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FEC Approves Citigroup, Standard Chartered as Joint Managers for $2.86 Billion Eurobond

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  • FEC Approves Citigroup, Standard Chartered as Joint Managers for $2.86 Billion Eurobond

The Federal Executive Council (FEC) has approved Citigroup Global Market Limited and Standard Chartered Bank as joint managers for its $2.86 billion Eurobond.

The other transaction parties approved were FSDH Merchant Bank Limited as a financial adviser; White And Case LLP, Banwo and Ighodalo as legal adviser and Africa Practice Limited as technical adviser on communication.

Minister of Finance, Zainab Ahmed, said the transaction parties are expected to advise the government on “the structure and timing, as well as, documentation for the issuance” of the Eurobonds and other securities.

The minister further said the approval is in line with the implementation of 2018 Appropriation Act, adding that “Consistent with government’s policy on development of infrastructure, the proceeds of the Eurobond issuance will be deployed to fund critical capital projects in the 2018 Appropriation Act.”

The naming was after the Senate approved Federal Government request for two external loans totalling $2.868 billion.

President Buhari had written to the Senate last week, seeking approval for $2,868,540,00 external loans in the form of Eurobond.

The president had explained that $2,786 billion would be borrowed from the international market as a new loan, while the remaining $82.54 million will be raised to finance $500 million mature Eurobond in the international capital 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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Lagos Gov to Shut Down Third Mainland Bridge this Friday

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Lagos Gov to Shut Down Third Mainland Bridge this Friday

The Lagos State Government will shut down the Third Mainland Bridge for 24 hours from midnight Friday, February 26th to midnight Saturday.

The Commissioner for Transportation, Dr. Frederic Oladeinde who made this known in a statement issued on Wednesday, said the total closure of the bridge is to enable the contractors move the equipment used during the rehabilitation process off the bridge and allow both the Oworonshoki and Adeniji bound lanes open fully to traffic.

Oladeinde therefore, advised motorists approaching the bridge from Ogudu, Alapere and Gbagada to use Ikorodu Road, Jibowu and Yaba, as alternative routes, while Iyana Oworoshoki-bound traffic from Lagos-Island, Iddo, Oyingbo, Adekunle and Yaba are to use Herbert Macaulay Way, Jibowu and Ikorodu Road as alternative routes.

The Commissioner assured that traffic management personnel would be deployed along the affected routes to minimize and address any traffic impediments during the closure.

Commending Lagosians for their cooperation during the prolonged repair works of the Bridge, the Commissioner assured that the bridge is now safe for use by all and sundry.

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FSD Africa Partnership Aims to Safeguard and Leverage Investment for Small and Medium-sized African Businesses

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 The four co-operation agreements signed between FSD Africa and the African Private Equity and Venture Capital Association (AVCA) and East Africa Private Equity and Venture Capital Association (EAVCA) and Southern Africa Venture Capital and Private Equity Association (SAVCA) and the Private Equity and Venture Capital Association Nigeria (PEVCA) will help to ensure local expertise and tailored delivery for regional and country mandates.

FSD Africa today announces the signing of co-operation agreements with AVCA, EAVCA, SAVCA and PEVCA to coincide with the launch of the Africa Private Equity and Private Debt Programme. The programme is a new initiative to support the development of private capital markets in Africa as a complement to public capital markets. It will work to improve the long-term financing options available for businesses across key sectors in Africa’s economy, including healthcare, climate and agriculture.

Access to long-term finance has continued to be a challenge for small and medium-sized businesses across the continent. The economic impact of COVID-19 has only exacerbated the strain on Africa’s formal public markets aiming to provide long-term finance options to businesses desperately in need of capital. This alongside increased risk averseness by lending institutions has left few options for SMEs to access long term financing, in many cases resulting in business closures and job losses.

Through the Africa Private Equity and Private Debt Programme FSD Africa aims to leverage various tools including grants, technical assistance, advocacy and investment capital to support the growth of private capital markets. The partnership aims to support growth in a way that is uniquely African in character, tailored to the local context and delivering long term financing options for SMEs.

