finance, and the Solicitors to the Issue, Kola Awodein and Co, were also award recipients for the deal.

Close to 400 transactions were nominated for 2013 in over 30 categories in the IFN Awards Deal of the Year, signifying a 33% rise in the number of nominations and a 20% increase in categories over the previous year.

Mrs Taba Peterside General Manager, Listings Sales and Retention, who represented the NSE at the event in Dubai, said “The NSE is focussed on broadening investor choice by introducing  a variety of new products to the market ”We are therefore delighted that Lotus Capital has been recognised with this prestigious award in structuring the first sub-sovereign African listed Sukuk. Lotus also developed our first Islamic Index on the NSE and we look forward to a continued fruitful partnership with them.”

It will be recalled that Lotus Capital Limited had partnered with The NSE in July 2012 for the development and management of a certified Shari’ah compliant Index known as the “NSE Lotus Islamic Index” or NSE LII. The index consists of companies in conformity with the principles of Shari’ah and was the first index created to track the performance of Shari’ah compliant equities on the floor of the bourse. Investment instruments like Exchange Traded Funds (ETFs) are expected to be built on the Index which ethically minded investors, both in Nigeria and overseas can invest in.The Index recorded 44.21% in 2012 (NSE ASI: 35.45% same year) and 61.84% in 2013 (NSE ASI: 47.19% same year)

About the IFN

IFN is the world’s leading Islamic Finance news provider and its annual awards are considered to be one of the most prestigious in Islamic finance. The IFN Deals of the Year was established in 2006 and recognizes those who have participated in the industry’s most ground-breaking transactions each year. Financial institutions and intermediaries are invited to submit their chosen transactions from the previous 12 months, which fall under one of the carefully selected sectors. A panel of experts from non-competing organizations then sieve through all submissions during the elimination process until just one transaction in each category remains and is thus awarded the winner of that category.

About Lotus Capital

Lotus Capital was founded in June 2004 with the specific goal of meeting the investment needs of ethical individuals, businesses and organizations across West Africa. It is a full-service, Halal Investment Management Boutique specializing in Shari’ah compliant Asset Management, Private Wealth Management Advisory Services and Financial Advisory Services.