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FCTA Approves N1.2bn for Retirees’ Payment

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  • FCTA Approves N1.2bn for Retirees’ Payment

The FCT Administration has approved the sum of N1, 284,000,000 for the payment of FCT retirees.

The Director and Chief Executive Officer, FCT Area Council Pension Board, Mr Nanzing Nden, made this revelation while briefing journalists recently.

He disclosed that the money would be used to settle 234 retired officers in the six area councils in addition to teachers in the councils.

He explained that the payment was one of the approvals the Board got from the former FCT Minister, Malam Muhammad Musa Bello, before he left office, which the Permanent Secretary, Chinyeaka Ohaa, followed up with a directive to the treasury for prompt payment.

Nden, also clarified that the benefits would only be paid to those that have submitted their documents and have been processed for payment up to April this year.

Briefing the media on some developments within the pension administration system in the FCT, he also revealed that the Board has a total liability of N138 million as outstanding liability for 31 files it received from May to date.

Nden that the Board would stick to the plan to pay pensioners three months before their retirement by September.

He further stressed that the ideas was to jettison the old system where by people retired and could not access their benefits for many years.

He promised that by the year 2020, the Board would actualise the vision to pay six months before the retirement year.

He disclosed the FCTA tender board had also approved that all the files of pensioners that have been paid through their system will be converted to e-files, adding that all the old files would be sent to FCT Archives for storage.

According to him, the board had got the nod from the administration for a consultancy for infrastructure and ICT deployment to help with system for accounting, auditing, pension administration and other services within the pension system.

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.

Finance

African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers

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The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.

The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.

Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.

During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.

“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.

Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.

Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.

For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.

“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.

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Nirsal: CBN Reopens Application for N50 Billion COVID-19 Loan for Households and Small Businesses

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The Central Bank of Nigeria has started receiving fresh applications for N50 billion COVID-19 loan for small businesses and households affected by the pandemic.

The CBN through Nirsal Microfinance Bank announced it has reopened its portal for households and Micro Small and Medium Enterprises (SMEs) affected by COVID-19 to access up to N25 million.

Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, disclosed this on March 10, 2021 via his Twitter handle.

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Sub Saharan Africa Mergers and Acquisition Transactions Totalled US$ 6.1 Billion in Q1 2021

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Refinitiv today released the investment banking analysis for the Sub-Saharan African for the first quarter of 2021. According to the report, an estimated US$99.3 million worth of investment banking fees were generated in Sub-Saharan Africa during the first quarter of 2021, down 39% from the same period in 2020 and the lowest first quarter total since 2014. 

While debt capital markets underwriting fees doubled to US$47.1 million, the highest first quarter total since our records began in 1980, fees from equity capital markets underwriting, M&A advisory and syndicated lending all declined from the first quarter of 2020.  Equity fees declined 42% to US$21.8 million, while syndicated lending fees declined 74% to US$15.0 million. 

Advisory fees earned in the region from completed M&A transactions reached US$15.5 million, down 65% from last year to the lowest first quarter total since 2005. Seventy-two percent of all Sub-Saharan African fees were generated in South Africa during the first quarter of 2021, and 39% were earned from deals in the financial sector. B Riley Financial Inc. earned the most investment banking fees in the region during the first quarter of 2021, a total of US$19.8 million or a 20% share of the total fee pool.

MERGERS & ACQUISITIONS

The value of announced M&A transactions with any Sub-Saharan African involvement reached US$6.1 billion during the first three months of 2021, almost level with the value recorded during the same period in 2020, and a five-year low.  The number of deals declined 14% over the same period to the lowest first quarter tally since 2014.

M&A involving a Sub-Saharan African target increased 73% year-on-year to US$4.3 billion during the first quarter of 2021.  Domestic deals increased 67% from last year to US$2.5 billion, while inbound deals, involving an acquiror outside of Sub-Saharan Africa, increased 83% to US$1.8 billion.  Meanwhile, Sub-Saharan African outbound M&A totalled US$721.4 million during the first quarter of 2021, down 66% year-on-year to the lowest first quarter level in six years.

The Zambian Government, through its mining investment arm ZCCM Investment Holdings, acquired the Mopani Copper Mines for US$1.5 billion in January.  The acquisition is the largest deal in the region to be announced so far during 2021.

With advisory work on deals worth a combined U$668.5 million, BofA Securities held the top spot in the financial advisor ranking for deals with any Sub-Saharan African involvement during Q1 2021.

EQUITY CAPITAL MARKETS

Sub-Saharan African equity and equity-related issuance reached just US$18.4 million during the first quarter of 2021, the lowest first quarter total since 1999.  Only Nigeria payments processing firm eTranzact raised new equity funds from its follow-on offering.  There were no initial public offerings. PAC Capital, Meristem Securities and Standard Bank Group share first place in the Sub-Saharan African ECM underwriting league table during the first quarter of 2021.

DEBT CAPITAL MARKETS

Sub-Saharan African debt issuance totalled US$12.1 billion during the first quarter of 2021, up 36% from the value recorded during the same period in 2020 and the highest first quarter total since 2018.  The number of issues declined 6% over the same period.  With Ghana’s government’s Eurobond raising US$2.9 billion and The African Development Bank’s $2.5 billion 5-year Benchmark bond, March 2021 saw more proceeds raised from bond issuance in Sub-Saharan Africa than any other month since May 2018, a total of US$7.4 billion.  Government & Agency issuance accounted for 64% of proceeds raised during the first quarter of 2021. Standard Chartered took the top spot in the Sub-Saharan African bond book runner ranking during the first quarter of 2021, with US$1.4 billion of related proceeds, or an 11.5% market share.

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