FSD Africa, AVCA, EAVCA, SAVCA and PEVCA will work with policymakers, regulators, industry associations, institutional investors and other market operators to encourage and advocate for changes that promote increased flow of institutional capital into private capital markets. Through the programme FSD Africa and its partners will seek to create a knowledge sharing environment by working with regulators to put in place regulatory provisions and/or incentives, build capacity and understanding of relevant market stakeholders.

Mark Napier, CEO at FSD Africa, said:

“Supporting the development of private equity and private debt markets in Africa will provide a boost to small and medium-sized businesses and local economies. We believe this will be greatly welcomed in the short term, ensuring that more jobs are saved, but it will also provide long-term benefits and improve access to capital.  Globally, there has been a secular shift towards private capital markets and it is appropriate that, as part of our response to COVID-19, we pay enough attention to the development of private markets, allowing for more local capital to be channelled into essential sectors including health, agriculture and climate.”

Evans Osano, Director, Capital Markets at FSD Africa, said:

“By encouraging long-term investment capital to Africa’s private sector, real impact can be delivered, including creating and sustaining jobs, and increasing access to services like healthcare. We urge local investors, regulators, and other relevant individuals to come forward to be a part of this programme and look forward to working with them on this exciting next step.

Ify Ossi, Executive Secretary, PEVCA, said:

With the unprecedented economic shocks brought on by the pandemic, the case for mobilizing private capital in our clime has become more evident. In the face of the huge funding gap and growth lag facing sectors across Nigeria, long-term access to local financing coupled with structural adaptations, were necessary, are key to our economic growth and sustainability. Interventions that address industry gaps and challenges must be both private sector and policy driven guided by suitable strategic partnerships and alliances, among other factors. We are excited about PEVCA’s partnership with FSD Africa, particularly its pan African approach towards capital market development, and look forward to jointly facilitating solutions for our industry.

Tanya van Lill, CEO, SAVCA, said:

“SAVCA is looking forward to partner with FSD Africa on this initiative to support the development of private capital markets in Africa. This Programme has the potential to unlock much needed catalytic capital for businesses and industries that have the potential to not only create and preserve jobs, but also contribute to much needed economic growth given the impact of COVID-19.“

Eva Warigia, Executive Director, EAVCA, said:

“For the EAVCA, FSD Africa is a natural partner given their in-depth knowledge of local markets. We see this as a strategic partnership that will advance EAVCA’s commitment to increase local participation in financing private business- both mature and early stage- in East Africa by providing alternative sources of capital”.

Abi Mustapha-Maduakor, CEO, AVCA, said”

“In addition to facilitating greater inflow of private investment to the continent, advocacy is at the centre of our work at AVCA. This collaboration with FSD Africa is timely, and I look forward to working with our colleagues at EAVCA, SAVCA and PEVCA to support investors, businesses and governments in their efforts to strengthen Africa’s economy over the coming years.”

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Spotify to Launch in Nigeria, Bangladesh, Others in Few Days

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Spotify to Launch in Nigeria, Bangladesh, Others in Few Days

Spotify, an audio streaming and media services provider, announced it will launch in Nigeria, Bangladesh, Pakistan and more than 80 other new markets in few days.

The company disclosed this in Tweet put out on its official Twitter handle @Spotify.

Launched in October 2008 by Spotify AB, a Swedish company, the audio streaming platform was listed on the New York Stock Exchange in 2018.

Spotify is presently available in 93 countries and has over 345 million active monthly users.

With the new markets in Asia, Africa, Europe and Latin America, its active users could jump significantly compared to rivals, Apple Music and Amazon Music.

Together these markets represent more than a billion people, with nearly half of them already using the internet,” said Chief Premium Business Officer Alex Norstrom. “Some of the places we’re going like Bangladesh, Pakistan and Nigeria have the fastest growing internet populations in the world.

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