Connect with us

Investment

AFDB Approves $155m Loan for Nigeria’s Power Sector

Published

on

soon
  • AFDB Approves $155m Loan for Nigeria’s Power Sector

The Africa Development Bank says it has approved a loan of $155m for Economic and Power Sector Reform Programme in Nigeria.

The Senior Communications Officer of AfDB, Fatimah Alkali, in Abuja on Friday said that the loan became effective in October, 19, 2012.

Recent media reports had indicated that there might be a face-off between the Senate and the Federal Government on plans to secure a facility of 174 million dollars from AfDB.

The media reports also revealed that part of the security for the loan was the handing over the management of Transmission of Company of Nigeria to AfDB.

The reports hinted that AfDB would second three of its staff to take over the management of TCN for six months and would terminate the appointment of current management of TCN.

To this end, the AfDB, in its statement, said that the appointment of the management TCN was a prerogative of the Nigerian authorities and not that of AfDB

It stated that the loan was aimed at improving power systems, business environment and sustaining growth through sound macroeconomic policies and budget priorities.

AfDB said the amount was fully disbursed in two tranches on March 1, 2013 and December 21, 2015, respectively.

According to the statement, the programme was designed to benefit the entire population of Nigeria in terms of extended access to more reliable supply of electricity at reduced rate.

It said, “The EPSERP will have a major positive impact on the private sector through the substantial reduction in the cost of doing business for all economic sectors, particularly in the formal and informal manufacturing and service activities which are seriously constrained by the power supply gaps.“

AfDB also said that the bank had also released one of its staff to support the government in its power sector reforms programme for 12 months on September 19, 2016

It said it was committed to assisting Nigeria to achieve the objectives of its reforms in the power sector in accordance with the priorities already approved by the authorities.

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.

Investment

FBNQuest Mutual Funds returns 104%

Published

on

FBNQuest Asset Management, a subsidiary of FBN Holdings, has held yearly general meetings for five mutual funds managed by the firm.

The funds are the FBN Balanced Fund, FBN Smart Beta Equity Fund, FBN Eurobond Fund, FBN Bond Fund and the FBN Money Market Fund.

The Fund Manager continues to deliver commendable results, as demonstrated by strong performance across all its funds.

The FBN Bond Fund was the best performing of the mutual funds, returning 104.20 per cent over five-year while its US Dollar fund, the FBN Eurobond, returned 48.43 per cent in US dollars over the same period.

The Managing Director of FBNQuest Asset Management, Ike Onyia, said: “Our strong performance track record is premised on the research capabilities, insights and experience of our portfolio management and research teams. Our mutual funds serve as useful investment options useful in formulating unique and value-adding investment strategies for various client segments. This is because our range of mutual funds cut across various asset classes including equities, bonds and money markets.”

“Our funds remain easily accessible, as our goal is to continue to drive financial inclusion and democratise wealth creation, by supporting the financiainclusion and democratise wealth creation, by supporting the financial security aspiration of investors” he added.

Increasingly, financial markets are becoming complex to navigate and as a result, it will not be out of place for investors to actively seek the inclusion of mutual funds in their investment portfolio, which will serve as the structured gateway to such markets. Seeking the help of experienced financial planners to assist you in establishing your risk tolerance levels and advise on suitable options is highly recommended.

Continue Reading

Investment

SEC Warns Against Proliferation of Unregistered Investment Platforms

Published

on

The Securities and Exchange Commission (SEC) has warned the investing public to be wary of the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.

SEC’s warning was conveyed via a circular issued in Abuja, Thursday to capital market operators.

It advised the investing public to seek clarification as may be required via its established channels of communication on investment products.

The circular read: “The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on securities exchanges registered in other jurisdictions.

“These platforms also claim to be operating in partnership with capital market operators (CMOs) registered with the Commission.”

The Commission categorically stated that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.

Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the Commission’s position and advised them to desist henceforth.

Public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.

Continue Reading

Investment

SoftBank Reaps $33 Billion Coupang Windfall

Published

on

SoftBank Group Corp on Thursday racked up a roughly $33 billion gain on paper through the public market debut of South Korea’s largest e-commerce company, Coupang Inc, the latest sign of a dramatic turnaround for its $100 billion Vision Fund.

Shares of Coupang opened 81% above their offer price on Thursday, after the company raised $4.6 billion in the U.S. stock market’s biggest initial public offering this year.

SoftBank paid around $3 billion for a 37% stake in the company, according to sources familiar with earlier fund-raising, giving it a roughly $33 billion headline profit if prices hold.

Coupang’s hugely successful stock market launch is welcome news for SoftBank, which is grappling with the collapse of billions of dollars worth of funds linked to Britain’s Greensill Capital, a supply chain finance start-up.

Vision Fund is Greensill’s biggest backer.

The Japanese conglomerate last month reported third-quarter net profit ballooned more than 20 times thanks to a recovery at the Vision Fund, a huge venture capital operation famous for investing early in Uber and other tech industry startup successes.

Only a year ago, SoftBank had been smarting from the flopped IPO and collapse in value of office sharing firm WeWork, raising questions over whether Chief Executive Officer Masayoshi Son had lost his midas touch and threatening plans to establish a successor to Vision.

The COVID-19 pandemic has also forced Son to sell assets but a second deal reported by Reuters on Thursday bodes well for VF II, a second, smaller fund.

The $225 million late-stage funding round for healthcare startup Forward Health was its first major investment this year, following a pickup in activity and the group’s fortunes in the second half of 2020.

The Vision Fund also made $11 billion on a blockbuster market launch of DoorDash Inc in December, which valued the food delivery company at more than $70 billion.

It also made gains on home seller Opendoor Technologies Inc’s initial offering in December.

The fund still holds large stakes in China’s biggest ride-hailing firm Didi, as well as Uber’s Southeast Asian rival Grab.

SoftBank is also trying to ride the mania for special purpose acquisition companies, launching a handful of blank-check firms this year, although none of them have found investment targets yet.

Continue Reading

Trending