By Peter OBIORA investadvocate

Dec 20 2010 17.20 GMT

Lagos (INVESTADVOCATE)-The Council of The Nigerian Stock Exchange (NSE) through its Quotations Committee on Monday December 20 2010 approved for listing two issues worth N50.5 billion.

This was contained in a Statement by Wole Tokede, Seniour Manager, Corporate Affairs of the NSE and made available to investadvocate in Lagos Nigeria.

The issues approved for by the Nigeria’s Exchange Council for listing are Benue State Government‘s N13 billon Bond and the N37.5 billon Bond of Flour Mills Nigeria Plc.

Benue State Government applied for approval and listing of its N13 billon Fixed Rate Development Bond 2015 of N1, 000 each at par, at 14 percent (14%).

According to the State, the Bond is for the funding of some projects embarked upon by the state, as well as refinancing existing debt obligations used in funding the projects. FBN Securities Limited and UBA Stockbrokers Limited are the joint stockbrokers to the issue.

The other is Flour Mills of Nigeria Plc that applied and got approval and listing of its offer for subscription of N37.50 bilion 12 percent (12%) Fixed Rate Bond 2015 (Series 1) under a N70 billon debt issuance. The Bond was jointly introduced by IBTC Stockbrokers and GTB Securities Limited.

“The ongoing request for capital raising is an attestation to the fact that companies will continue to take advantage of opportunities in the Nigerian Capital Market to expand their operations” the Statement said.

As earlier reported, Flour Mills had notified Exchange of the successful conclusion of its N37.5 billon Series 1, 12 percent (12%) fixed rate seniour unsecured Bond Issue.

The company in a recent Statement affirmed that a total of N49.8bn bids were received from some investors.

Flour Mills had projected to raise an initial issue of N35 billion, but the bids were oversubscribed by 12 percent (12%), and raised N37.5 billion.