FMDQ Approves TrustBanc Holdings’ ₦20bn NICP Programme

TrustBanc Holdings Limited has achieved a significant milestone in Nigeria’s financial services industry, securing approval from FMDQ Securities Exchange for its pioneering ₦20 billion Non-interest Commercial Paper (NICP) Programme.

This innovative programme, structured under the Sharia-compliant Al-Wakalah Bi Al-Istithmar (Investment Agency Structure), marks a breakthrough in non-interest financial solutions in the country.

The NICP Programme, launched through Sultiva Wakalah SPV Limited, provides investors with a unique, ethical investment opportunity that complies with Islamic finance principles. Sultiva Wakala SPV Limited will serve as the Wakeel (Investment Agent), while TrustBanc Holdings Limited acts as the Sub-Wakeel (Sub-Investment Agent), ensuring the proper ethical deployment of funds in line with non-interest financing principles.

“This landmark approval represents our commitment to leading the charge in non-interest financial solutions. We are proud to offer a Sharia-compliant product that caters to the diverse needs of our clients and sets new standards for innovation in Nigeria’s financial landscape,” said Mr. Abu Jimoh, CFA, Chief Executive Officer (CEO) of TrustBanc Holdings Limited. He stated that the programme highlights TrustBanc’s dedication to aligning with global best practices in non-interest finance.

The newly approved Sultiva Wakala NICP provides a Sharia-compliant alternative to conventional financial instruments and is set to serve as an essential liquidity management tool for non-interest banks, mutual funds, takaful schemes, and pension funds. With growing demand for ethical investment options in Nigeria, this market-first initiative fills a vital gap in the non-interest financial sector.

TrustBanc Holdings has long been a leader in Nigeria’s capital markets. Under its existing conventional Commercial Paper Programme, the Group successfully raised over ₦39.8 billion, with ₦35.5 billion repaid at maturity. TrustBanc’s financial stability is reflected in its investment-grade credit rating of ‘A+’ from DataPro and ‘BBB’ from Global Credit Rating (GCR), both with stable outlooks.

Coronation Merchant Bank Limited acted as the financial adviser and lead arranger for the NICP Programme, while Marble Advisory Limited served as the joint arranger and Shariah adviser. Both institutions played a crucial role in securing approval from FMDQ, ensuring that the NICP Programme adheres to strict ethical and financial guidelines.

“As Shariah Advisors, we are delighted to contribute to this landmark achievement, which expands Shariah-compliant investment opportunities in Nigeria,” said Dr. Akeem Oyewale, CEO of Marble Capital.

“This approval opens the door for more short and medium-term Shariah-compliant fixed income investments, and we are grateful for FMDQ’s support in advancing this initiative.”

Mr. Paul Abiagam, Acting Managing Director\ CEO of Coronation Merchant Bank Limited, commended the collaboration, stating: “This achievement is a testament to our mission to provide transformational financial solutions. We are honored to have been part of the team that pioneered this NICP Programme.”

TrustBanc Holdings Limited, the originator of the NICP Programme, operates as a fully integrated financial services group with subsidiaries in capital management, asset management, microfinance, and wealth solutions. The Group’s reputation for delivering innovative and ethical financial products continues to grow, positioning it as a leading force in Nigeria’s non-bank financial sector.

TrustBanc Holdings Limited is a diversified financial services group, comprising TrustBanc Capital Management Limited, TrustBanc Asset Management Limited, TrustBanc J6 MFB Limited, and WeFinance Solutions Limited. The company offers a wide range of services, including treasury and wealth management, corporate finance, and Sharia-compliant investment solutions.