Fidelity Bank Plc has established it is considering raising $500 million from the international debt capital market through the issuance of unsecured notes. A statement by its Company Secretary, Ezinwa Unuigboje, yesterday, made known that the company intends to list the notes on the Irish Stock Exchange, adding that the proceeds would be used for general corporate purposes, including supporting its trade finance business. It described the development as an interesting stride, “from a bank that has always set the bar when it comes to its leadership and is very well known for its stable management, positive investor relations…
Author: Temitope N.
The Enterprise Development Centre (EDC) of the Pan Atlantic University has publicly established its partnership with Mastercard Foundation to create job opportunities for 200,000 Nigerians within five years. The organisations disclosed that the programme, which is aimed at providing training and capacity building schemes for Nigerian youths in Lagos, Kaduna and Kano States between the ages of 18 and 35 years, would also offer support for business development service providers who help “the beneficiaries to have access to the market by helping them understand how to package their product, as well as help them unleash their full potential.” Speaking…
The federal government has established that when fully harnessed, Nigeria has the power and enablement to generate as much as $18 billion from the export of its estimated 45 million metric tonnes of cassava products every year. The Minister of Industries, Trade and Investment, Mr Niyi Adebayo, made this known when he received the Chief Executive Officer of BKG Exhibitions, Mr Ifeanyichukwu Agwu, weekend noted that the country had not fully taken advantage of the much-sought-after commodity. The minister lamented that though a world leader in cassava production, Nigeria is currently not an active player in the cassava trade…
The President, while speaking, said the country expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realization of a global national oil company that this nation desires and deserves.” Presidential spokesman Femi Adesina in a statement said under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC), was expected to transform to a limited liability company which had been accomplished. President Buhari described the incorporation as “a significant milestone in our quest to create an enduring National Energy Company that can compete with its…
Ikeja Electric Plc (IE) has publicly stated the introduction of Singleview, an interactive platform designed to enable prepaid meter customers to access their vending patterns and consumption. According to report, the platform was unveiled by Mrs Folake Soetan, Chief Executive Officer, Ikeja Electric on Friday in Ikeja. Soetan said the platform serves as a major touchpoint where prepaid meter customers could access personal information such as energy vending records and consumption history. According to her, they can also access month-on-month energy consumption, account number, account status, tariff class and rates. She said it also enables customers to make energy…
President Muhammadu Buhari has given the go-ahead to a coalition of anti-graft agencies, including the Nigeria Extractive Industries Transparency Initiative (NEITI), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to recover about N2.65 trillion unremitted funds by 77 oil companies operating in the country. Barely two weeks ago, NEITI disclosed that 77 oil and gas companies operating in Nigeria were indebted to the federation to the tune of N2.659 trillion, arising from failure to remit petroleum profit tax, company income tax, education tax, value added…
Tesla has delayed the rollout of its Full Self-Driving (FSD) Beta 10.2 software rollout because of last-minute concerns, CEO Elon Musk Said Via his Twitter page. He apologized for the delay, saying the release is likely happen on either Sunday or Monday. He didn’t specifically say what the “concerns” were. The software was supposed to roll out Friday to about 1,000 Tesla owners with perfect safety scores of 100 —as determined by the automaker— with a gradual rollout for those with scores at 99 and below after that, according to Musk. Tesla has been testing the beta version of its…
Experienced analysts and media outlets stated some indicators suggesting that the Bitcoin (BTC) price rally could be overextended. Those bearish views include one from Bollinger bands creator John Bollinger, suggesting traders use a trailing stop, as signs of a “top” were building up. However, it is worth noting that Bollinger Bands and the Fear and Greed indicator are backwards-looking metrics. Therefore, those will usually flash overbought levels whenever there’s a 30% weekly rally, such as the most recent one. As crypto analyst TechDev_52 correctly questioned, there’s no way to know whether we’re entering a large potential correction…
With 70 years of dominance in the Nigerian market, one cannot help but be curious about Coca-Cola Nigeria’s winning formula. In this piece, we explore the company’s core philosophies and its well-thought-out business and sustainability strategies to refresh the world, make a difference, and ensure a better-shared future. There is a popular, if not cliché saying that the customer is always right. It has always been a subject of contention to decide whether the consumer is truly satisfied with the product and service. Consumer satisfaction has always been hinged on the measure of how happy consumers are with a company’s…
Afreximbank’s disclosed that the total loan approvals to Nigeria has now reached $5.5 billion, accounting for 26.8% of its African portfolio. This was made public by Dr George Elombi, Afreximbank’s Executive Vice President of Corporate Governance and Legal Services, at the intra-African Trade Fair 2021 official Nigeria high-level roadshow in Lagos on Monday, according to The Sun. Dr. Elombi highlighted that the Africa Trade and Investment under the African Continental Free Trade Area (AfCFTA) has likely taken on an even more important role as the framework for African economic recovery in the context of COVID-19. According to Dr. Elombi,…
