- FG to Auction Another N150bn Bond February 20
The Debt Management Office has said the Federal Government would auction N150bn worth of bonds by subscription on February 20.
A circular by the DMO on Wednesday, showed the breakdown of the figure to include a N50bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent and another N50bn seven-year reopening bond to mature in March 2025 and be auctioned at 13.53 per cent.
The final one was another N50bn 10-year bond that would mature in February 2028 and be auctioned at 13.98 per cent.
According to the DMO, the bonds to be auctioned have a settlement date of February 22.
The DMO had earlier auctioned a N150bn bond on January 30 with a settlement date of February 1.
The circular said the DMO, on behalf of the Federal Government, was offering the amounts for subscription by auction and was authorised to receive applications for them.
The DMO said, “The units of the sale will be N1, 000 per unit, subject to a minimum subscription of N50, 001,000 and in multiples of N1, 000 thereafter.”
On the interest rate, it stated, “For re-opening of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.”
On the securities, it added that the FGN bonds were backed by the full faith and credit of the Federal Government and were charged upon the general assets of Nigeria.
As part of its operations, the DMO recently disclosed that the Federal Government successfully issued a N100bn Sovereign Sukuk in December 2018, which was oversubscribed to the tune of N132.2bn or 132.2 per cent.
The offer, it noted, was opened to the general public and subscriptions were received from a wide range of investors such as retail investors, pension fund administrators, deposit money banks, fund managers, non-bank financial institutions and other institutional investors.
It stated, “The significant increase in the level of participation by retail investors from about four per cent in the debut issuance in 2017 to 17.33 per cent in 2018 means that the objectives of financial inclusion and deepening of the investor base of FGN securities are gradually being achieved. A total of 1,876 retail investors participated in the Sukuk issuance.”
2021 NCOY: FirstBank Partners Junior Achievement Nigeria, Reiterates Commitment to Innovation and Education
For 11 years, Nigeria’s premier and leading financial inclusion services provider, First Bank of Nigeria Limited has partnered with Junior Achievement Nigeria (JAN) to host its annual flagship event; the National Company of the Year competition (NCOY), which convenes winners of the JA Company Regional Competitions across Nigeria to compete for the National Company of the Year Award.
This year, the event will bring together outstanding ‘student business teams’ across Nigeria to compete for prizes and an opportunity to represent the country at the national competition – JA African Company of the Year Competition (ACOY). The 2021 edition of the NCOY competition will be held virtually via Zoom meetings at 10am on Saturday, 27th November 2021. Interested participants are to register via the link https://us06web.zoom.us/meeting/register/tZEtd-qvqz4pE90NXOHcy-tve6aEXpY_yYAE
The competition themed ‘Innovation with Grit’ will have 12 teams from 12 schools pitch their innovations to a team of 5 guests judges. The represented schools at the competition include: The Seer company from Alvana High School; Sonic Informatics company from Heritage Global Academy; Nexus Queens company from Queens School; JA Stars from Theological College of Northern Nigeria (TCNN); Amazing Amazon Students from Government Girls’ Secondary School, Abaji; KereTerra Company from Secondary School Etoi, Uyo and The Exploit thinkers from Taidob College.
Other teams competing include: Mystic Global Company from Rosa Mystica High School, Agulu; PetraMech Tech from Petra Schools; The Amazing Inventors from Government Secondary School Tudun Wada; Blue crystal company from Methodist Girls school and the Artisans from Igbobi College.
Judges at the event include: Oludolapo Adigun, Group Head, Retail Banking Lagos & West First Bank of Nigeria Limited; Chidimma Juliana Okparah, Project Management Consultant (PMIEF); Sheila Ojei, Head of Communications Jobberman; Gbenga Sesan, Executive Director of Paradigm Initiative and Simbo Olatoregun, Policy Programs Manager for Facebook in Africa. In attendance also is the Honourable Commissioner for Education Lagos State, Mrs. Folashade Adefisayo as a Special Guest.
The 2021 National Company of the Year Program will also feature SPARK Competition. SPARK as an initiative of First Bank of Nigeria Limited, is an acronym for Start Performing Acts of Random Kindness. SPARK reiterates the Bank’s commitment to institutionalise kindness in Nigeria by encouraging and amplifying a culture of kindness.
The SPARK competition will feature 15 finalist schools across Nigeria, whose CSR projects align with the Bank’s Corporate Responsibility and Sustainability pillars of Education, Welfare and Health, Financial inclusion and Responsible Lending and Procurement.
