FG Receives Combined Offers Of $9.5 Billion On  $2.86 Billion Eurobond

FG Receives Combined Offers Of $9.5 Billion On  $2.86 Billion Eurobond

The Federal Government on Wednesday night said it received a combined offer of over $9.5bn for its $2.86bn Eurobond. This was contained in a statement issued by the Media Adviser to the Minister of Finance, Paul Ella Abechi. It said the bond was issued under its Global Medium Term Note Programme. The bond represents Nigeria’s sixth Eurobond issuance, following issuances in 2011, 2013, two in 2017 and one in early 2018 and its first triple-tranche offering. The offering, according to the statement, has attracted significant interest from leading global institutional…

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Chams, First Access To Roll Out Digital Credit Solution

Chams, First Access To Roll Out Digital Credit Solution

Chief Executive Officer, ChamsAccess, Dumebi Obodo New York-based financial technology (Fintech) company – First Access, is partnering its Nigerian counterpart, ChamsAccess Limited, to deliver digitised and automated credit solutions to micro lenders. The software platform allows micro lenders anywhere to digitise their entire lending process, and capable of replicating existing processes and accommodating a wide range of needs around origination, approval, monitoring and collection due to its flexibility. First Access provides an easy way for traditional institutions to enter the digital world, driving faster growth and strong risk management practices….

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CBN Strengthens Naira With  $210m Forex Injection

CBN Strengthens Naira With  $210m Forex Injection

CBN headquarters, Abuja The Central Bank of Nigeria on Tuesday injected $210m in the inter-bank foreign exchange market. Figures obtained from the CBN indicated that the authorised dealers in the wholesale segment of the market received $100m while the small and medium enterprises and invisibles segments were allotted $55m each. The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, assured that the CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the naira would continue its strong run against the dollar and other major…

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N115 Billion FG Bonds For Auction

N115 Billion FG Bonds For Auction

The Debt Management Office has said the Federal Government will auction by subscription N115bn worth of bonds on November 21. In a circular by the DMO on its website on Tuesday, the breakdown of the figure revealed that N35bn five-year reopening bond to mature in April 2023 would be offered at 12.75 per cent; another N35bn seven-year reopening bond to mature in March 2025 would be auctioned at 13.53 per cent; while N45bn 10-year bonds to mature in February 2028, would be auctioned at 13.98 per cent. The DMO said,…

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Guinness Reports 249% Rise In Profit

Guinness Reports 249% Rise In Profit

Guinness Nigeria Plc, has approved a dividend of N4.03 billion, translating to a payout of N1.84 per share to shareholders for the financial year ended, June 30, 2018. This was against the 64 kobo paid to shareholders for the 2017 business year, representing an increase of 187.5 per cent.The company, at its 68th Annual General Meeting in Abuja, also disclosed a significant increase in Profit After Tax (PAT) by 249 per cent at N6.7 billion compared to N1.9 billion reported in the previous year. The 2018 financial year also showed…

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Zenith Bank Share Purchase Worry Investors

Zenith Bank Share Purchase Worry Investors

Financial instituion silent on N6.88 billion saleInsinuations that a possible entry of a new investor, big enough to acquire a seat on the board of Zenith Bank Plc, given the quantum of transactions executed on its shares on Wednesday, were dispelled yesterday, as experts explained that the undervalued nature of the stock propelled the volume spike.     At the close of trading on Wednesday, transactions in the shares of Zenith Bank topped the activity chart with 288.27 million shares valued at N6.88 billion. This significantly triggered the total volume of…

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FG Takes $2.8bn Eurobond Sale Roadshow To London

FG Takes $2.8bn Eurobond Sale Roadshow To London

Nigerian officials will go on a roadshow to London next week ahead of a planned $2.8 billion Eurobond sale this month, two banking sources told Reuters on Thursday. The roadshow, which is being organised by Citi and Standard Chartered, would run from November 12, for three days and be attended by Nigerian Finance Minister Zainab Ahmed. The Senate had last month approved the issuance of $2.786 billion from the International Capital Market to partly finance the 2018 budget. This was sequel to the presentation at plenary of the report on…

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FSDH: Money Market To Experience N2.82 Trillion Inflow

FSDH: Money Market To Experience N2.82 Trillion Inflow

FSDH Merchant Bank Plc has predicted that about N2.82 trillion coming from matured government securities and Federal Account Allocation Committee (FAAC) are expected to hit the Nigerian money market this month. The bank also projected a total outflow of approximately N1.03 trillion from various sources, including government securities and statutory withdrawals, leading to a net inflow of about N1.79trn. The Head of Research and Strategy at FSDH Merchant Bank Limited, Mr. Ayodele Akinwunmi, while speaking on the firm’s latest monthly economic and financial market outlook report released recently. The report…

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Standard Chartered Unveils $4b Clean Technology Initiative

Standard Chartered Unveils $4b Clean Technology Initiative

Emerging rich consumers in Nigeria have been assessed to have plans to start a business, as a way to increase their wealth, more than observed in any other market, the Standard Chartered, in a new study, said. The Emerging Affluent Study 2018, titled “Climbing the Prosperity Ladder”, examines the views of 11,000 emerging affluent consumers, who are earning enough to save and invest, from 11 markets across Asia, Africa and the Middle East. In Nigeria, 41 per cent of emerging affluent consumers say that starting their own business is a…

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C&I Leasing Declares N1.2 Billion Q3 Profit

C&I Leasing Declares N1.2 Billion Q3 Profit

C&I Leasing Group has achieved gross earnings of N19.9 billion in its unaudited result for the nine months ended September 30, 2018, or 15.7 per cent rise against N17.2 billion recorded in the corresponding period of 2017. Also, the Group posted profit after tax of 1.2 billion representing 25 per cent increase over N950 million achieved in 2017, while profit before tax also rose from N1.2 billion to N1.3 billion, representing 11.4 per cent increase. C&I Leasing in a statement attributed the improved performance to increased efficiency recorded across all the business…

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