Wema Bank to issue second tranche of N50bn bond in May to boost capital ratio
Businessam Staff
April 18, 2018
Wema Bank plans to start issuing the second tranche of a Tier II capital increase from next month, which is part of a N50 billion ($159 million) programme, Ademola Adebise, its deputy chief executive said on Wednesday. Adebise said the mid-tier bank hoped to boost its capital ratio, which is at 14.3 percent, higher than […]
Nigeria’s DMO strengthens financial market, lists $278m sukuk bonds at NSE
Businessam StaffApril 11, 2018
Nigeria’s Debt Management Office has listed N100 billion, $278 million, 7-year, federal government Ijarah Sukuk with a rental rate of 16.47 percent on the floor of the Nigerian Stock Exchange. Patience Oniha, the director-general, DMO, said the listing of the FGN Ijarah Sukuk bond is about financial inclusion and deepening of the country’s financial market. […]
Nigeria’s central bank backs Crownrise Finance’s N1bn bond in debt market
Businessam StaffApril 2, 2018
Crownrise Finance Plc, a non-banking financial institution, has gotten support from the Central Bank of Nigeria over the intention to float a N1 billion bond in the Nigerian debt market, which will be available to investors this month according to report. CBN described the move as a laudable achievement. While congratulating the board, management and staff […]
Crownrise Finance to float N1bn bond in Nigerian debt market
Businessam StaffApril 1, 2018
Crownrise Finance Plc, a non-banking financial institution, is the first finance house to float a N1 billion bond in the Nigerian debt market and will be available to investors in April. Speaking at a stakeholders’ luncheon to introduce the investment note, Tokunbo Martins, director, other financial institutions department (OFID), Central Bank of Nigeria (CBN), said […]
Dangote Cement plans N300bn capital raise via bonds to fund expansion
Businessam StaffMarch 21, 2018
Dangote Cement Plc. has unveiled plans to raise N300 billion ($833m) in bonds to fund expansion of its operations across the continent. Brian Egan, its chief financial officer (CFO), disclosed this during an investor conference call, according to Bloomberg reports The debt instrument would be issued in tranches of N50 billion at a time whenever […]
Seplat announces $350m bond offering to repay existing debt
Businessam StaffMarch 13, 2018
Seplat Petroleum Development Company Plc., Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange (NSE) and London Stock Exchange (LSE), Tuesday announced that it has priced its offering of $350 million in an aggregate principal amount of 9.25 percent senior notes due 2023. Information made available by the company to the NSE in […]
Islamic Development Bank set to launch $2.5bn sukuk bond
Businessam StaffMarch 5, 2018
The Islamic Development Bank (IDB), the largest development organisation in the Muslim world, is set to launch a $2.5 billion sukuk in the near term, Bandar Hajjar, its president said on Monday. Addressing a sukuk conference at the London Stock Exchange, Hajjar said the IDB’s funding plan for first half 2018 was the largest since […]
Domestic investors press for local listing of successful FG $2.5bn Eurobond
Kayode OgunwaleFebruary 19, 2018
Domestic investors have expressed satisfaction with the successful issuance of $2.5 Eurobond by the Nigeria government. Some of the investors who spoke with business a.m. said the Eurobond would give ample opportunity for local investors to make more money if it is available for trading in Nigeria trading floor. Mallam Shehu Mikail in his view […]
Nigeria sells $2.5bn euro bonds to replace debt
Agency ReportFebruary 16, 2018
By Remilekun Davies… Nigeria sold a record $4.8 billion of Eurobonds last year, most recently in November, when it issued $3 billion of 10- and 30-year debt. Yields on the latter rose six basis points to 7.7 percent by close Thursday, the highest since they were issued. Nigeria’s local bonds have an average yield of […]
Nigeria sells longer term treasuries at higher yield to draw funds
Businessam StaffFebruary 1, 2018
Nigeria raised N252.88 billion ($827m) at a treasury bill auction on Wednesday as investors piled demand into the higher yielding one-year debt, traders said Thursday, according to Reuters. The central bank sold N177.22 billion of one-year debt at a rate of 13.7 percent. It auctioned N6.09 billion of three-month debt at 12 percent and N69.57 billion […]