United Capital Group, a leading pan-African investment banking and financial services institution, has achieved a significant milestone as it successfully led the issuance of Sierra Leone’s first local currency corporate bond, valued at SLE32 million (approximately $1.4 million).
This is seen as a transformative moment for Sierra Leone’s capital market.
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Acting as the Financial Adviser, United Capital through its investment banking business, provided bespoke structuring, financial advisory, and fundraising services to the Issuer, LAPO SL. The Issuer is a microfinance institution serving micro, small, and medium enterprises (MSMEs) in Sierra Leone, with a significant focus on providing affordable loans to women from low-income households.
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Dr. Gbadebo Adenrele, Managing Director, Investment Banking at United Capital Group, expressed his enthusiasm about the transaction: “We are pleased to have advised LAPO SL on this landmark transaction. It not only strengthens the corporate bond framework but also deepens the Sierra Leonean capital market. At United Capital, we are committed to enhancing the capital market ecosystem across Africa through active participation in innovative transactions like this.”
This bond issuance is a significant step in United Capital’s broader strategy to expand its footprint across the African capital markets. The Group CEO, Peter Ashade, emphasized the pan-African impact of this transaction saying “This successful corporate bond issuance in Sierra Leone is a testament to our strategic focus on expanding United Capital’s presence across Africa. By leveraging our expertise and resources, we are unlocking new opportunities and driving economic growth across the continent. Our goal is to empower corporates and sovereign governments with tailored financial solutions that transcend borders and foster prosperity throughout Africa.”
The transaction was a collaborative effort involving key financial institutions including Invest Salone (a UK-funded private sector development programme) and Pennarth Greene (a Sierra Leonean-based corporate finance advisory firm), underscoring a collective commitment to developing the bond market in Sierra Leone. The Africa Local Currency Bond Fund (ALCB Fund) served as the anchor investor, injecting approximately SLE27 million into the transaction, further signaling strong interest in Sierra Leone’s burgeoning economy.
United Capital Group’s pivotal role in this transaction highlights its capacity to lead and manage significant capital market activities across borders. Its track record includes leading major listings like the Transcorp Power IPO on the Nigerian Exchange (NGX), which boasted a market capitalization of N1.8 trillion, reaffirming its position as a key player in Africa’s financial landscape.