Speaking on the event, the Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said “FirstBank’s partnership under its Future First initiative with JA Nigeria Company programme has positively impacted over 100,000 people in different locations across the country in preparing and teaching them how to generate wealth, effectively manage it and how to apply entrepreneurial thinking to the workplace. Our commitment to fostering entrepreneurial development amongst youths is mainly the driving force behind our support of the National Company of the Year (NCOY) and Africa Company of the Year (ACOY) competitions in past 11 years”.
According to the Executive Director, JAN, ‘’the National Company of the Year Company competition provides our students with a platform to show how innovative they are while displaying their dexterity and grit especially as it relates to creating sustainable business solutions to problems in their immediate community. The students have learned critical skills during the implementation of the Company Programme and we are proud to celebrate them as they compete in the National competition. I would like to specially appreciate FirstBank Nigeria for their continued support and belief in the boundless potential of young Nigerians’’.
European Investment Bank Strengthens Engagement in Africa
On his first official visit to Africa since the start of the COVID-19 pandemic, European Investment Bank President Werner Hoyer and Vice President Thomas Östros today formally opened the EIB’s new Nairobi Hub with Kenyan Finance Minister, Cabinet Secretary Ukur Kanacho Yatani.
Ahead of the launch of the EIB’s strengthened presence in Africa President Hoyer joined the CEO’s of Co-Operative Bank, Trade and Development Bank and International Housing Solutions to announce EUR 400 million of transformational new financing to help the Kenyan private sector recover from COVID, strengthen investment in fragile regions across East Africa and construct affordable and energy efficient housing.
“At the European Investment Bank we are committed to enhancing the impact of our sustainable investment around the world in close cooperation with our global partners and through an increased local presence of our technical, environmental and financing experts. The EIB’s new Nairobi Hub opened today marks a milestone in the EU Bank’s engagement in Kenya and builds on our 56 years of operations in Africa. In the coming weeks the EIB will launch a dedicated development branch that will further intensify the EIB’s contribution to addressing global and local investment challenges.” said Werner Hoyer, President of the European Investment Bank.
“The EIB’s new Nairobi Hub will open a new chapter for the bank’s cooperation with Kenyan, African, Team Europe and global partners. It will allow the EIB to better respond to private and public investment priorities and build on best-practice engagement with project partners. It is a pleasure to be in Nairobi for the first high-level EIB visit to Africa since the pandemic and join political, business, banking and civil society stakeholders for today’s formal launch.” said Thomas Östros, European Investment Bank Vice President.
The European Union Ambassador to Kenya, H.E Henriette Geiger, noted: “We are honoured that the EIB has chosen Nairobi as the location for its regional hub. This is a testament to the growing importance of Nairobi as gateway to the East Africa region, and Kenya as a strategic partner to the European Union, through which we are engaging in different spheres, including trade and investment.”
The EIB Nairobi Hub was formally launched in Kenya in the presence of government, business and banking leaders, civil society and African and European diplomats.
Strengthening the impact of EIB engagement in Africa
The European Investment Bank is the world’s largest international public bank and the new Nairobi Hub will further enhance the impact of EIB technical and financial support for high-impact investment across East Africa. This will build on the EIB’s engagement in Kenya since the start of operations in 1976 and opening of the EIB’s East Africa representation in 2005.
In the coming months new Nairobi Hub will expand and increase its expertise on climate action, innovation and digital investment, in close cooperation with East Africa based partners.
In September the European Investment Bank’s shareholders, the 27 EU member states approved plans to strengthen its global development engagement and the EIB will launch a dedicated development branch in the beginning of 2022.
EUR 400 million new EIB support for business impacted by COVID, fragile regions and housing
Ahead of the formal opening the EIB confirmed new support for transformational investment across East Africa.
This includes backing EUR 50 million of new investment by Kenyan private sector firms in sectors most challenged by the COVID-19 pandemic in a new business financing scheme in partnership with Co-Operative Bank.
The EIB also agreed its first ever targeted support to unlock investment in fragile regions and overcome challenges linked to climate change, poverty and instability. The new EUR 163 million initiative with the COMESA Trade and Development Bank will finance projects across East and Southern Africa.
Construction of thousands of more affordable and energy efficient homes in Kenya will be accelerated in a EUR 180 million programme with African partner International Housing Solutions.
Building on EIB engagement with African financial partners
Last year the EIB provided more than EUR 5 billion of new financing to support more than EUR 12 billion of transformational private and public investment across Africa.
