- AfDB to invest $12b in Nigeria, others
The Africa DevelopmentBank, AfDB, has stated that it is set to invest about $12 billion under its new deal with ‘Energy for Africa’, in the next five years.
The goal, according to the bank, is to connect 130 million households through the grid, 75 million people through off-grid and provide some 130 million households with access to clean cooking energy.
This was made known during the gathering of African energy leaders at the launch of the Africa Progress Panel Report titled, ‘Lights, Power, Action: Electrifying Africa’.
Speaking at the event in Cote d’voire President of the Bank, Akinwumi Adesina, observed that the electricity deficit in Africa is immense, adding, “today, 645 million people do not have access to electricity”.
He continued: “The continent has an abundant supply of solar, hydropower, wind and geothermal potential, as well as significant amount of natural gas and in some countries coal deposits. Africa has energy potential, yes, but we need to unlock that potential. And we must do so quickly because Africans are tired of being in the dark.”
Addressing delegates, Adesina said he drew inspiration from the panel’s previous report in developing the Bank’s High 5 development priorities, which place energy as the top priority, and which has, through the Bank’s New Deal on Energy for Africa, committed to investing $12 billion in energy in the next five years and leveraging $45-50 billion from the private sector and other partners.
He said, while grid-connected mega projects such as large dams and power pools are essential to scaling up national and regional energy generation and transmission, they are slow and expensive.
The report, therefore, suggests that governments must also increase investment in off-grid and mini-grid solutions, which are cheaper and quicker to install.
“What we are advocating is for African governments to harness every available option, in as cost-effective and technologically efficient a manner as possible, so that everyone is included and no one is left behind,” former UN Secretary-General Kofi Annan, stated.
FBNQuest Mutual Funds returns 104%
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.
SEC Warns Against Proliferation of Unregistered Investment Platforms
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.
SoftBank Reaps $33 Billion Coupang Windfall
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.
Finance4 weeks ago
List of Microfinance Banks’ USSD Codes In Nigeria
Education2 weeks ago
COVID-19: 2021 WASSCE May Not Hold in May/June – WAEC
Education2 weeks ago
JAMB Puts 2021 UTME/DE Registration on Hold
Brands2 weeks ago
LG To Close Mobile Phone Business Worldwide
Technology3 weeks ago
FG Extends NIN-SIM Linkage by Four Weeks
Telecommunications4 weeks ago
Nokia, Safaricom Partner to Launch East Africa’s First Commercial 5G Services in Kenya
Government2 weeks ago
Approved Ibom Deep Sea Port, Proposed $1.4B Fertilizer Plant Will Change Akwa Ibom’s Economic Status – Gov. Udom
Economy3 weeks ago
Business Activities Fall as PMI Drops to 57.3– CBN