Fidelity Bank moves to grow its trade finance war chest   

Fidelity Bank moves to grow its trade finance war chest   

  Approaches international debt market for $500m Plans trading Eurobond on Irish Exchange   Fidelity Bank, one of Nigeria’s leading tier-2 lenders, has said it is considering raising $500 million through an unsecured note issuance in the international debt capital market to support its trade finance business. The unsecured and unsubordinated notes are proposed to […]

OPEC discounts Nigeria in rating Africa’s refining outlook high

OPEC discounts Nigeria in rating Africa’s refining outlook high

  Dangote’s 650,000 bpd putting continent’s refining capacity upscale   With Nigeria evidently out of the picture, the Organisation of the Petroleum Exporting Countries (OPEC) in its 2021 world oil outlook, has rated Africa’s refining outlook high, going into the post-pandemic era. The global oil producers’ group said the continent’s producing capacity had phenomenally improved. […]

Nigeria on fiscal cliffhanger over revenue gap, expenditure shortfalls

Nigeria on fiscal cliffhanger over revenue gap, expenditure shortfalls

  Revenue underperformances pose uncertainties to 2022 budget deficit financing   There are ominous uncertainties ahead for Nigeria and its proposed 2022 fiscal spending plan of N16.39 trillion, a figure that is 12.5 percent higher than its current 2021 budget, with revenue sources remaining short as a result of the federal government’s historical underperformance across […]

CBN breaches own law as overdrafts to FG grow

CBN breaches own law as overdrafts to FG grow

  FG grappling with huge fiscal responsibilities Overleveraged on CBN’s Ways & Means N16.1trn credit to FG as of August 2021 IMF, World Bank, analysts raise concerns Inflation, interest, exchange rate challenges Threatens macro-economic stability   The federal government’s sustained recourse to its Ways and Means facility (WMF) with the Central Bank of Nigeria (CBN) […]

Nigeria’s mining sector in crisis, $9bn lost to illegal miners yearly

Nigeria’s mining sector in crisis, $9bn lost to illegal miners yearly

Foreigners‭, ‬especially Chinese‭, ‬big culprits Some private jets airlift minerals out of country Politicians collaborate with illegal miners   Nigeria’s diverse and vast possession of relevant natural resources, notably in the abundance of mineral resources, is a fact economists, geologists, historians and researchers have  proven to be true over time. A report by the Nigerian […]

CBN says N477bn disbursed to MSMEs across Nigeria in QE-style interventions

CBN says N477bn disbursed to MSMEs across Nigeria in QE-style interventions

  N1trn to 269 real sector projects N103.02bn to 110 health sector projects   The Central Bank of Nigeria (CBN) has disbursed N134.57 billion to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), and N343.21 billion for the Targeted Credit Facility (TCF), aimed at developing Micro Small and Medium Enterprises (MSMEs) across […]

Road to IPO: NNPC Ltd, successor firm to NOC, begins incorporation journey

Road to IPO: NNPC Ltd, successor firm to NOC, begins incorporation journey

  Ararume succeeds Buhari as board chairman of new firm, NNPC Ltd Kyari takes CEO role, an executive for profit making Investment analysts, oil industry watchers ready with IPO appetite   The construction of the road to an eventual initial public offering (IPO) for state-owned national oil company, Nigerian National Petroleum Corporation (NNPC), appears now […]

CBN stay hawkish on BDCs, FX arbitrageurs as MPC keeps rates flat

CBN stay hawkish on BDCs, FX arbitrageurs as MPC keeps rates flat

  Jury still out on apex bank over Naira stability Policy rates call in tandem with expectations FX rates now flow from CBN, not speculators Analysts say Nigerians, businesses face tough time near term   The broad expectations of economic experts from the CBN Monetary Policy Committee (MPC) was not far-fetched after all as the […]

Agusto & Co. affirms UBA’s ‘Aa-’ stable outlook rating

Agusto & Co. affirms UBA’s ‘Aa-’ stable outlook rating

Agusto & Co., the pan-African credit rating agency, has affirmed the ‘Aa-‘ rating to United Bank for Africa (UBA), a leading Nigerian lender with a Stable Outlook. The rating, according to the industry research provider, reflects UBA’s Pan-African franchise value, which has upheld a good liability generation strategy and a strong ability to refinance across […]