This includes launching new targeted financial initiatives in collaboration with African banks and financial institutions to help business recover from COVID-19 challenges, accelerate climate finance, improve access to finance by female-led business and enhance financing for rural small holders.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
EIB, Cooperative Bank of Kenya to Support Kenyan Companies Most Affected by Covid With EUR 50 Million
New investment by companies active in sectors most challenged by the COVID-19 pandemic will be accelerated by a new EUR 50 million targeted financing initiative launched in Nairobi today by the European Investment Bank and the Cooperative Bank of Kenya. The new business financing programme will also be supported by European Union grants.
Werner Hoyer, President of the European Investment Bank and Dr. Gideon Muriuki, Group Managing Director and CEO of The Co-Operative Bank of Kenya highlighted how closer cooperation between Kenyan and African financial partners will unlock crucial access to finance by firms impacted the economic, trade and health impact of the global pandemic.
“COVID-19 has dramatically impacted business activity across Kenya and ensuring new investment is essential to help companies recover from the pandemic. The unique partnership between the European Investment Bank and the Cooperative Bank of Kenya has successfully supported private sector investment across Kenya since 2003. The latest cooperation backed by the European Investment Bank’s targeted East Africa COVID-19 Rapid Response facility will unlock EUR 50 million of new investment, strengthen economic resilience and allow Kenyan companies to harness opportunities for growth.” said Werner Hoyer, President of the European Investment Bank.
“The European Investment Bank is pleased to join forces with the Cooperative Bank of Kenya to help small businesses across Kenya to withstand the shock of COVID-19. This new initiative will enable companies to adapt to the challenges of the COVID-19 operating environment and is a key part of the EIB’s support for health and economic resilience across Africa and around the world.” said Thomas Östros, European Investment Bank Vice President responsible for Eastern and Southern Africa, and development.
The Ambassador of the European Union to Kenya, H.E. Henriette Geiger said “As the European Union we are happy to have enabled this cooperation between the EIB and the Cooperative Bank. With a grant of 8 Million Euro from the European Union, we expect that this line of credit will allow Kenyan businesses strengthen their economic resilience to shocks from the impact of Covid 19 and avoid further employment losses.”
The Co-operative Bank of Kenya and the European Investment Bank have worked together to finance investment across Kenya since 2003. This long-standing partnership has financed expansion of manufacturing, education, agriculture, transport and logistics firms and supported thousands of jobs.
Thanking the European Investment Bank, Dr. Gideon Muriuki on his part added: “Co-operative Bank commitment to the SME sector in Kenya will ensure that this facility will be available immediately to fund acquisition of tangible business assets, working capital, development of distribution networks, innovation and business research among others, and contribute to the recovery of Kenya’s businesses following the covid-19 challenges.
“The credit facility will be available for up to a maximum of Kes 1.5billion per customer for a maximum tenor of 7 years. Businesses employing up to a maximum of 250 employees can apply immediately, he added.
Backing private sector recovery with long-term local currency financing
The new targeted financing scheme will include support companies in sectors most impacted by the trade, economic, tourism and health challenges triggered by COVID-19 and unlock investment to accelerate private sector recovery from the pandemic.
Kenyan companies will be able to access long -term loans in KSH, with tenors of up to 7 years, far longer than usually available.
EIB strengthening presence in Africa
New partnership highlighted ahead of the formal launch of the EIB’s new regional hub for East Africa.
EIB President Werner Hoyer and Vice President Thomas Östros are spending four days in Kenya meeting political, business and financial leaders on their first official visit to Africa since the pandemic.
The European Investment Bank is the world’s largest international public bank and last year provided more than EUR 5 billion for new investment across Africa.
Cryptocurrency3 weeks ago
Cryptocurrency Ban: Banks Close Accounts Link to Cryptocurrency Traders in Nigeria
Cryptocurrency2 weeks ago
Shiba Inu Update: Bricks Buster and AMC To Support SHIB Army
Banking Sector4 weeks ago
Stanbic IBTC Continues to Struggle, Profit Drops 40 Percent
Fintech4 weeks ago
Flutterwave Partners Standard Bank to Drive Digital Transformation In Africa
Cryptocurrency3 weeks ago
Shiba Inu Sheds 14.55 Percent in 24 Hours as Whale Moves $2.3 Billion Worth of Shiba
Banking Sector4 weeks ago
First Bank Unveils Fully Automated Branch
Company News4 weeks ago
Dangote Cement Still the King, Generates Over N1 Trillion Revenue in Three Quarters
Finance3 weeks ago
Tony Elumelu Launches Gen-U Sahel Alongside Daughter, Oge Elumelu