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Seven States, Fidelity, Others Raise N141bn Bond

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Fidelity Bank

Seven states of the federation including Plateau and Oyo raised a total of N60.95bn through the bond market in 2015, the Debt Management Office said on Tuesday.

It also disclosed in a report of its activities in 2015 that corporate organisations including Fidelity Bank and FCMB Financing SPV Plc raised N81.55bn through the market within the year.

Statistics showed that Plateau State raised a total of N28.2bn from the market while Oyo State raised a total of N4.8bn from the market.

Other states that patronised the bond market in 2015 included Gombe, N5bn; Kogi, N3bn; Benue, N4.95bn; Zamfara, N7bn; and Cross River, N8bn.

The report said, “The number of states that accessed the domestic bonds market in 2015 was relatively high compared to 2014. Seven states raised funds from the capital market in 2015, with a total face value of N60.95bn, which represented a huge increase from the N15bin recorded in 2014.

“Plateau State alone accounted for 46.27 per cent of the total bonds issued by the seven states in 2015.”

Five corporate organisations, on the other hand, raised a total of N81.55bn from the bond market in the same year, the report said.

The corporate organisations are Fidelity Bank Plc, N30bn; Nigerian Mortgage Refinancing Company, N8bn; Transcorp Hotels Plc, N19.76bn; FCMB Financing SPV Plc, N23.19bn; and C&I Leasing Plc, N600m.

The report said, “The corporate bonds segment of the domestic bonds market was relatively active in 2015, compared to 2014 in terms of new issuances.

“The total face value of issuances by five corporates stood at N81.55bn, compared to the total face value of N48.04bn issued by four corporates in 2014.

“The debt issue by Fidelity Bank Plc accounted for 36.79 per cent of the total corporate bonds issuances in 2015.”

The report also indicated that the level of trading activities in the FGN Bonds market increased in 2015, compared to 2014, adding that the total face value increased from N7.39tn in 2014 to N9.49tn in 2015, an increase of 28.48 per cent.

It said, “The consideration also increased from N8.07tn to N9.58tn or by 18.75 per cent. Number of deals grew from 45,890 to 46,864 in the same period.

“In 2015, trading activities were boosted as most of the challenges that had arisen from adopting the CBN’s Scripless Securities Settlement System as the new settlement vehicle for the FGN Bonds were addressed and most dealers had become conversant with the system.”

The report added that the use of the FMDQ OTC E-Bond Platform, which became fully operational in March 2014 enabled dealers to trade in a more professional manner, with enhanced price discovery and transparency in the FGN Bond market.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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