Nigerians’ household expenditure has Increased to N54.84 trillion in nominal terms in the first half of 2021, representing a 13.7% increase when compared to N48.22 trillion recorded in the corresponding period of 2020. This was disclosed in the recently released Expenditure and Income GDP report, by the National Bureau of Statistics (NBS). According to the report, the expenses incurred by Nigerian households increased by 13.7% when compared with the corresponding period of 2020 However, in contrast with the second half of last year shows a 7.45% decline compared to N59.25 trillion. Household final expenditure consists of expenditure, including imputed…
Brazil Stock Exchange (B3), one of the world’s few exchanges trading Bitcoin (BTC) exchange-traded funds (ETFs), is exploring ways to provide data inputs for the country’s central bank digital currency (CBDC). Luis Kondic, managing director of listed products and data at B3, claimed that the stock exchange is considering providing oracles to bridge external data with Brazil’s projected CBDC, the digital real. The executive provided his remarks at a CBDC-related online event hosted by the Central Bank of Brazil on Sept. 30, according to reports. “We are looking at it and evaluating the best ways to interact and participate…
The Nigerian Exchange Group Plc recently disclosed that it will list 1,964,115,918 shares by introduction on the main board of the Nigerian Exchange (NGX) Limited. The group said it had received regulatory approval from NGX Regulation Limited to trade under the ticker NGXGROUP to list by introduction at 50 kobo each at an indicative price of N17.17 per share. Listing by introduction implies the company is not raising capital (through IPO) immediately. It has also satisfied all regulatory requirements for listing. Speaking at the virtual Facts Behind the Listing presentation of NGX Group Plc on Monday in Lagos,…
The Securities Exchange and Commission of Thailand (SEC) has a license to an asset-backed token offering service based on the Ethereum blockchain. A wholly-owned subsidiary of the Hong Kong-based fintech firm Fraction Group, has received a license permitting it to list and trade tokens for fractional ownership of physical or digital assets, the firm announced Sept. 16. The license was granted through the Thai SEC’s official portal for initial coin offering (ICO) established back in 2018. The license lays out the foundation for Fraction’s upcoming service for asset digitization and fractionalization, referred to as an initial fraction offering (ICO).…
The Securities and Exchange Commission has again confirmed that the capital market possess the potentials to bridge the infrastructure gap in the country as well as aid economic development. This was established by Executive Commissioner Operations of the SEC, Mr Dayo Obisan at the annual conference/30th anniversary of the Finance Correspondents Association of Nigeria with the theme: Financing Infrastructure & SMEs for inclusive growth in the post-Covid-19 economy, which was hosted Lagos weekend. Obisan added that there are a number of options that can be explored one of which is Sukuk that is directly linked to each project and…
Nigeria’s oil production sky rocketed marginally in September to an average of 1.25 million barrels per day from 1.24 million the previous month. This disclosure was made by the Department of Petroleum Resources (DPR) on the 2021 crude oil and condensate production. According to the report, the increase represented 0.8 per cent from the August production figure — but still among the lowest since January 2021. The production output is in contrast with the Reuters survey that oil output rose by 170,000 barrels per day (bpd) in September 2021. By implication, the development would continue to affect the…
A professor and financial expert, Uche Uwaleke, has bluntly stated that the constant devaluation of the naira will worsen poverty and unemployment in Nigeria. Uwaleke made the disclosure in reaction to Vice President Yemi Osinbajo’s call on the Central Bank of Nigeria (CBN) to allow the naira to reflect the realities of the market. At the official market, the naira is changing at N411 to $1 and N570/$1 at the parallel market. Many believe the parallel market rate is a reflection of its true value. “As for the exchange rate, I think we need to move our rates to…
The Central Bank of Nigeria has established in its revised regulatory framework for Bank Verification Number operations that violators will be sanctioned. This was made known in a circular titled “Issuance of the revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry”, and addressed to all deposit money banks, mobile money operators, super agents and payment service providers. The circular listed watch-list stakeholders to include the CBN, Nigeria Inter-Bank Settlement System (NIBSS), banks, other financial institutions and bank customers. Part of the circular stated that “The following infractions by participants shall attract…
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has disclosed that recalcitrant debtors have taken advantage the lack of prioritization of credit recovery matters by the Nigerian judicial system to frustrate debt recovery efforts of financial institutions in the country. Emefiele established this at a workshop for judicial officers on recent reforms of the banking financial services sectors in Nigeria. The Governor was represented by the Deputy Governor, Financial System Stability, CBN, Aisha Ahmad. It still has 7,902 outstanding obligors with a total outstanding loan of above N3.1trn, while 350 obligors alone account for over N2.053trn, with more…
The Nigerian naira has hit another low by 2.6% to N422 per dollar, hitting an all-time low at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions. The sharp decline came days after Vice-President Yemi Osinbajo called the CBN to allow the naira to reflect the realities of the market. Osinbajo had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country. “Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the…